StockNews.com Upgrades Mohawk Industries (NYSE:MHK) to Buy

StockNews.com upgraded shares of Mohawk Industries (NYSE:MHK) from a hold rating to a buy rating in a research note released on Tuesday morning.

Several other research firms have also recently commented on MHK. The Goldman Sachs Group lowered their target price on Mohawk Industries from $170.00 to $145.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Loop Capital decreased their price objective on shares of Mohawk Industries from $185.00 to $180.00 and set a “buy” rating for the company in a research note on Wednesday, December 4th. Wells Fargo & Company cut their target price on shares of Mohawk Industries from $140.00 to $135.00 and set an “equal weight” rating on the stock in a report on Tuesday, December 17th. Robert W. Baird raised Mohawk Industries from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $160.00 to $196.00 in a research report on Monday, October 21st. Finally, JPMorgan Chase & Co. upgraded shares of Mohawk Industries from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $151.00 to $161.00 in a research note on Friday, January 10th. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Mohawk Industries currently has a consensus rating of “Moderate Buy” and an average target price of $155.00.

Mohawk Industries Price Performance

MHK opened at $130.95 on Tuesday. The stock’s 50-day moving average price is $127.97 and its 200 day moving average price is $140.58. The company has a current ratio of 2.03, a quick ratio of 1.09 and a debt-to-equity ratio of 0.22. Mohawk Industries has a 12-month low of $96.28 and a 12-month high of $164.29. The firm has a market cap of $8.27 billion, a price-to-earnings ratio of 14.83, a PEG ratio of 1.27 and a beta of 1.41.

Insider Buying and Selling

In related news, insider Suzanne L. Helen sold 9,078 shares of the company’s stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $130.86, for a total value of $1,187,947.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold 19,078 shares of company stock worth $2,474,347 in the last ninety days. Insiders own 17.10% of the company’s stock.

Institutional Investors Weigh In On Mohawk Industries

A number of institutional investors have recently bought and sold shares of MHK. Meeder Asset Management Inc. boosted its position in Mohawk Industries by 8.8% during the 3rd quarter. Meeder Asset Management Inc. now owns 84,535 shares of the company’s stock worth $13,583,000 after purchasing an additional 6,863 shares during the period. JPMorgan Chase & Co. raised its stake in Mohawk Industries by 2.5% during the third quarter. JPMorgan Chase & Co. now owns 3,024,539 shares of the company’s stock worth $485,983,000 after acquiring an additional 74,123 shares during the period. Maverick Capital Ltd. acquired a new stake in shares of Mohawk Industries during the 2nd quarter worth approximately $1,253,000. Natixis Advisors LLC lifted its holdings in shares of Mohawk Industries by 19.8% in the 3rd quarter. Natixis Advisors LLC now owns 87,477 shares of the company’s stock worth $14,056,000 after purchasing an additional 14,480 shares during the last quarter. Finally, Hsbc Holdings PLC increased its position in Mohawk Industries by 36.9% in the second quarter. Hsbc Holdings PLC now owns 68,876 shares of the company’s stock worth $7,763,000 after buying an additional 18,562 shares during the period. 78.98% of the stock is currently owned by hedge funds and other institutional investors.

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.