Truist Financial Issues Pessimistic Forecast for Mohawk Industries (NYSE:MHK) Stock Price

Mohawk Industries (NYSE:MHK) had its target price cut by Truist Financial from $155.00 to $148.00 in a research report released on Monday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other brokerages have also recently issued reports on MHK. StockNews.com cut shares of Mohawk Industries from a “buy” rating to a “hold” rating in a report on Friday. Royal Bank of Canada decreased their price target on shares of Mohawk Industries from $140.00 to $134.00 and set a “sector perform” rating for the company in a report on Monday, October 28th. Baird R W upgraded Mohawk Industries from a “hold” rating to a “strong-buy” rating in a report on Monday, October 21st. Wells Fargo & Company reduced their price target on shares of Mohawk Industries from $135.00 to $130.00 and set an “equal weight” rating for the company in a report on Tuesday, February 4th. Finally, Wolfe Research upgraded shares of Mohawk Industries from a “peer perform” rating to an “outperform” rating and set a $150.00 price objective on the stock in a report on Wednesday, January 8th. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, Mohawk Industries currently has a consensus rating of “Moderate Buy” and an average price target of $147.29.

Mohawk Industries Stock Down 2.2 %

Shares of NYSE:MHK opened at $117.73 on Monday. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.03 and a quick ratio of 1.09. The stock has a market cap of $7.43 billion, a price-to-earnings ratio of 14.48, a P/E/G ratio of 1.60 and a beta of 1.41. The company has a 50 day moving average of $123.93 and a 200-day moving average of $140.53. Mohawk Industries has a one year low of $104.88 and a one year high of $164.29.

Mohawk Industries (NYSE:MHK) last released its quarterly earnings data 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 return on equity of 8.00% and a net margin of 4.78%. On average, sell-side analysts forecast that Mohawk Industries will post 10.71 earnings per share for the current year.

Insider Activity at Mohawk Industries

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

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. FMR LLC grew its stake in shares of Mohawk Industries by 52.3% in the third quarter. FMR LLC now owns 2,179,510 shares of the company’s stock valued at $350,204,000 after acquiring an additional 748,070 shares in the last quarter. Massachusetts Financial Services Co. MA grew its position in shares of Mohawk Industries by 33.7% during 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 in the last quarter. Amundi increased its holdings in shares of Mohawk Industries by 117.4% during the fourth 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 period. Assenagon Asset Management S.A. raised its position in shares of Mohawk Industries by 482.7% in the third quarter. Assenagon Asset Management S.A. now owns 137,122 shares of the company’s stock valued at $22,033,000 after buying an additional 113,588 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in shares of Mohawk Industries by 2.5% in the third quarter. JPMorgan Chase & Co. now owns 3,024,539 shares of the company’s stock valued at $485,983,000 after buying an additional 74,123 shares during the period. 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.