JPMorgan Chase & Co. Buys 410,388 Shares of Mohawk Industries, Inc. (NYSE:MHK)

Key Points

• JPMorgan Chase & Co. increased its stake in Mohawk Industries by 12.8% during the first quarter, acquiring an additional 410,388 shares for a total ownership of 5.80% valued at approximately $414 million.
• Analysts have mixed ratings for Mohawk Industries, with seven "buy" ratings, seven "hold" ratings, and a target price consensus of $140.14 per share.
• Mohawk Industries reported a quarterly earnings per share of $2.77, surpassing estimates, and showed a year-over-year revenue increase of 10%.

JPMorgan Chase & Co. boosted its stake in shares of Mohawk Industries, Inc. (NYSE:MHK - Free Report) by 12.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,626,004 shares of the company's stock after purchasing an additional 410,388 shares during the quarter. JPMorgan Chase & Co. owned about 5.80% of Mohawk Industries worth $414,017,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Massachusetts Financial Services Co. MA boosted its position in Mohawk Industries by 4.1% during the first quarter. Massachusetts Financial Services Co. MA now owns 1,421,965 shares of the company's stock worth $162,360,000 after purchasing an additional 55,448 shares during the period. Pzena Investment Management LLC lifted its holdings in shares of Mohawk Industries by 2.5% during the first quarter. Pzena Investment Management LLC now owns 1,115,944 shares of the company's stock worth $127,418,000 after buying an additional 27,676 shares in the last quarter. Millennium Management LLC lifted its holdings in shares of Mohawk Industries by 66.2% during the fourth quarter. Millennium Management LLC now owns 898,322 shares of the company's stock worth $107,017,000 after buying an additional 357,687 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Mohawk Industries by 1.1% during the first quarter. Charles Schwab Investment Management Inc. now owns 540,197 shares of the company's stock worth $61,680,000 after buying an additional 5,939 shares in the last quarter. Finally, Sound Shore Management Inc. CT acquired a new stake in shares of Mohawk Industries during the first quarter worth $61,159,000. 78.98% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Wall Street Zen downgraded Mohawk Industries from a "buy" rating to a "hold" rating in a report on Monday, May 5th. Royal Bank Of Canada reissued a "sector perform" rating and set a $123.00 target price (up previously from $119.00) on shares of Mohawk Industries in a report on Monday, July 28th. Wells Fargo & Company lifted their target price on Mohawk Industries from $105.00 to $115.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 8th. JPMorgan Chase & Co. lifted their target price on Mohawk Industries from $139.00 to $140.00 and gave the stock an "overweight" rating in a report on Tuesday, July 29th. Finally, Barclays lifted their target price on Mohawk Industries from $111.00 to $125.00 and gave the stock an "equal weight" rating in a report on Monday, July 28th. Seven 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. According to data from MarketBeat.com, Mohawk Industries presently has an average rating of "Moderate Buy" and a consensus target price of $140.14.

Mohawk Industries Stock Performance

Mohawk Industries stock opened at $119.98 on Tuesday. Mohawk Industries, Inc. has a 12-month low of $96.24 and a 12-month high of $164.29. The company has a quick ratio of 1.18, a current ratio of 2.13 and a debt-to-equity ratio of 0.21. The business's 50-day moving average price is $109.68 and its two-hundred day moving average price is $110.71. The stock has a market cap of $7.45 billion, a PE ratio of 15.95, a P/E/G ratio of 2.62 and a beta of 1.28.

Mohawk Industries (NYSE:MHK - Get Free Report) last released its earnings results on Thursday, July 24th. The company reported $2.77 earnings per share (EPS) for the quarter, beating 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 analysts' expectations of $2.76 billion. During the same quarter in the previous year, the business posted $3.00 earnings per share. The business's revenue for the quarter was up .0% on a year-over-year basis. As a group, analysts expect that Mohawk Industries, Inc. will post 9.8 earnings per share for the current fiscal year.

Insider Activity

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

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.

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