Bank of America Has Lowered Expectations for Mohawk Industries (NYSE:MHK) Stock Price

Mohawk Industries (NYSE:MHK) had its price objective decreased by Bank of America from $152.00 to $150.00 in a research note released on Monday morning,Benzinga reports. Bank of America currently has a buy rating on the stock.

Other analysts have also recently issued reports about the company. StockNews.com cut Mohawk Industries from a “buy” rating to a “hold” rating in a research report on Friday, February 7th. Royal Bank of Canada lowered their target price on Mohawk Industries from $140.00 to $134.00 and set a “sector perform” rating on the stock in a research report on Monday, October 28th. Robert W. Baird lowered their target price on Mohawk Industries from $160.00 to $152.00 and set an “outperform” rating on the stock in a research report on Monday. JPMorgan Chase & Co. upgraded Mohawk Industries from a “neutral” rating to an “overweight” rating and raised their target price for the company from $151.00 to $161.00 in a research report on Friday, January 10th. Finally, Truist Financial lowered their target price on Mohawk Industries from $184.00 to $155.00 and set a “buy” rating on the stock in a research report on Monday, October 28th. Six equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $146.92.

Mohawk Industries Trading Down 2.1 %

Shares of NYSE MHK opened at $116.77 on Monday. The company has a market cap of $7.37 billion, a price-to-earnings ratio of 14.36, a price-to-earnings-growth ratio of 1.60 and a beta of 1.41. Mohawk Industries has a 12-month low of $104.88 and a 12-month high of $164.29. The company has a current ratio of 2.03, a quick ratio of 1.09 and a debt-to-equity ratio of 0.22. The stock’s 50 day simple moving average is $123.32 and its 200 day simple moving average is $140.07.

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

Insider Activity

In related news, insider Suzanne L. Helen sold 2,000 shares of Mohawk Industries stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $135.48, for a total value of $270,960.00. Following the transaction, the insider now directly owns 2,453 shares in the company, valued at $332,332.44. The trade was a 44.91 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In the last ninety days, insiders have sold 19,078 shares of company stock worth $2,474,347. 17.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Mohawk Industries

A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in shares of Mohawk Industries by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 6,229,786 shares of the company’s stock worth $742,154,000 after acquiring an additional 20,327 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Mohawk Industries by 6.3% in the 4th quarter. JPMorgan Chase & Co. now owns 3,215,616 shares of the company’s stock worth $383,076,000 after acquiring an additional 191,077 shares during the last quarter. FMR LLC grew its holdings in shares of Mohawk Industries by 52.3% in the 3rd 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 during the last quarter. State Street Corp grew its holdings in shares of Mohawk Industries by 1.3% in the 3rd quarter. State Street Corp now owns 1,846,446 shares of the company’s stock worth $296,687,000 after acquiring an additional 23,016 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its holdings in shares of Mohawk Industries by 35.0% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,366,517 shares of the company’s stock worth $162,793,000 after acquiring an additional 354,656 shares during the last quarter. 78.98% of the stock is currently owned by institutional investors and hedge funds.

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.