Mohawk Industries (NYSE:MHK) Shares Gap Up After Earnings Beat

Mohawk Industries, Inc. (NYSE:MHK)’s stock price gapped up before the market opened on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $134.50, but opened at $150.15. Mohawk Industries shares last traded at $157.59, with a volume of 566,934 shares changing hands.

The company reported $3.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.76 by $0.24. Mohawk Industries had a negative net margin of 3.77% and a positive return on equity of 7.72%. The firm had revenue of $2.80 billion during the quarter, compared to analysts’ expectations of $2.84 billion. During the same period in the prior year, the company posted $2.76 earnings per share. The company’s revenue for the quarter was down 5.1% compared to the same quarter last year.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. JPMorgan Chase & Co. boosted their price objective on Mohawk Industries from $122.00 to $124.00 and gave the company a “neutral” rating in a research report on Friday, May 3rd. Truist Financial dropped their price target on Mohawk Industries from $140.00 to $135.00 and set a “buy” rating for the company in a research note on Wednesday, July 10th. Royal Bank of Canada lifted their price objective on shares of Mohawk Industries from $106.00 to $108.00 and gave the company a “sector perform” rating in a research report on Monday, April 29th. Loop Capital dropped their target price on shares of Mohawk Industries from $140.00 to $135.00 and set a “buy” rating for the company in a research report on Monday, April 29th. Finally, Bank of America upgraded shares of Mohawk Industries from an “underperform” rating to a “buy” rating and lifted their price target for the company from $120.00 to $177.00 in a report on Friday. One analyst has rated the stock with a sell rating, three have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $127.45.

Insider Buying and Selling

In other Mohawk Industries news, insider Suzanne L. Helen sold 1,800 shares of the company’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $111.74, for a total transaction of $201,132.00. Following the sale, the insider now directly owns 122,369 shares in the company, valued at $13,673,512.06. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 17.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Mohawk Industries

Hedge funds and other institutional investors have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC boosted its holdings in Mohawk Industries by 2.0% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 119,465 shares of the company’s stock valued at $13,570,000 after acquiring an additional 2,322 shares during the period. State of Michigan Retirement System increased its stake in Mohawk Industries by 0.7% in the 2nd quarter. State of Michigan Retirement System now owns 14,545 shares of the company’s stock worth $1,652,000 after buying an additional 100 shares during the period. Bank of New York Mellon Corp lifted its holdings in Mohawk Industries by 2.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 311,268 shares of the company’s stock valued at $35,357,000 after buying an additional 7,194 shares in the last quarter. Van Lanschot Kempen Investment Management N.V. boosted its position in Mohawk Industries by 11.2% in the 2nd quarter. Van Lanschot Kempen Investment Management N.V. now owns 667,516 shares of the company’s stock valued at $75,823,000 after buying an additional 67,452 shares during the period. Finally, Fifth Third Bancorp grew its stake in Mohawk Industries by 7.0% in the 2nd quarter. Fifth Third Bancorp now owns 2,343 shares of the company’s stock worth $266,000 after acquiring an additional 154 shares in the last quarter. Hedge funds and other institutional investors own 78.98% of the company’s stock.

Mohawk Industries Stock Up 16.5 %

The stock has a market cap of $10.00 billion, a P/E ratio of -24.10, a P/E/G ratio of 1.28 and a beta of 1.38. The company’s 50 day moving average price is $116.95 and its two-hundred day moving average price is $115.45. The company has a quick ratio of 1.02, a current ratio of 1.83 and a debt-to-equity ratio of 0.22.

Mohawk Industries Company Profile

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.