CCM Investment Group LLC Makes New $339,000 Investment in Mohawk Industries, Inc. (NYSE:MHK)

Key Points

• CCM Investment Group LLC has made a new investment of $339,000 in Mohawk Industries, purchasing 2,981 shares during the first quarter.
• Insider trading activity includes the sale of 16,000 shares by CEO Jeffrey S. Lorberbaum at an average price of $120.81, reflecting a significant decrease in his ownership position.
• Mohawk Industries has received mixed analyst ratings, with seven analysts giving the stock a buy rating and an average target price of $140.14.

CCM Investment Group LLC purchased a new position in Mohawk Industries, Inc. (NYSE:MHK - Free Report) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 2,981 shares of the company's stock, valued at approximately $339,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MHK. Sound Shore Management Inc. CT bought a new stake in Mohawk Industries in the first quarter worth about $61,159,000. JPMorgan Chase & Co. raised its position in Mohawk Industries by 12.8% in the first quarter. JPMorgan Chase & Co. now owns 3,626,004 shares of the company's stock worth $414,017,000 after acquiring an additional 410,388 shares in the last quarter. Millennium Management LLC raised its position in Mohawk Industries by 66.2% in the fourth quarter. Millennium Management LLC now owns 898,322 shares of the company's stock worth $107,017,000 after acquiring an additional 357,687 shares in the last quarter. GAMMA Investing LLC raised its holdings in Mohawk Industries by 12,165.8% during the 1st quarter. GAMMA Investing LLC now owns 310,570 shares of the company's stock worth $35,461,000 after buying an additional 308,038 shares during the period. Finally, Two Sigma Investments LP raised its holdings in Mohawk Industries by 394.5% during the 4th quarter. Two Sigma Investments LP now owns 313,547 shares of the company's stock worth $37,353,000 after buying an additional 250,145 shares during the period. 78.98% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Evercore ISI cut their price objective on Mohawk Industries from $124.00 to $123.00 and set an "in-line" rating on the stock in a report on Monday, July 28th. Robert W. Baird boosted their price objective on Mohawk Industries from $130.00 to $142.00 and gave the stock an "outperform" rating in a report on Monday, July 28th. JPMorgan Chase & Co. boosted their price objective on Mohawk Industries from $139.00 to $140.00 and gave the stock an "overweight" rating in a report on Tuesday, July 29th. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $123.00 target price (up previously from $119.00) on shares of Mohawk Industries in a report on Monday, July 28th. Finally, Wells Fargo & Company upped their target price on Mohawk Industries from $105.00 to $115.00 and gave the company an "equal weight" rating in a report on Tuesday, July 8th. Seven analysts have rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $140.14.

Mohawk Industries Trading Up 0.1%

NYSE:MHK opened at $120.52 on Monday. The stock's 50 day moving average price is $109.25 and its 200 day moving average price is $110.75. Mohawk Industries, Inc. has a 52 week low of $96.24 and a 52 week high of $164.29. The company has a market capitalization of $7.49 billion, a P/E ratio of 16.03, a P/E/G ratio of 2.62 and a beta of 1.28. 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 data on Thursday, July 24th. The company reported $2.77 EPS for the quarter, topping analysts' consensus estimates of $2.62 by $0.15. Mohawk Industries had a return on equity of 7.30% and a net margin of 4.44%. The firm had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $2.76 billion. During the same quarter in the prior year, the company posted $3.00 earnings per share. The firm's revenue was up .0% on a year-over-year basis. On average, research analysts forecast that Mohawk Industries, Inc. will post 9.8 EPS for the current fiscal year.

Insider Buying and Selling

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

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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