JPMorgan Chase & Co. Increases Mohawk Industries (NYSE:MHK) Price Target to $124.00

Mohawk Industries (NYSE:MHK) had its target price increased by JPMorgan Chase & Co. from $122.00 to $124.00 in a report published on Friday, Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

MHK has been the topic of a number of other reports. Barclays decreased their target price on shares of Mohawk Industries from $122.00 to $120.00 and set an equal weight rating on the stock in a research note on Monday, April 29th. TheStreet upgraded Mohawk Industries from a d+ rating to a c- rating in a report on Monday, March 4th. The Goldman Sachs Group lifted their price target 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 shares of Mohawk Industries from a hold rating to a buy rating and upped their price objective for the company from $98.00 to $152.00 in a report on Monday, February 12th. Finally, Wells Fargo & Company reduced their target price on shares of Mohawk Industries from $105.00 to $100.00 and set an underweight rating on the stock in a research note on Monday, January 22nd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of Hold and an average price target of $121.33.

Mohawk Industries Stock Performance

Shares of Mohawk Industries stock traded up $0.75 during mid-day trading on Friday, reaching $116.37. 431,400 shares of the stock traded hands, compared to its average volume of 674,742. The business has a 50-day moving average of $119.03 and a 200 day moving average of $104.27. Mohawk Industries has a fifty-two week low of $76.02 and a fifty-two week high of $131.19. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.83 and a quick ratio of 1.02.

Mohawk Industries (NYSE:MHK) last released its earnings results on Thursday, April 25th. The company reported $1.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.70 by $0.16. The business had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.64 billion. Mohawk Industries had a negative net margin of 3.77% and a positive return on equity of 7.72%. The company’s revenue for the quarter was down 4.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.75 earnings per share. As a group, analysts predict that Mohawk Industries will post 9.54 EPS for the current year.

Insider Activity

In related news, VP Rodney David Patton sold 1,551 shares of the stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $119.51, for a total transaction of $185,360.01. Following the transaction, the vice president now owns 15,321 shares of the company’s stock, valued at approximately $1,831,012.71. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 17.10% of the company’s stock.

Institutional Trading of Mohawk Industries

Large investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in Mohawk Industries by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 6,240,136 shares of the company’s stock valued at $645,854,000 after purchasing an additional 39,143 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Mohawk Industries by 14.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,459,303 shares of the company’s stock valued at $254,543,000 after buying an additional 317,278 shares during the period. JPMorgan Chase & Co. grew its position in shares of Mohawk Industries by 4.5% during the third quarter. JPMorgan Chase & Co. now owns 2,435,283 shares of the company’s stock worth $208,972,000 after buying an additional 103,813 shares in the last quarter. Ariel Investments LLC increased its stake in shares of Mohawk Industries by 3.9% during the third quarter. Ariel Investments LLC now owns 2,059,100 shares of the company’s stock worth $176,691,000 after buying an additional 77,974 shares during the period. Finally, Invesco Ltd. raised its holdings in Mohawk Industries by 9.7% in the third quarter. Invesco Ltd. now owns 1,759,210 shares of the company’s stock valued at $150,958,000 after acquiring an additional 156,230 shares in the last quarter. Hedge funds and other institutional investors own 78.98% of the company’s stock.

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.