Headlands Technologies LLC Invests $258,000 in Mohawk Industries, Inc. (NYSE:MHK)

Key Points

• Headlands Technologies LLC has acquired a new stake in Mohawk Industries, purchasing 2,256 shares valued at approximately $258,000 in the first quarter.
• While analysts have given mixed ratings on Mohawk Industries, the stock currently holds a consensus rating of "Moderate Buy" with an average price target of $140.14.
• Corporate insiders including CEO Jeffrey S. Lorberbaum sold significant shares recently, with Lorberbaum selling 16,000 shares at an average price of $120.81, indicating a 32.26% decrease in his ownership.

Headlands Technologies LLC acquired a new stake in shares of Mohawk Industries, Inc. (NYSE:MHK - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,256 shares of the company's stock, valued at approximately $258,000.

Several other institutional investors have also recently made changes to their positions in MHK. LPL Financial LLC increased its stake in Mohawk Industries by 11.3% in the 4th quarter. LPL Financial LLC now owns 12,569 shares of the company's stock valued at $1,497,000 after buying an additional 1,273 shares during the last quarter. Resona Asset Management Co. Ltd. bought a new position in shares of Mohawk Industries during the 4th quarter valued at approximately $41,000. Envestnet Asset Management Inc. grew its position in shares of Mohawk Industries by 7.6% during the 4th quarter. Envestnet Asset Management Inc. now owns 73,000 shares of the company's stock valued at $8,697,000 after acquiring an additional 5,142 shares during the period. Russell Investments Group Ltd. grew its position in shares of Mohawk Industries by 1.5% during the 4th quarter. Russell Investments Group Ltd. now owns 83,807 shares of the company's stock valued at $9,984,000 after acquiring an additional 1,224 shares during the period. Finally, Invesco Ltd. grew its position in shares of Mohawk Industries by 16.3% during the 4th quarter. Invesco Ltd. now owns 1,725,383 shares of the company's stock valued at $205,545,000 after acquiring an additional 241,448 shares during the period. Institutional investors and hedge funds own 78.98% of the company's stock.

Insider Activity

In related news, CEO Jeffrey S. Lorberbaum sold 16,000 shares of the company's stock in a transaction that occurred 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 transaction, the chief executive officer owned 33,600 shares of the company's stock, valued at approximately $4,059,216. This represents a 32.26% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Suzanne L. Helen sold 2,500 shares of the company's stock in a transaction that occurred 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 transaction, the insider directly owned 91,084 shares in the company, valued at $10,984,730.40. The trade was a 2.67% 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 Price Performance

Shares of NYSE MHK traded down $4.37 on Thursday, hitting $128.25. The company's stock had a trading volume of 389,710 shares, compared to its average volume of 812,023. Mohawk Industries, Inc. has a 12-month low of $96.24 and a 12-month high of $164.29. The company has a market capitalization of $7.97 billion, a price-to-earnings ratio of 17.05, a price-to-earnings-growth ratio of 2.74 and a beta of 1.28. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.13 and a quick ratio of 1.18. The stock has a 50 day moving average of $110.82 and a 200-day moving average of $110.97.

Mohawk Industries (NYSE:MHK - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The company reported $2.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.62 by $0.15. Mohawk Industries had a net margin of 4.44% and a return on equity of 7.30%. The company 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 firm earned $3.00 earnings per share. The company's revenue for the quarter was up .0% compared to the same quarter last year. As a group, research analysts predict that Mohawk Industries, Inc. will post 9.8 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on MHK shares. Wells Fargo & Company lifted their target price on shares of Mohawk Industries from $105.00 to $115.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 8th. Barclays increased their price objective on shares of Mohawk Industries from $111.00 to $125.00 and gave the company an "equal weight" rating in a research report on Monday, July 28th. Robert W. Baird increased their price objective on shares of Mohawk Industries from $130.00 to $142.00 and gave the company an "outperform" rating in a research report on Monday, July 28th. Evercore ISI reduced their target price on shares of Mohawk Industries from $124.00 to $123.00 and set an "in-line" rating for the company in a report on Monday, July 28th. Finally, JPMorgan Chase & Co. increased their price target on shares of Mohawk Industries from $139.00 to $140.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 29th. Seven equities research 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 company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $140.14.

Mohawk Industries 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.