JPMorgan Chase & Co. Issues Pessimistic Forecast for Mohawk Industries (NYSE:MHK) Stock Price

Mohawk Industries (NYSE:MHK) had its price target reduced by JPMorgan Chase & Co. from $161.00 to $156.00 in a report published on Monday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Several other equities research analysts have also recently commented on the stock. Bank of America cut their price objective on shares of Mohawk Industries from $152.00 to $150.00 and set a “buy” rating on the stock in a research report on Monday. Robert W. Baird cut their price objective on shares of Mohawk Industries from $160.00 to $152.00 and set an “outperform” rating on the stock in a research report on Monday. Royal Bank of Canada lowered their price target on shares of Mohawk Industries from $140.00 to $134.00 and set a “sector perform” rating on the stock in a research note on Monday, October 28th. Truist Financial lowered their price target on shares of Mohawk Industries from $155.00 to $148.00 and set a “buy” rating on the stock in a research note on Monday. Finally, Baird R W upgraded shares of Mohawk Industries from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 21st. Six investment analysts have rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $146.92.

Mohawk Industries Trading Down 2.1 %

MHK opened at $116.77 on Monday. The stock has a market capitalization of $7.37 billion, a P/E ratio of 14.36, a P/E/G 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 firm’s fifty day simple moving average is $123.32 and its 200 day simple moving average is $140.07. The company has a current ratio of 2.03, a quick ratio of 1.09 and a debt-to-equity ratio of 0.22.

Mohawk Industries (NYSE:MHK) last posted its quarterly earnings data on Thursday, February 6th. The company reported $1.95 EPS for the quarter, beating the consensus estimate of $1.85 by $0.10. Mohawk Industries had a net margin of 4.78% and a return on equity of 8.00%. As a group, research analysts anticipate that Mohawk Industries will post 10.71 EPS for the current fiscal year.

Insider Activity

In other news, insider Suzanne L. Helen sold 2,000 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $135.48, for a total value of $270,960.00. Following the sale, the insider now directly owns 2,453 shares of the company’s stock, valued at approximately $332,332.44. This represents a 44.91 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last ninety days, insiders have sold 19,078 shares of company stock valued at $2,474,347. 17.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Mohawk Industries

A number of institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised 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 valued at $742,154,000 after purchasing an additional 20,327 shares during the period. JPMorgan Chase & Co. raised 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 valued at $383,076,000 after purchasing an additional 191,077 shares during the period. FMR LLC raised its holdings in Mohawk Industries by 52.3% in the 3rd 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 during the period. State Street Corp raised its holdings in Mohawk Industries by 1.3% in the 3rd quarter. State Street Corp now owns 1,846,446 shares of the company’s stock valued at $296,687,000 after acquiring an additional 23,016 shares during the period. Finally, Massachusetts Financial Services Co. MA raised its holdings in 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 valued at $162,793,000 after acquiring an additional 354,656 shares during the period. 78.98% of the stock is owned by institutional investors.

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.