JPMorgan Chase & Co. Issues Pessimistic Forecast for Mohawk Industries (NYSE:MHK) Stock Price

Mohawk Industries (NYSE:MHK) had its price target lowered by JPMorgan Chase & Co. from $161.00 to $156.00 in a research report report published on Monday,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other analysts have also recently issued reports on the company. Baird R W raised Mohawk Industries from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 21st. Wells Fargo & Company cut their price objective on Mohawk Industries from $135.00 to $130.00 and set an “equal weight” rating on the stock in a research report on Tuesday, February 4th. Bank of America reduced their target price on Mohawk Industries from $152.00 to $150.00 and set a “buy” rating on the stock in a research note on Monday. Truist Financial dropped their price target on Mohawk Industries from $155.00 to $148.00 and set a “buy” rating for the company in a research note on Monday. Finally, The Goldman Sachs Group reduced their price objective on shares of Mohawk Industries from $170.00 to $145.00 and set a “buy” rating on the stock in a research report on Tuesday, January 14th. Six equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $147.29.

Mohawk Industries Stock Performance

Shares of MHK stock opened at $117.73 on Monday. The company has a market capitalization of $7.43 billion, a P/E ratio of 14.48, a PEG ratio of 1.60 and a beta of 1.41. Mohawk Industries has a fifty-two week low of $104.88 and a fifty-two week high of $164.29. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.09 and a current ratio of 2.03. The stock has a 50 day moving average price of $123.93 and a two-hundred day moving average price of $140.53.

Mohawk Industries (NYSE:MHK) last posted its quarterly earnings results on Thursday, February 6th. The company reported $1.95 EPS for the quarter, beating analysts’ consensus estimates of $1.85 by $0.10. Mohawk Industries had a net margin of 4.78% and a return on equity of 8.00%. Analysts expect that Mohawk Industries will post 10.71 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Suzanne L. Helen sold 9,078 shares of Mohawk Industries stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $130.86, for a total transaction of $1,187,947.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 19,078 shares of company stock valued at $2,474,347 over the last quarter. Corporate insiders own 17.10% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MHK. FMR LLC boosted its holdings in Mohawk Industries by 52.3% in the third quarter. FMR LLC now owns 2,179,510 shares of the company’s stock worth $350,204,000 after acquiring an additional 748,070 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of Mohawk Industries by 33.7% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,011,861 shares of the company’s stock worth $162,586,000 after purchasing an additional 254,779 shares during the last quarter. Amundi raised its position in shares of Mohawk Industries by 117.4% in the 4th quarter. Amundi now owns 331,750 shares of the company’s stock worth $39,239,000 after purchasing an additional 179,121 shares during the last quarter. Assenagon Asset Management S.A. boosted its stake in Mohawk Industries by 482.7% in the 3rd quarter. Assenagon Asset Management S.A. now owns 137,122 shares of the company’s stock worth $22,033,000 after purchasing an additional 113,588 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its position in Mohawk Industries by 2.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,024,539 shares of the company’s stock valued at $485,983,000 after purchasing an additional 74,123 shares during the last quarter. Institutional investors own 78.98% of the company’s stock.

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.