Mohawk Industries (NYSE:MHK) Given New $123.00 Price Target at Evercore ISI

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 price target lowered by analysts at Evercore ISI from $124.00 to $123.00 in a research note issued on Monday,Benzinga reports. The firm currently has an "in-line" rating on the stock. Evercore ISI's target price indicates a potential upside of 7.45% from the company's previous close.

Other analysts have also recently issued reports about the company. JPMorgan Chase & Co. dropped their price objective on Mohawk Industries from $156.00 to $139.00 and set an "overweight" rating for the company in a report on Tuesday, May 6th. Royal Bank Of Canada dropped their price objective 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. Deutsche Bank Aktiengesellschaft began coverage on Mohawk Industries in a report on Tuesday, April 1st. They set a "hold" rating and a $121.00 price objective for the company. Robert W. Baird increased their price target on shares of Mohawk Industries from $130.00 to $142.00 and gave the company an "outperform" rating in a research report on Monday. Finally, Wall Street Zen lowered shares of Mohawk Industries from a "buy" rating to a "hold" rating in a report on Monday, May 5th. Seven research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $140.14.

Mohawk Industries Price Performance

NYSE MHK traded down $2.76 on Monday, hitting $114.47. 433,222 shares of the company were exchanged, compared to its average volume of 807,621. The firm has a 50 day moving average of $106.54 and a two-hundred day moving average of $111.42. The company has a market cap of $7.11 billion, a P/E ratio of 15.22, a P/E/G ratio of 3.91 and a beta of 1.18. The company has a current ratio of 2.13, a quick ratio of 1.18 and a debt-to-equity ratio of 0.21. Mohawk Industries has a 1-year low of $96.24 and a 1-year high of $164.29.

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

Insider Activity

In other Mohawk Industries news, insider Suzanne L. Helen sold 2,500 shares of Mohawk Industries stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $120.60, for a total value of $301,500.00. Following the sale, the insider owned 91,084 shares of the company's stock, valued at $10,984,730.40. This trade represents a 2.67% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Jeffrey S. Lorberbaum sold 16,000 shares of Mohawk Industries stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $120.81, for a total value of $1,932,960.00. Following the completion of the sale, the chief executive officer directly owned 33,600 shares in the company, valued at $4,059,216. This represents a 32.26% decrease in their position. The disclosure for this sale can be found here. Company insiders own 17.40% of the company's stock.

Hedge Funds Weigh In On Mohawk Industries

Several hedge funds have recently made changes to their positions in MHK. Yousif Capital Management LLC boosted its holdings in shares of Mohawk Industries by 1.1% in the 2nd quarter. Yousif Capital Management LLC now owns 8,374 shares of the company's stock valued at $878,000 after buying an additional 88 shares during the last quarter. Citadel Investment Advisory Inc. boosted its holdings in shares of Mohawk Industries by 0.8% in the 1st quarter. Citadel Investment Advisory Inc. now owns 12,848 shares of the company's stock valued at $1,467,000 after buying an additional 100 shares during the last quarter. Huntington National Bank lifted its holdings in Mohawk Industries by 27.4% during the 4th quarter. Huntington National Bank now owns 554 shares of the company's stock valued at $66,000 after purchasing an additional 119 shares during the last quarter. Janus Henderson Group PLC lifted its holdings in Mohawk Industries by 0.5% during the 4th quarter. Janus Henderson Group PLC now owns 25,659 shares of the company's stock valued at $3,054,000 after purchasing an additional 120 shares during the last quarter. Finally, M&T Bank Corp lifted its holdings in Mohawk Industries by 3.8% during the 1st quarter. M&T Bank Corp now owns 3,315 shares of the company's stock valued at $378,000 after purchasing an additional 122 shares during the last quarter. 78.98% of the stock is owned by institutional investors.

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.