Zacks Investment Research upgraded shares of Mohawk Industries (NYSE:MHK) from a sell rating to a hold rating in a research report sent to investors on Friday.
According to Zacks, “Input cost inflation, higher transportation expenses and increased start-up costs have been a cause of concern for Mohawk. Again, slowing macro outlook in North America, uncertainties around U.S. housing, coupled with macro trends in Europe and Australia added to the woes. The company has a cautious stance for 2019, given slowing market conditions and oil volatility that is making its expenses unpredictable. Estimates for 2019 and 2020 have displayed a downward trend over the past 30 days. Meanwhile, shares of Mohawk have gained over the past three months, given its leadership position in flooring, continued modest growth and accretive buyouts. Mohawk is trying hard to offset the negatives by increasing prices, expanding in growing channels, introducing new products and foraying into geographies.”
A number of other research firms also recently issued reports on MHK. Royal Bank of Canada downgraded shares of Mohawk Industries from a sector perform rating to an underperform rating and lowered their target price for the company from $129.00 to $115.00 in a report on Friday, January 11th. Wells Fargo & Co boosted their target price on shares of Mohawk Industries from $130.00 to $135.00 and gave the company a market perform rating in a report on Monday, February 11th. Zelman & Associates downgraded shares of Mohawk Industries from a buy rating to a hold rating in a report on Wednesday, December 19th. Credit Suisse Group set a $125.00 target price on shares of Mohawk Industries and gave the company a hold rating in a report on Friday, January 11th. Finally, Buckingham Research initiated coverage on shares of Mohawk Industries in a report on Friday, February 1st. They issued an underperform rating and a $116.00 target price for the company. Six equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the company’s stock. Mohawk Industries has a consensus rating of Hold and an average target price of $168.94.
Mohawk Industries stock traded down $3.28 during trading on Friday, reaching $124.86. The company had a trading volume of 698,173 shares, compared to its average volume of 732,205. Mohawk Industries has a 12-month low of $109.35 and a 12-month high of $247.13. The company has a market cap of $9.27 billion, a price-to-earnings ratio of 10.13, a PEG ratio of 1.99 and a beta of 1.53. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.68 and a current ratio of 1.38.
Mohawk Industries (NYSE:MHK) last released its earnings results on Thursday, February 7th. The company reported $2.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.49 by $0.04. Mohawk Industries had a net margin of 8.63% and a return on equity of 12.40%. The firm had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.43 billion. During the same period in the previous year, the firm earned $3.42 earnings per share. Mohawk Industries’s revenue was up 3.4% compared to the same quarter last year. Sell-side analysts predict that Mohawk Industries will post 11.24 EPS for the current year.
In other Mohawk Industries news, insider Suzanne L. Helen sold 14,247 shares of the business’s stock in a transaction that occurred on Tuesday, February 12th. The shares were sold at an average price of $140.43, for a total transaction of $2,000,706.21. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Filip Balcaen acquired 9,000 shares of the firm’s stock in a transaction on Wednesday, December 26th. The shares were acquired at an average price of $109.76 per share, with a total value of $987,840.00. Following the completion of the purchase, the director now owns 776 shares of the company’s stock, valued at $85,173.76. The disclosure for this purchase can be found here. 16.80% of the stock is owned by insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Comerica Bank lifted its position in shares of Mohawk Industries by 0.8% during the fourth quarter. Comerica Bank now owns 12,351 shares of the company’s stock worth $1,569,000 after purchasing an additional 92 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Mohawk Industries by 4.7% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,114 shares of the company’s stock worth $247,000 after purchasing an additional 95 shares in the last quarter. Moody National Bank Trust Division lifted its position in shares of Mohawk Industries by 0.6% during the fourth quarter. Moody National Bank Trust Division now owns 18,666 shares of the company’s stock worth $2,183,000 after purchasing an additional 106 shares in the last quarter. Patten & Patten Inc. TN lifted its position in shares of Mohawk Industries by 1.6% during the fourth quarter. Patten & Patten Inc. TN now owns 7,635 shares of the company’s stock worth $893,000 after purchasing an additional 120 shares in the last quarter. Finally, United Services Automobile Association lifted its position in shares of Mohawk Industries by 0.6% during the fourth quarter. United Services Automobile Association now owns 20,154 shares of the company’s stock worth $2,357,000 after purchasing an additional 127 shares in the last quarter. Institutional investors own 79.31% of the company’s stock.
Mohawk Industries Company Profile
Mohawk Industries, Inc designs, manufactures, sources, distributes, and markets flooring products for remodeling and new constructions of residential and commercial spaces worldwide. It operates through three segments: Global Ceramic, Flooring North America (Flooring NA), and Flooring Rest of the World (Flooring ROW).
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