Mohawk Industries (NYSE:MHK) Lifted to “Buy” at Bank of America

Mohawk Industries (NYSE:MHK) was upgraded by Bank of America from an “underperform” rating to a “buy” rating in a report released on Friday, Briefing.com reports. The brokerage presently has a $177.00 price objective on the stock, up from their prior price objective of $120.00. Bank of America‘s price objective suggests a potential upside of 31.14% from the company’s previous close.

MHK has been the subject of several other research reports. Truist Financial decreased their price target on shares of Mohawk Industries from $140.00 to $135.00 and set a “buy” rating for the company in a report on Wednesday, July 10th. JPMorgan Chase & Co. boosted their price target on shares of Mohawk Industries from $122.00 to $124.00 and gave the company a “neutral” rating in a report on Friday, May 3rd. Royal Bank of Canada boosted their price target on shares of Mohawk Industries from $106.00 to $108.00 and gave the company a “sector perform” rating in a report on Monday, April 29th. Barclays reduced their target price on shares of Mohawk Industries from $120.00 to $118.00 and set an “equal weight” rating for the company in a research note on Friday, July 12th. Finally, Raymond James raised shares of Mohawk Industries from a “market perform” rating to a “strong-buy” rating and set a $140.00 target price for the company in a research note on Monday, June 10th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $127.45.

Mohawk Industries Stock Performance

Shares of Mohawk Industries stock opened at $134.97 on Friday. Mohawk Industries has a 52 week low of $76.02 and a 52 week high of $136.75. The stock has a market capitalization of $8.62 billion, a price-to-earnings ratio of -20.64, a PEG ratio of 1.28 and a beta of 1.38. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.02 and a current ratio of 1.83. The firm has a fifty day moving average of $116.95 and a two-hundred day moving average of $115.45.

Mohawk Industries (NYSE:MHK) last announced its quarterly earnings results on Thursday, April 25th. The company reported $1.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.70 by $0.16. Mohawk Industries had a negative net margin of 3.77% and a positive return on equity of 7.72%. The company had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.64 billion. During the same quarter in the previous year, the business earned $1.75 EPS. The firm’s revenue was down 4.5% on a year-over-year basis. As a group, equities research analysts predict that Mohawk Industries will post 9.51 EPS for the current year.

Insider Transactions at Mohawk Industries

In other news, insider Suzanne L. Helen sold 1,800 shares of the stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $111.74, for a total transaction of $201,132.00. Following the completion of the transaction, the insider now directly owns 122,369 shares in the company, valued at approximately $13,673,512.06. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 17.10% of the company’s stock.

Institutional Investors Weigh In On Mohawk Industries

A number of institutional investors and hedge funds have recently modified their holdings of MHK. Quarry LP raised its holdings in shares of Mohawk Industries by 70.4% in the 4th quarter. Quarry LP now owns 421 shares of the company’s stock valued at $44,000 after purchasing an additional 174 shares during the period. Allworth Financial LP raised its holdings in shares of Mohawk Industries by 88.1% in the 4th quarter. Allworth Financial LP now owns 521 shares of the company’s stock valued at $54,000 after purchasing an additional 244 shares during the period. Signaturefd LLC raised its holdings in shares of Mohawk Industries by 29.4% in the 4th quarter. Signaturefd LLC now owns 563 shares of the company’s stock valued at $58,000 after purchasing an additional 128 shares during the period. Quent Capital LLC raised its holdings in shares of Mohawk Industries by 27.2% in the 1st quarter. Quent Capital LLC now owns 496 shares of the company’s stock valued at $65,000 after purchasing an additional 106 shares during the period. Finally, TFO Wealth Partners LLC raised its holdings in shares of Mohawk Industries by 32,500.0% in the 4th quarter. TFO Wealth Partners LLC now owns 652 shares of the company’s stock valued at $67,000 after purchasing an additional 650 shares during the period. 78.98% of the stock is owned by institutional investors.

About Mohawk Industries

Mohawk Industries, Inc designs, manufactures, sources, distributes, and markets flooring products for residential and commercial remodeling, and new construction channels in the United States, Europe, Latin America, and internationally. It operates through three segments: Global Ceramic, Flooring North America, and Flooring Rest of the World.