JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Mohawk Industries (NYSE:MHK) Stock

Mohawk Industries (NYSE:MHK) had its price objective boosted by analysts at JPMorgan Chase & Co. from $139.00 to $140.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 19.39% from the stock’s previous close.

Several other research analysts have also issued reports on the stock. Wall Street Zen lowered shares of Mohawk Industries from a “buy” rating to a “hold” rating in a research report on Monday, May 5th. Wells Fargo & Company upped their price target on shares of Mohawk Industries from $105.00 to $115.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 8th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Mohawk Industries in a research report on Tuesday, April 1st. They set a “hold” rating and a $121.00 price target for the company. Barclays upped their price target on shares of Mohawk Industries from $111.00 to $125.00 and gave the company an “equal weight” rating in a research report on Monday. Finally, Robert W. Baird lifted their price target on Mohawk Industries from $130.00 to $142.00 and gave the stock an “outperform” rating in a research note on Monday. Seven investment analysts have rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $140.14.

Mohawk Industries Stock Down 3.3%

Shares of NYSE:MHK opened at $117.26 on Tuesday. Mohawk Industries has a 52-week low of $96.24 and a 52-week high of $164.29. The firm has a fifty day moving average of $106.54 and a 200 day moving average of $111.42. The firm has a market capitalization of $7.29 billion, a PE ratio of 15.59, a price-to-earnings-growth ratio of 3.91 and a beta of 1.18. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.18 and a current ratio of 2.13.

Mohawk Industries (NYSE:MHK) last announced its earnings results on Thursday, July 24th. The company reported $2.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.62 by $0.15. Mohawk Industries had a net margin of 4.44% and a return on equity of 7.30%. The company had revenue of $2.80 billion during the quarter, compared to analyst estimates of $2.76 billion. During the same period in the previous year, the business earned $3.00 earnings per share. The firm’s quarterly revenue was up .0% compared to the same quarter last year. As a group, research analysts anticipate that Mohawk Industries will post 9.8 EPS for the current fiscal year.

Insider Transactions at Mohawk Industries

In related news, CEO Jeffrey S. Lorberbaum sold 16,000 shares of the stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $120.81, for a total value of $1,932,960.00. Following the completion of the transaction, the chief executive officer directly owned 33,600 shares of the company’s stock, valued at $4,059,216. This represents a 32.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Suzanne L. Helen sold 2,500 shares of Mohawk Industries stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $120.60, for a total value of $301,500.00. Following the sale, the insider owned 91,084 shares in the company, valued at $10,984,730.40. This represents a 2.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Mohawk Industries

Hedge funds have recently made changes to their positions in the company. Federated Hermes Inc. boosted its position in shares of Mohawk Industries by 326.3% during the first quarter. Federated Hermes Inc. now owns 243 shares of the company’s stock valued at $28,000 after purchasing an additional 186 shares in the last quarter. Resona Asset Management Co. Ltd. bought a new position in shares of Mohawk Industries during the fourth quarter valued at approximately $41,000. Brooklyn Investment Group increased its stake in shares of Mohawk Industries by 2,506.3% during the first quarter. Brooklyn Investment Group now owns 417 shares of the company’s stock valued at $48,000 after purchasing an additional 401 shares in the last quarter. Huntington National Bank increased its stake in shares of Mohawk Industries by 27.4% during the fourth quarter. Huntington National Bank now owns 554 shares of the company’s stock valued at $66,000 after purchasing an additional 119 shares in the last quarter. Finally, Allworth Financial LP increased its stake in shares of Mohawk Industries by 36.2% during the first quarter. Allworth Financial LP now owns 595 shares of the company’s stock valued at $65,000 after purchasing an additional 158 shares in the last quarter. 78.98% of the stock is currently 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.