Wells Fargo & Company Upgrades Mohawk Industries (NYSE:MHK) to Equal Weight

by · The Cerbat Gem

Mohawk Industries (NYSE:MHK – Get Free Report) was upgraded by Wells Fargo & Company from an “underweight” rating to an “equal weight” rating in a research report issued to clients and investors on Monday, MarketBeat.com reports. The brokerage presently has a $160.00 target price on the stock, up from their prior target price of $140.00. Wells Fargo & Company‘s price objective would suggest a potential upside of 2.87% from the stock’s current price.

Several other equities analysts have also recently issued reports on the company. Robert W. Baird boosted their target price on Mohawk Industries from $132.00 to $160.00 and gave the stock a “neutral” rating in a research report on Monday, July 29th. Royal Bank of Canada boosted their price objective on shares of Mohawk Industries from $108.00 to $140.00 and gave the stock a “sector perform” rating in a report on Monday, July 29th. Loop Capital lifted their price target on shares of Mohawk Industries from $145.00 to $185.00 and gave the company a “buy” rating in a research report on Monday, July 29th. Truist Financial upped their price target on Mohawk Industries from $135.00 to $184.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Finally, Barclays boosted their target price on Mohawk Industries from $118.00 to $161.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Five research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Mohawk Industries currently has an average rating of “Moderate Buy” and a consensus price target of $157.67.

View Our Latest Stock Analysis on MHK

Mohawk Industries Price Performance

Shares of MHK opened at $155.54 on Monday. The company has a market capitalization of $9.93 billion, a price-to-earnings ratio of -23.78, a price-to-earnings-growth ratio of 1.23 and a beta of 1.37. Mohawk Industries has a fifty-two week low of $76.02 and a fifty-two week high of $164.05. The firm has a 50-day simple moving average of $152.68 and a 200-day simple moving average of $131.09. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.04 and a current ratio of 1.92.

Mohawk Industries (NYSE:MHK – Get Free Report) last released its quarterly earnings results on Thursday, July 25th. The company reported $3.00 EPS for the quarter, topping the consensus estimate of $2.75 by $0.25. Mohawk Industries had a positive return on equity of 8.07% and a negative net margin of 3.30%. The business had revenue of $2.80 billion during the quarter, compared to analysts’ expectations of $2.84 billion. During the same quarter in the prior year, the business earned $2.76 earnings per share. The company’s quarterly revenue was down 5.1% compared to the same quarter last year. On average, equities research analysts anticipate that Mohawk Industries will post 10 earnings per share for the current year.

Insider Activity at Mohawk Industries

In related news, VP Rodney David Patton sold 755 shares of the firm’s stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $162.78, for a total value of $122,898.90. Following the sale, the vice president now directly owns 12,299 shares of the company’s stock, valued at approximately $2,002,031.22. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, VP Rodney David Patton sold 755 shares of the 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 transaction, the vice president now directly owns 12,299 shares of the company’s stock, valued at approximately $2,002,031.22. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Suzanne L. Helen sold 700 shares of the business’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $146.97, for a total value of $102,879.00. Following the sale, the insider now directly owns 121,669 shares of the company’s stock, valued at approximately $17,881,692.93. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 4,415 shares of company stock worth $673,387. 17.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Mohawk Industries

Institutional investors and hedge funds have recently modified their holdings of the stock. Quest Partners LLC boosted its stake in shares of 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 purchasing an additional 84 shares during the period. Quarry LP boosted its position in Mohawk Industries by 70.4% in the 4th quarter. Quarry LP now owns 421 shares of the company’s stock valued at $44,000 after buying an additional 174 shares during the last quarter. Headlands Technologies LLC acquired a new stake in shares of Mohawk Industries during the second quarter valued at about $50,000. Quent Capital LLC increased its position 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 during the last quarter. Finally, AM Squared Ltd acquired a new position in shares of Mohawk Industries in the second quarter worth about $68,000. Hedge funds and other institutional investors own 78.98% of the company’s stock.

Mohawk Industries Company Profile

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

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