Mohawk Industries (NYSE:MHK) Given New $142.00 Price Target at Robert W. Baird

Key Points

• Robert W. Baird raised Mohawk Industries’ price target from $132 to $142 while maintaining a “neutral” rating, implying only 1.74% upside from the prior close.
• Analyst sentiment remains mixed, with the stock carrying a consensus “Hold” rating and an average price target of $138.08; ratings include four Buys, ten Holds and one Sell.
• Mohawk’s latest quarterly results beat EPS expectations at $2.72 versus $2.58, although revenue of $2.79 billion fell short of estimates and rose just 1% year over year. Shares opened at $139.57, near their 12-month high of $141.17.

Mohawk Industries (NYSE:MHK - Get Free Report) had its price objective lifted by equities research analysts at Robert W. Baird from $132.00 to $142.00 in a report issued on Monday, Benzinga reports. The firm presently has a "neutral" rating on the stock. Robert W. Baird's price objective suggests a potential upside of 1.74% from the stock's previous close.

MHK has been the topic of a number of other reports. Truist Financial lifted their price objective on Mohawk Industries from $135.00 to $155.00 and gave the stock a "buy" rating in a research note on Tuesday, August 4th. Melius Research initiated coverage on Mohawk Industries in a report on Tuesday, October 6th. They issued a "buy" rating and a $188.00 target price on the stock. Barclays upped their price target on Mohawk Industries from $109.00 to $115.00 and gave the stock an "equal weight" rating in a report on Monday, August 3rd. Royal Bank Of Canada downgraded shares of Mohawk Industries from a "sector perform" rating to an "underperform" rating and lowered their price objective for the stock from $130.00 to $112.00 in a research note on Wednesday, October 7th. Finally, Wall Street Zen cut shares of Mohawk Industries from a "buy" rating to a "hold" rating in a research note on Saturday. Four investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $138.08.

Mohawk Industries Trading Up 0.1%

Shares of MHK stock opened at $139.57 on Monday. Mohawk Industries has a 12 month low of $92.99 and a 12 month high of $141.17. The company has a market cap of $9.45 billion, a PE ratio of 16.38, a price-to-earnings-growth ratio of 2.00 and a beta of 1.18. The company has a quick ratio of 1.09, a current ratio of 1.91 and a debt-to-equity ratio of 0.14. The business's 50 day moving average is $125.73 and its two-hundred day moving average is $116.57.

Mohawk Industries (NYSE:MHK - Get Free Report) last posted its quarterly earnings data on Thursday, October 29th. The company reported $2.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.58 by $0.14. Mohawk Industries had a net margin of 4.63% and a return on equity of 7.47%. The business had revenue of $2.79 billion during the quarter, compared to the consensus estimate of $2.82 billion. During the same period in the prior year, the firm earned $2.67 EPS. Mohawk Industries's quarterly revenue was up 1.0% compared to the same quarter last year. Equities analysts predict that Mohawk Industries will post 9.80 EPS for the current year.

Insider Activity at Mohawk Industries

In other news, CEO Jeffrey S. Lorberbaum sold 11,400 shares of the business's stock in a transaction on Wednesday, September 16th. The shares were sold at an average price of $128.21, for a total value of $1,461,594.00. Following the sale, the chief executive officer owned 59,299 shares in the company, valued at approximately $7,602,724.79. The trade was a 16.12% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Bernard Thiers sold 13,393 shares of the company's stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $134.98, for a total transaction of $1,807,787.14. Following the completion of the sale, the director directly owned 93,633 shares in the company, valued at approximately $12,638,582.34. The trade was a 12.51% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 106,693 shares of company stock valued at $13,709,238 in the last 90 days. 17.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Mohawk Industries

Institutional investors have recently added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Mohawk Industries in the 2nd quarter valued at $25,000. Basecamp Wealth Advisors LLC grew its holdings in shares of Mohawk Industries by 2,281.8% during the first quarter. Basecamp Wealth Advisors LLC now owns 262 shares of the company's stock worth $26,000 after purchasing an additional 251 shares during the last quarter. Elevation Wealth Partners LLC increased its stake in shares of Mohawk Industries by 122.2% in the second quarter. Elevation Wealth Partners LLC now owns 220 shares of the company's stock valued at $27,000 after buying an additional 121 shares in the last quarter. Pension & Wealth Management Advisors Inc. bought a new position in shares of Mohawk Industries in the third quarter valued at about $36,000. Finally, Provenance Wealth Advisors LLC bought a new position in shares of Mohawk Industries in the third quarter valued at about $36,000. 78.98% of the stock is owned by institutional investors.

Mohawk Industries Company Profile

Mohawk Industries, Inc is a global manufacturer and distributor of flooring products. The company serves residential and commercial customers through products sold to retailers, distributors, builders, contractors and other industry professionals.

Its product portfolio includes carpet, rugs, ceramic and porcelain tile, hardwood flooring, laminate, luxury vinyl tile and other resilient flooring products. Mohawk markets products under a range of well-known brands, including Mohawk, Karastan, Pergo, Quick-Step, Marazzi, Daltile, American Olean and Durkan.

The company traces its origins to a carpet mill established in 1878 and is headquartered in Calhoun, Georgia.

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