Mohawk Industries, Inc. (NYSE:MHK) Sees Significant Drop in Short Interest

Mohawk Industries, Inc. (NYSE:MHK) saw a large decline in short interest in the month of February. As of February 15th, there was short interest totalling 1,180,000 shares, a decline of 28.5% from the January 31st total of 1,650,000 shares. Approximately 2.3% of the company’s shares are short sold. Based on an average daily trading volume, of 728,000 shares, the days-to-cover ratio is presently 1.6 days.

Mohawk Industries Stock Performance

NYSE MHK traded down $3.24 on Tuesday, hitting $113.06. 691,891 shares of the stock were exchanged, compared to its average volume of 690,373. The company has a market capitalization of $7.08 billion, a PE ratio of 13.91, a P/E/G ratio of 1.44 and a beta of 1.41. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.06 and a quick ratio of 1.12. The business’s fifty day moving average is $121.23 and its 200 day moving average is $137.05. Mohawk Industries has a 52 week low of $104.88 and a 52 week high of $164.29.

Mohawk Industries (NYSE:MHK) last issued its earnings results on Thursday, February 6th. The company reported $1.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.85 by $0.10. Mohawk Industries had a net margin of 4.78% and a return on equity of 8.04%. Research analysts anticipate that Mohawk Industries will post 9.8 EPS for the current fiscal year.

Insider Transactions at Mohawk Industries

In other news, insider Suzanne L. Helen sold 9,078 shares of the firm’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $130.86, for a total transaction of $1,187,947.08. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In the last ninety days, insiders sold 17,078 shares of company stock worth $2,203,387. 17.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. FMR LLC lifted its holdings in Mohawk Industries by 52.3% during the 3rd quarter. FMR LLC now owns 2,179,510 shares of the company’s stock valued at $350,204,000 after purchasing an additional 748,070 shares during the last quarter. Norges Bank acquired a new stake in shares of Mohawk Industries during the 4th quarter worth about $61,171,000. Millennium Management LLC boosted its holdings in shares of Mohawk Industries by 66.2% during the 4th quarter. Millennium Management LLC now owns 898,322 shares of the company’s stock worth $107,017,000 after buying an additional 357,687 shares during the period. Massachusetts Financial Services Co. MA raised its holdings in Mohawk Industries by 35.0% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,366,517 shares of the company’s stock valued at $162,793,000 after acquiring an additional 354,656 shares during the period. Finally, American Century Companies Inc. raised its holdings in Mohawk Industries by 48.7% in the 4th quarter. American Century Companies Inc. now owns 958,818 shares of the company’s stock valued at $114,224,000 after acquiring an additional 313,897 shares during the period. 78.98% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on MHK. Barclays dropped their target price on shares of Mohawk Industries from $130.00 to $125.00 and set an “equal weight” rating on the stock in a report on Monday, February 10th. Loop Capital dropped their price objective on shares of Mohawk Industries from $180.00 to $155.00 and set a “buy” rating on the stock in a report on Monday, February 10th. The Goldman Sachs Group reduced their target price on shares of Mohawk Industries from $170.00 to $145.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. StockNews.com downgraded Mohawk Industries from a “buy” rating to a “hold” rating in a research note on Friday, February 7th. Finally, Wolfe Research upgraded Mohawk Industries from a “peer perform” rating to an “outperform” rating and set a $150.00 price target on the stock in a report on Wednesday, January 8th. Six equities research analysts have rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Mohawk Industries currently has a consensus rating of “Moderate Buy” and a consensus price target of $146.92.

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.