Mohawk Industries, Inc. (NYSE:MHK) Sees Significant Decline in Short Interest

Mohawk Industries, Inc. (NYSE:MHK) saw a large decline in short interest in the month of August. As of August 31st, there was short interest totalling 1,270,000 shares, a decline of 19.1% from the August 15th total of 1,570,000 shares. Based on an average trading volume of 758,000 shares, the short-interest ratio is presently 1.7 days. Approximately 2.4% of the company’s stock are sold short.

Mohawk Industries Price Performance

MHK traded down $0.26 during trading on Tuesday, reaching $155.56. 163,170 shares of the company were exchanged, compared to its average volume of 699,701. The company has a quick ratio of 1.04, a current ratio of 1.92 and a debt-to-equity ratio of 0.22. The company has a market cap of $9.93 billion, a price-to-earnings ratio of -23.83, a P/E/G ratio of 1.15 and a beta of 1.37. Mohawk Industries has a 12-month low of $76.02 and a 12-month high of $164.05. The company’s 50-day moving average is $144.86 and its two-hundred day moving average is $127.01.

Mohawk Industries (NYSE:MHK) last issued its quarterly earnings data on Thursday, July 25th. The company reported $3.00 EPS for the quarter, beating the consensus estimate of $2.75 by $0.25. Mohawk Industries had a negative net margin of 3.30% and a positive return on equity of 8.07%. The company had revenue of $2.80 billion during the quarter, compared to analysts’ expectations of $2.84 billion. During the same quarter in the previous year, the company earned $2.76 earnings per share. Mohawk Industries’s revenue for the quarter was down 5.1% on a year-over-year basis. Research analysts forecast that Mohawk Industries will post 10 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. The Goldman Sachs Group increased their price target on Mohawk Industries from $141.00 to $185.00 and gave the company a “buy” rating in a research report on Monday, July 29th. Bank of America upgraded Mohawk Industries from an “underperform” rating to a “buy” rating and lifted their target price for the stock from $120.00 to $177.00 in a research note on Friday, July 26th. Robert W. Baird increased their price target on shares of Mohawk Industries from $132.00 to $160.00 and gave the company a “neutral” rating in a research report on Monday, July 29th. JPMorgan Chase & Co. raised their price objective on shares of Mohawk Industries from $124.00 to $155.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Finally, Truist Financial increased their target price on shares of Mohawk Industries from $135.00 to $184.00 and gave the company a “buy” rating in a research report on Monday, July 29th. One research analyst has rated the stock with a sell rating, four have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $156.00.

Insider Activity at Mohawk Industries

In related news, VP Rodney David Patton sold 755 shares of the company’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $162.78, for a total transaction of $122,898.90. Following the transaction, the vice president now directly owns 12,299 shares of the company’s stock, valued at approximately $2,002,031.22. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Mohawk Industries news, insider Suzanne L. Helen sold 2,300 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $151.15, for a total transaction of $347,645.00. Following the completion of the sale, the insider now directly owns 119,369 shares of the company’s stock, valued at approximately $18,042,624.35. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Rodney David Patton sold 755 shares of the company’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $162.78, for a total value of $122,898.90. Following the sale, the vice president now owns 12,299 shares of the company’s stock, valued at approximately $2,002,031.22. The disclosure for this sale can be found here. Insiders have sold 4,415 shares of company stock worth $673,387 in the last quarter. Company insiders own 17.10% of the company’s stock.

Hedge Funds Weigh In On Mohawk Industries

Institutional investors have recently added to or reduced their stakes in the business. Quest Partners LLC increased its stake in Mohawk Industries by 40.0% in the second quarter. Quest Partners LLC now owns 294 shares of the company’s stock valued at $33,000 after acquiring an additional 84 shares during the last quarter. Quarry LP boosted its stake in Mohawk Industries by 70.4% in the fourth quarter. Quarry LP now owns 421 shares of the company’s stock worth $44,000 after buying an additional 174 shares in the last quarter. Headlands Technologies LLC bought a new position in Mohawk Industries during the second quarter valued at approximately $50,000. Quent Capital LLC raised its stake in shares of Mohawk Industries by 27.2% during the first quarter. Quent Capital LLC now owns 496 shares of the company’s stock worth $65,000 after acquiring an additional 106 shares in the last quarter. Finally, AM Squared Ltd bought a new stake in shares of Mohawk Industries in the 2nd quarter worth approximately $68,000. 78.98% of the stock is currently owned by institutional investors.

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.