Wells Fargo & Company Has Lowered Expectations for Mohawk Industries (NYSE:MHK) Stock Price

Mohawk Industries (NYSE:MHK) had its price objective trimmed by Wells Fargo & Company from $135.00 to $130.00 in a research report report published on Tuesday morning,Benzinga reports. The firm currently has an equal weight rating on the stock.

Other analysts have also recently issued research reports about the company. Wolfe Research raised Mohawk Industries from a “peer perform” rating to an “outperform” rating and set a $150.00 target price on the stock in a research report on Wednesday, January 8th. The Goldman Sachs Group dropped their price objective on Mohawk Industries from $170.00 to $145.00 and set a “buy” rating on the stock in a research report on Tuesday, January 14th. Robert W. Baird upgraded shares of Mohawk Industries from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $160.00 to $196.00 in a report on Monday, October 21st. JPMorgan Chase & Co. upgraded shares of Mohawk Industries from a “neutral” rating to an “overweight” rating and raised their price target for the company from $151.00 to $161.00 in a report on Friday, January 10th. Finally, StockNews.com upgraded shares of Mohawk Industries from a “hold” rating to a “buy” rating in a research note on Tuesday, January 21st. Four equities research 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. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $154.62.

Mohawk Industries Stock Performance

MHK stock opened at $121.81 on Tuesday. Mohawk Industries has a 1-year low of $101.83 and a 1-year high of $164.29. The business has a 50-day moving average price of $124.67 and a 200 day moving average price of $140.52. The company has a market capitalization of $7.69 billion, a P/E ratio of 13.79, a PEG ratio of 1.60 and a beta of 1.41. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.03 and a quick ratio of 1.09.

Mohawk Industries (NYSE:MHK) last posted its quarterly earnings results on Thursday, February 6th. The company reported $1.95 EPS for the quarter, beating the consensus estimate of $1.85 by $0.10. Mohawk Industries had a net margin of 5.22% and a return on equity of 8.05%. As a group, equities research analysts forecast that Mohawk Industries will post 9.64 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Suzanne L. Helen sold 4,000 shares of the stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $126.11, for a total value of $504,440.00. Following the transaction, the insider now directly owns 104,084 shares of the company’s stock, valued at approximately $13,126,033.24. This represents a 3.70 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold 19,078 shares of company stock worth $2,474,347 in the last 90 days. Insiders own 17.10% of the company’s stock.

Institutional Investors Weigh In On Mohawk Industries

A number of institutional investors and hedge funds have recently modified their holdings of MHK. Creative Planning raised its position in Mohawk Industries by 7.6% during the 2nd quarter. Creative Planning now owns 2,914 shares of the company’s stock worth $331,000 after buying an additional 207 shares during the last quarter. Sanctuary Advisors LLC acquired a new stake in shares of Mohawk Industries in the second quarter worth $371,000. Czech National Bank raised its holdings in shares of Mohawk Industries by 5.7% during the third quarter. Czech National Bank now owns 10,671 shares of the company’s stock worth $1,715,000 after purchasing an additional 571 shares during the last quarter. Handelsbanken Fonder AB lifted its position in Mohawk Industries by 57.5% during the third quarter. Handelsbanken Fonder AB now owns 14,511 shares of the company’s stock valued at $2,332,000 after purchasing an additional 5,300 shares during the period. Finally, GAMMA Investing LLC boosted its holdings in Mohawk Industries by 13.3% in the third quarter. GAMMA Investing LLC now owns 2,488 shares of the company’s stock valued at $400,000 after purchasing an additional 292 shares during the last quarter. Institutional investors and hedge funds own 78.98% of the company’s stock.

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.