Cresset Asset Management LLC Trims Stake in Mohawk Industries, Inc. (NYSE:MHK)

Cresset Asset Management LLC trimmed its stake in Mohawk Industries, Inc. (NYSE:MHK - Free Report) by 83.1% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,847 shares of the company's stock after selling 9,053 shares during the period. Cresset Asset Management LLC's holdings in Mohawk Industries were worth $220,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of MHK. Norges Bank purchased a new stake in shares of Mohawk Industries in the 4th quarter worth $61,171,000. Massachusetts Financial Services Co. MA increased its stake in Mohawk Industries by 35.0% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,366,517 shares of the company's stock worth $162,793,000 after buying an additional 354,656 shares in the last quarter. American Century Companies Inc. increased its stake in Mohawk Industries by 48.7% in the 4th quarter. American Century Companies Inc. now owns 958,818 shares of the company's stock worth $114,224,000 after buying an additional 313,897 shares in the last quarter. Invesco Ltd. increased its stake in Mohawk Industries by 16.3% in the 4th quarter. Invesco Ltd. now owns 1,725,383 shares of the company's stock worth $205,545,000 after buying an additional 241,448 shares in the last quarter. Finally, Paloma Partners Management Co purchased a new stake in Mohawk Industries in the 4th quarter worth $27,519,000. 78.98% of the stock is currently owned by hedge funds and other institutional investors.

Mohawk Industries Stock Up 0.4%

Shares of NYSE:MHK opened at $108.15 on Monday. The company has a current ratio of 2.06, a quick ratio of 1.12 and a debt-to-equity ratio of 0.22. Mohawk Industries, Inc. has a 12 month low of $96.24 and a 12 month high of $164.29. The company has a 50-day moving average price of $108.11 and a 200 day moving average price of $119.95. The company has a market cap of $6.76 billion, a price-to-earnings ratio of 13.30, a PEG ratio of 1.44 and a beta of 1.24.

Mohawk Industries (NYSE:MHK - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The company reported $1.52 EPS for the quarter, beating analysts' consensus estimates of $1.41 by $0.11. The firm had revenue of $2.53 billion during the quarter, compared to the consensus estimate of $2.56 billion. Mohawk Industries had a net margin of 4.78% and a return on equity of 8.04%. The firm's revenue for the quarter was down 5.7% compared to the same quarter last year. During the same quarter last year, the firm earned $1.86 EPS. As a group, equities research analysts predict that Mohawk Industries, Inc. will post 9.8 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on MHK. Wells Fargo & Company cut their price target on Mohawk Industries from $130.00 to $105.00 and set an "equal weight" rating for the company in a research note on Monday, April 14th. JPMorgan Chase & Co. cut their price target on Mohawk Industries from $156.00 to $139.00 and set an "overweight" rating for the company in a research note on Tuesday, May 6th. Barclays dropped their price objective on shares of Mohawk Industries from $115.00 to $111.00 and set an "equal weight" rating for the company in a report on Monday, May 5th. Loop Capital dropped their price objective on shares of Mohawk Industries from $180.00 to $155.00 and set a "buy" rating for the company in a report on Monday, February 10th. Finally, Bank of America dropped their price objective on shares of Mohawk Industries from $152.00 to $150.00 and set a "buy" rating for the company in a report on Monday, February 10th. Seven investment analysts have rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $140.00.

Insiders Place Their Bets

In other Mohawk Industries news, insider Suzanne L. Helen sold 10,500 shares of the firm's stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $113.44, for a total value of $1,191,120.00. Following the completion of the sale, the insider now owns 93,584 shares of the company's stock, valued at $10,616,168.96. This trade represents a 10.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 17.40% of the stock is owned by insiders.

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.

Want to see what other hedge funds are holding MHK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Mohawk Industries, Inc. (NYSE:MHK - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.