Meeder Asset Management Inc. Has $1.17 Million Holdings in Mohawk Industries, Inc. (NYSE:MHK)

Key Points

• Meeder Asset Management Inc. reduced its holdings in Mohawk Industries by 87.5% during the first quarter, owning only 10,254 shares after selling 71,868 shares.
• Analysts have adjusted their target prices for Mohawk Industries, with Evercore ISI lowering it from $124.00 to $123.00 while Wells Fargo raised theirs from $105.00 to $115.00.
• CEO Jeffrey S. Lorberbaum sold 16,000 shares of the company's stock for approximately $1.93 million, which resulted in a 32.26% decrease in his ownership of the stock.

Meeder Asset Management Inc. lowered its holdings in Mohawk Industries, Inc. (NYSE:MHK - Free Report) by 87.5% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 10,254 shares of the company's stock after selling 71,868 shares during the quarter. Meeder Asset Management Inc.'s holdings in Mohawk Industries were worth $1,171,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the business. Sound Shore Management Inc. CT acquired a new stake in shares of Mohawk Industries in the 1st quarter valued at approximately $61,159,000. Norges Bank acquired a new position in Mohawk Industries during the fourth quarter worth $61,171,000. Millennium Management LLC raised its holdings in 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 purchasing an additional 357,687 shares during the last quarter. Massachusetts Financial Services Co. MA raised its holdings in Mohawk Industries by 35.0% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,366,517 shares of the company's stock worth $162,793,000 after purchasing an additional 354,656 shares during the last quarter. Finally, GAMMA Investing LLC raised its holdings in Mohawk Industries by 12,165.8% during the first quarter. GAMMA Investing LLC now owns 310,570 shares of the company's stock worth $35,461,000 after purchasing an additional 308,038 shares during the last quarter. Hedge funds and other institutional investors own 78.98% of the company's stock.

Insider Activity

In other news, CEO Jeffrey S. Lorberbaum sold 16,000 shares of Mohawk Industries stock in a transaction dated 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 transaction, 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 this hyperlink. Also, insider Suzanne L. Helen sold 2,500 shares of Mohawk Industries 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 completion of the transaction, the insider owned 91,084 shares in the company, valued at $10,984,730.40. The trade was a 2.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.40% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on MHK. Royal Bank Of Canada reissued a "sector perform" rating and issued a $123.00 price target (up from $119.00) on shares of Mohawk Industries in a report on Monday. Barclays boosted their price target on Mohawk Industries from $111.00 to $125.00 and gave the company an "equal weight" rating in a research report on Monday. Evercore ISI lowered their price target on Mohawk Industries from $124.00 to $123.00 and set an "in-line" rating for the company in a research report on Monday. 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 research note on Monday. Finally, Wells Fargo & Company boosted their price objective on Mohawk Industries from $105.00 to $115.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 8th. Seven research analysts have rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $140.14.

Mohawk Industries Price Performance

Shares of MHK traded up $2.13 during trading hours on Friday, hitting $116.64. 939,439 shares of the company were exchanged, compared to its average volume of 900,759. The company has a market capitalization of $7.25 billion, a PE ratio of 15.51, a PEG ratio of 2.49 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 firm has a fifty day simple moving average of $107.39 and a 200-day simple moving average of $111.34. Mohawk Industries, Inc. has a one year low of $96.24 and a one year high of $164.29.

Mohawk Industries (NYSE:MHK - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The company reported $2.77 earnings per share (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 business had revenue of $2.80 billion during the quarter, compared to analyst estimates of $2.76 billion. During the same period last year, the company earned $3.00 earnings per share. Mohawk Industries's quarterly revenue was up .0% compared to the same quarter last year. As a group, sell-side analysts predict that Mohawk Industries, Inc. will post 9.8 earnings per share for the current year.

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.