Bank of Nova Scotia Raises Stake in Mohawk Industries, Inc. (NYSE:MHK)

Bank of Nova Scotia increased its position in Mohawk Industries, Inc. (NYSE:MHK - Free Report) by 443.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 18,216 shares of the company's stock after acquiring an additional 14,867 shares during the period. Bank of Nova Scotia's holdings in Mohawk Industries were worth $2,080,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Federated Hermes Inc. increased its position in shares of Mohawk Industries by 326.3% during the 1st quarter. Federated Hermes Inc. now owns 243 shares of the company's stock valued at $28,000 after purchasing an additional 186 shares during the last quarter. Resona Asset Management Co. Ltd. bought a new stake in Mohawk Industries during the fourth quarter valued at approximately $41,000. Allworth Financial LP increased its holdings in Mohawk Industries by 36.2% during the first quarter. Allworth Financial LP now owns 595 shares of the company's stock valued at $65,000 after buying an additional 158 shares during the last quarter. Mufg Securities Americas Inc. bought a new position in Mohawk Industries in the fourth quarter worth approximately $92,000. Finally, Kapitalo Investimentos Ltda purchased a new stake in shares of Mohawk Industries in the 4th quarter worth $114,000. Hedge funds and other institutional investors own 78.98% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. JPMorgan Chase & Co. lifted their target price on Mohawk Industries from $139.00 to $140.00 and gave the company an "overweight" rating in a research report on Tuesday, July 29th. Wells Fargo & Company increased their price objective on shares of Mohawk Industries from $105.00 to $115.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 8th. Royal Bank Of Canada reaffirmed a "sector perform" rating and issued a $123.00 price objective (up previously from $119.00) on shares of Mohawk Industries in a research note on Monday, July 28th. Barclays lifted their target price on Mohawk Industries from $111.00 to $125.00 and gave the company an "equal weight" rating in a research note on Monday, July 28th. 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 investment 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. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $140.14.

Insider Buying and Selling at Mohawk Industries

In other Mohawk Industries news, insider Suzanne L. Helen sold 2,500 shares of Mohawk Industries stock in a transaction on Monday, July 28th. The shares were sold at an average price of $120.60, for a total transaction of $301,500.00. Following the completion of the transaction, the insider directly owned 91,084 shares of the company's stock, valued at $10,984,730.40. The trade was a 2.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Jeffrey S. Lorberbaum sold 16,000 shares of the stock in a transaction on Monday, July 28th. The shares were sold at an average price of $120.81, for a total transaction 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 approximately $4,059,216. This represents a 32.26% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 17.40% of the company's stock.

Mohawk Industries Price Performance

Shares of NYSE:MHK traded up $0.07 on Friday, reaching $120.52. The company's stock had a trading volume of 490,705 shares, compared to its average volume of 812,061. The company has a 50-day simple moving average of $109.25 and a 200 day simple moving average of $111.03. Mohawk Industries, Inc. has a 52-week low of $96.24 and a 52-week high of $164.29. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.18 and a current ratio of 2.13. The company has a market cap of $7.49 billion, a P/E ratio of 16.03, a PEG ratio of 2.64 and a beta of 1.28.

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

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.