Mohawk Industries (NYSE:MHK) Shares Gap Up After Better-Than-Expected Earnings

Mohawk Industries, Inc. (NYSE:MHKGet Free Report) gapped up before the market opened on Monday following a better than expected earnings announcement. The stock had previously closed at $110.01, but opened at $113.82. Mohawk Industries shares last traded at $114.34, with a volume of 108,060 shares traded.

The company reported $1.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.86 by $0.10. The business had revenue of $2.61 billion during the quarter, compared to the consensus estimate of $2.56 billion. Mohawk Industries had a positive return on equity of 7.52% and a negative net margin of 3.95%. The firm’s quarterly revenue was down 1.4% on a year-over-year basis. During the same period in the previous year, the company posted $1.32 EPS.

Analyst Ratings Changes

A number of brokerages have issued reports on MHK. TheStreet cut Mohawk Industries from a “c-” rating to a “d+” rating in a report on Thursday, October 26th. Barclays upped their target price on Mohawk Industries from $100.00 to $122.00 and gave the stock an “equal weight” rating in a report on Monday. The Goldman Sachs Group upped their target price on Mohawk Industries from $105.00 to $120.00 and gave the stock a “buy” rating in a report on Thursday, January 11th. Deutsche Bank Aktiengesellschaft raised Mohawk Industries from a “hold” rating to a “buy” rating and upped their target price for the stock from $98.00 to $152.00 in a report on Monday. Finally, Royal Bank of Canada upped their target price on Mohawk Industries from $101.00 to $106.00 and gave the stock a “sector perform” rating in a report on Monday. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $113.90.

View Our Latest Report on MHK

Insider Activity at Mohawk Industries

In related news, insider Suzanne L. Helen sold 5,500 shares of the company’s stock in a transaction dated Wednesday, December 13th. The stock was sold at an average price of $94.09, for a total transaction of $517,495.00. Following the sale, the insider now owns 8,953 shares in the company, valued at approximately $842,387.77. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 17.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in MHK. Gyon Technologies Capital Management LP bought a new position in Mohawk Industries in the fourth quarter worth approximately $30,000. Rockefeller Capital Management L.P. raised its stake in shares of Mohawk Industries by 143.7% in the fourth quarter. Rockefeller Capital Management L.P. now owns 307 shares of the company’s stock worth $31,000 after purchasing an additional 181 shares during the last quarter. Natixis purchased a new stake in shares of Mohawk Industries in the second quarter worth approximately $40,000. UniSuper Management Pty Ltd purchased a new stake in shares of Mohawk Industries in the second quarter worth approximately $41,000. Finally, Huntington National Bank raised its stake in shares of Mohawk Industries by 36.0% in the third quarter. Huntington National Bank now owns 540 shares of the company’s stock worth $46,000 after purchasing an additional 143 shares during the last quarter. Institutional investors own 77.04% of the company’s stock.

Mohawk Industries Trading Up 6.6 %

The stock has a market capitalization of $7.47 billion, a PE ratio of -16.94 and a beta of 1.31. The firm has a 50 day moving average price of $102.46 and a 200 day moving average price of $94.35. The company has a quick ratio of 0.97, a current ratio of 1.78 and a debt-to-equity ratio of 0.22.

About Mohawk Industries

(Get Free Report)

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, Russia, and internationally. It operates through three segments: Global Ceramic, Flooring North America (Flooring NA), and Flooring Rest of the World (Flooring ROW).

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