Evercore ISI Has Lowered Expectations for Mohawk Industries (NYSE:MHK) Stock Price

Key Points

• Evercore ISI has reduced the target price for Mohawk Industries from $124.00 to $123.00, indicating a potential upside of 1.63% from the previous close.
• Despite mixed ratings from various analysts, Mohawk Industries holds an average rating of "Moderate Buy" with a consensus target price of $139.79.
• The company recently reported earnings of $2.77 per share, exceeding estimates and marking a year-over-year revenue increase of 0.0%.

Mohawk Industries (NYSE:MHK - Get Free Report) had its target price dropped by equities researchers at Evercore ISI from $124.00 to $123.00 in a report released on Monday,Benzinga reports. The firm currently has an "in-line" rating on the stock. Evercore ISI's target price points to a potential upside of 1.63% from the stock's previous close.

MHK has been the subject of a number of other research reports. Royal Bank Of Canada lowered their price target on Mohawk Industries from $130.00 to $119.00 and set a "sector perform" rating for the company in a report on Monday, May 5th. Robert W. Baird lifted their price objective on Mohawk Industries from $130.00 to $142.00 and gave the company an "outperform" rating in a research note on Monday. Wells Fargo & Company raised their target price on Mohawk Industries from $105.00 to $115.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 8th. Deutsche Bank Aktiengesellschaft assumed coverage on Mohawk Industries in a report on Tuesday, April 1st. They set a "hold" rating and a $121.00 target price on the stock. Finally, Barclays set a $125.00 price target on shares of Mohawk Industries in a research report on Monday. Seven analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $139.79.

Mohawk Industries Stock Up 4.3%

Shares of NYSE:MHK opened at $121.03 on Monday. Mohawk Industries has a 52-week low of $96.24 and a 52-week high of $164.29. The firm has a market capitalization of $7.57 billion, a P/E ratio of 16.09, a P/E/G ratio of 4.47 and a beta of 1.18. The stock has a 50 day moving average price of $106.00 and a 200-day moving average price of $111.34. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.18 and a current ratio of 2.13.

Mohawk Industries (NYSE:MHK - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The company reported $2.77 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.62 by $0.15. The firm had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $2.76 billion. Mohawk Industries had a return on equity of 7.30% and a net margin of 4.44%. The company's revenue for the quarter was up .0% on a year-over-year basis. During the same period last year, the business posted $3.00 EPS. As a group, equities research analysts anticipate that Mohawk Industries will post 9.8 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of MHK. Federated Hermes Inc. boosted its holdings in shares of Mohawk Industries by 326.3% in the 1st quarter. Federated Hermes Inc. now owns 243 shares of the company's stock worth $28,000 after purchasing an additional 186 shares during the period. Resona Asset Management Co. Ltd. bought a new stake in Mohawk Industries during the 4th quarter valued at $41,000. Brooklyn Investment Group raised its position in Mohawk Industries by 2,506.3% during the 1st quarter. Brooklyn Investment Group now owns 417 shares of the company's stock valued at $48,000 after purchasing an additional 401 shares in the last quarter. Huntington National Bank raised its position in shares of Mohawk Industries by 27.4% in the 4th quarter. Huntington National Bank now owns 554 shares of the company's stock worth $66,000 after acquiring an additional 119 shares in the last quarter. Finally, Allworth Financial LP raised its position in shares of Mohawk Industries by 36.2% in the 1st quarter. Allworth Financial LP now owns 595 shares of the company's stock worth $65,000 after acquiring an additional 158 shares in the last quarter. 78.98% of the stock is owned by institutional investors.

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.

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