Mohawk Industries (NYSE:MHK) Stock Price Target Raised at Barclays

Key Points

• Barclays raised Mohawk Industries’ price target to $125 from $115 while maintaining an “equal weight” rating, implying approximately 15.75% downside from the prior close.
• Analyst sentiment remains mixed: Mohawk has an overall “Hold” consensus, with four Buy, ten Hold and one Sell rating; the average price target is $138.92.
• Shares rose to $148.36, near their 52-week high, after the company reported quarterly EPS of $2.72, beating estimates of $2.58, although revenue of $2.79 billion came in slightly below expectations.

Mohawk Industries (NYSE:MHK - Get Free Report) had its price target hoisted by investment analysts at Barclays from $115.00 to $125.00 in a report released on Monday, Benzinga reports. The firm presently has an "equal weight" rating on the stock. Barclays's price target would suggest a potential downside of 15.75% from the company's previous close.

MHK has been the topic of a number of other research reports. Evercore upgraded Mohawk Industries from an "in-line" rating to an "outperform" rating and set a $171.00 price target on the stock in a report on Monday. Bank of America reiterated a "neutral" rating on shares of Mohawk Industries in a report on Monday. Weiss Ratings upgraded Mohawk Industries from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, August 6th. Robert W. Baird boosted their target price on Mohawk Industries from $132.00 to $142.00 and gave the company a "neutral" rating in a research note on Monday. Finally, Truist Financial upped their target price on Mohawk Industries from $135.00 to $155.00 and gave the company a "buy" rating in a report on Tuesday, August 4th. Four investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Mohawk Industries has an average rating of "Hold" and a consensus price target of $138.92.

Mohawk Industries Price Performance

NYSE MHK traded up $8.95 during trading on Monday, reaching $148.36. The company's stock had a trading volume of 2,520,754 shares, compared to its average volume of 969,787. The firm has a fifty day moving average of $125.73 and a 200 day moving average of $116.57. Mohawk Industries has a one year low of $92.99 and a one year high of $151.25. The stock has a market capitalization of $10.05 billion, a PE ratio of 17.41, a P/E/G ratio of 2.00 and a beta of 1.18. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.91 and a quick ratio of 1.09.

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 for the quarter, beating the consensus estimate of $2.58 by $0.14. The firm had revenue of $2.79 billion for the quarter, compared to analysts' expectations of $2.82 billion. Mohawk Industries had a net margin of 4.63% and a return on equity of 7.47%. The business's quarterly revenue was up 1.0% on a year-over-year basis. During the same quarter last year, the company posted $2.67 EPS. Analysts expect that Mohawk Industries will post 9.80 EPS for the current fiscal year.

Insider Transactions at Mohawk Industries

In other news, insider Suzanne L. Helen sold 1,000 shares of the stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $139.48, for a total transaction of $139,480.00. Following the sale, the insider owned 6,132 shares in the company, valued at $855,291.36. This represents a 14.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Bernard Thiers sold 13,393 shares of Mohawk Industries stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $134.98, for a total value of $1,807,787.14. Following the completion of the sale, the director directly owned 93,633 shares of the company's stock, 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 sold a total of 106,693 shares of company stock valued at $13,709,238 in the last quarter. 17.90% of the stock is owned by insiders.

Institutional Trading of Mohawk Industries

Several large investors have recently added to or reduced their stakes in the business. BlackRock Inc. bought a new stake in shares of Mohawk Industries during the 2nd quarter valued at $777,293,000. Dimensional Fund Advisors LP boosted its holdings in Mohawk Industries by 2.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,219,318 shares of the company's stock worth $316,962,000 after buying an additional 80,761 shares during the period. Pzena Investment Management LLC purchased a new stake in Mohawk Industries in the 2nd quarter worth $138,661,000. Canada Pension Plan Investment Board purchased a new stake in Mohawk Industries in the 2nd quarter worth $80,880,000. Finally, Bank of America Corp DE raised its holdings in Mohawk Industries by 68.0% during the first quarter. Bank of America Corp DE now owns 444,345 shares of the company's stock valued at $43,750,000 after acquiring an additional 179,925 shares during the period. 78.98% of the stock is currently owned by institutional investors.

About Mohawk Industries

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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