Baird R W Upgrades Mohawk Industries (NYSE:MHK) to Strong-Buy

Baird R W upgraded shares of Mohawk Industries (NYSE:MHK) from a hold rating to a strong-buy rating in a research note issued to investors on Monday, Zacks.com reports.

Several other research firms have also recently commented on MHK. Robert W. Baird upgraded Mohawk Industries from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $160.00 to $196.00 in a report on Monday. JPMorgan Chase & Co. lifted their price target on Mohawk Industries from $124.00 to $155.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Jefferies Financial Group lifted their price target on Mohawk Industries from $150.00 to $160.00 and gave the company a “hold” rating in a report on Wednesday, October 9th. Barclays lifted their price target on Mohawk Industries from $118.00 to $161.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. Finally, Bank of America upgraded Mohawk Industries from an “underperform” rating to a “buy” rating and lifted their price target for the company from $120.00 to $177.00 in a report on Friday, July 26th. Five equities research analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $166.25.

Mohawk Industries Trading Down 0.8 %

Shares of MHK stock opened at $151.70 on Monday. The firm has a 50-day moving average price of $154.76 and a 200 day moving average price of $133.48. Mohawk Industries has a twelve month low of $76.02 and a twelve month high of $164.29. The company has a market capitalization of $9.69 billion, a price-to-earnings ratio of -23.20, a PEG ratio of 1.23 and a beta of 1.37. The company has a current ratio of 1.92, a quick ratio of 1.04 and a debt-to-equity ratio of 0.22.

Mohawk Industries (NYSE:MHK) last announced its earnings results on Thursday, July 25th. The company reported $3.00 earnings per share for the quarter, beating the consensus estimate of $2.75 by $0.25. Mohawk Industries had a negative net margin of 3.30% and a positive return on equity of 8.07%. The firm had revenue of $2.80 billion during the quarter, compared to the consensus estimate of $2.84 billion. During the same quarter in the previous year, the company posted $2.76 EPS. The firm’s revenue for the quarter was down 5.1% on a year-over-year basis. Research analysts forecast that Mohawk Industries will post 10 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Mohawk Industries news, insider Suzanne L. Helen sold 660 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $151.46, for a total value of $99,963.60. Following the transaction, the insider now directly owns 118,709 shares of the company’s stock, valued at $17,979,665.14. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Mohawk Industries news, insider Suzanne L. Helen sold 660 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $151.46, for a total value of $99,963.60. Following the transaction, the insider now directly owns 118,709 shares of the company’s stock, valued at $17,979,665.14. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Rodney David Patton sold 755 shares of the company’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 completion of the transaction, the vice president now directly owns 12,299 shares in the company, valued at approximately $2,002,031.22. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 4,415 shares of company stock worth $673,387 in the last 90 days. 17.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Mohawk Industries

Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Mohawk Industries by 0.3% in the first quarter. Vanguard Group Inc. now owns 6,257,677 shares of the company’s stock worth $819,067,000 after buying an additional 17,541 shares during the period. Dimensional Fund Advisors LP boosted its stake in Mohawk Industries by 10.7% during the second quarter. Dimensional Fund Advisors LP now owns 3,036,545 shares of the company’s stock valued at $344,903,000 after buying an additional 292,661 shares in the last quarter. Select Equity Group L.P. boosted its stake in Mohawk Industries by 8.5% during the second quarter. Select Equity Group L.P. now owns 1,702,440 shares of the company’s stock valued at $193,380,000 after buying an additional 132,879 shares in the last quarter. Pacer Advisors Inc. boosted its stake in Mohawk Industries by 42.9% during the second quarter. Pacer Advisors Inc. now owns 1,200,360 shares of the company’s stock valued at $136,349,000 after buying an additional 360,628 shares in the last quarter. Finally, Brandes Investment Partners LP boosted its position in shares of Mohawk Industries by 10.5% in the 2nd quarter. Brandes Investment Partners LP now owns 1,015,640 shares of the company’s stock valued at $115,057,000 after purchasing an additional 96,174 shares during the period. 78.98% of the stock is owned by institutional investors and hedge funds.

About Mohawk Industries

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.