Bank of America Issues Pessimistic Forecast for Mohawk Industries (NYSE:MHK) Stock Price

Mohawk Industries (NYSE:MHK) had its target price dropped by investment analysts at Bank of America from $152.00 to $150.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Bank of America‘s price objective suggests a potential upside of 24.52% from the company’s previous close.

Several other research firms have also recently weighed in on MHK. Wells Fargo & Company lowered their price target on Mohawk Industries from $135.00 to $130.00 and set an “equal weight” rating on the stock in a report on Tuesday, February 4th. Truist Financial dropped 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. Barclays reduced their price target on shares of Mohawk Industries from $141.00 to $130.00 and set an “equal weight” rating for the company in a research report on Thursday, January 16th. Loop Capital dropped their price objective on shares of Mohawk Industries from $185.00 to $180.00 and set a “buy” rating on the stock in a report on Wednesday, December 4th. Finally, Wolfe Research raised shares of Mohawk Industries from a “peer perform” rating to an “outperform” rating and set a $150.00 target price for the company in a report on Wednesday, January 8th. Five equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $149.15.

Mohawk Industries Price Performance

NYSE MHK opened at $120.46 on Monday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.09 and a current ratio of 2.03. The company has a market capitalization of $7.60 billion, a price-to-earnings ratio of 14.82, a PEG ratio of 1.60 and a beta of 1.41. The stock has a 50-day moving average of $124.30 and a 200 day moving average of $140.65. Mohawk Industries has a one year low of $101.83 and a one year high of $164.29.

Mohawk Industries (NYSE:MHK) last released its quarterly earnings data on Thursday, February 6th. The company reported $1.95 earnings per share 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%. On average, sell-side analysts forecast that Mohawk Industries will post 10.71 EPS for the current year.

Insider Buying and Selling

In other Mohawk Industries news, insider Suzanne L. Helen sold 4,000 shares of the stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $126.11, for a total transaction of $504,440.00. Following the completion of the sale, the insider now directly owns 104,084 shares of the company’s stock, valued at $13,126,033.24. This trade represents a 3.70 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Over the last 90 days, insiders sold 19,078 shares of company stock worth $2,474,347. 17.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Mohawk Industries

Several hedge funds have recently modified their holdings of MHK. Meeder Asset Management Inc. increased its holdings in Mohawk Industries by 8.8% in the 3rd quarter. Meeder Asset Management Inc. now owns 84,535 shares of the company’s stock valued at $13,583,000 after acquiring an additional 6,863 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Mohawk Industries by 2.5% in the third quarter. JPMorgan Chase & Co. now owns 3,024,539 shares of the company’s stock worth $485,983,000 after purchasing an additional 74,123 shares during the last quarter. Natixis Advisors LLC lifted its position in shares of Mohawk Industries by 19.8% in the third quarter. Natixis Advisors LLC now owns 87,477 shares of the company’s stock worth $14,056,000 after buying an additional 14,480 shares in the last quarter. Cerity Partners LLC bought a new position in Mohawk Industries during the third quarter valued at approximately $1,935,000. Finally, Pacer Advisors Inc. grew its holdings in Mohawk Industries by 106.7% during the 4th quarter. Pacer Advisors Inc. now owns 8,259 shares of the company’s stock valued at $984,000 after buying an additional 4,264 shares in the last quarter. Hedge funds and other institutional investors own 78.98% of the company’s stock.

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.