Meeder Asset Management Inc. Sells 71,868 Shares of 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. trimmed its stake in Mohawk Industries, Inc. (NYSE:MHK - Free Report) by 87.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor 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 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in the stock. Invesco Ltd. lifted its position in shares of Mohawk Industries by 16.3% in the fourth quarter. Invesco Ltd. now owns 1,725,383 shares of the company's stock worth $205,545,000 after purchasing an additional 241,448 shares in the last quarter. Massachusetts Financial Services Co. MA raised 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 valued at $162,360,000 after acquiring an additional 55,448 shares in the last quarter. Geode Capital Management LLC lifted its stake in Mohawk Industries by 1.8% in the fourth quarter. Geode Capital Management LLC now owns 1,298,260 shares of the company's stock valued at $154,488,000 after acquiring an additional 22,736 shares during the last quarter. Pzena Investment Management LLC lifted its stake in Mohawk Industries by 2.5% in the first quarter. Pzena Investment Management LLC now owns 1,115,944 shares of the company's stock valued at $127,418,000 after acquiring an additional 27,676 shares during the last quarter. Finally, Millennium Management LLC lifted its stake in Mohawk Industries by 66.2% in the fourth quarter. Millennium Management LLC now owns 898,322 shares of the company's stock valued at $107,017,000 after acquiring an additional 357,687 shares during the last quarter. 78.98% of the stock is owned by hedge funds and other institutional investors.

Mohawk Industries Stock Performance

Mohawk Industries stock traded up $2.13 on Friday, hitting $116.64. The company's stock had a trading volume of 939,439 shares, compared to its average volume of 900,759. The firm has a market cap of $7.25 billion, a P/E ratio of 15.51, a price-to-earnings-growth ratio of 2.54 and a beta of 1.28. 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 company has a fifty day moving average price of $107.39 and a 200-day moving average price of $111.21. 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 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. The firm had revenue of $2.80 billion for the quarter, compared to analyst estimates of $2.76 billion. Mohawk Industries had a net margin of 4.44% and a return on equity of 7.30%. The business's revenue for the quarter was up .0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.00 EPS. On average, equities analysts anticipate that Mohawk Industries, Inc. will post 9.8 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have issued reports on MHK. 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 research note on Monday, July 28th. JPMorgan Chase & Co. lifted their target price on shares of Mohawk Industries from $139.00 to $140.00 and gave the company an "overweight" rating in a research note on Tuesday, July 29th. Wells Fargo & Company lifted their target price on shares of Mohawk Industries from $105.00 to $115.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 8th. Barclays lifted their target price on shares of Mohawk Industries from $111.00 to $125.00 and gave the company an "equal weight" rating in a research note on Monday, July 28th. Finally, Robert W. Baird lifted their target price on shares of Mohawk Industries from $130.00 to $142.00 and gave the company an "outperform" rating in a research note on Monday, July 28th. Seven investment 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 stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $140.14.

Insider Buying and Selling at Mohawk Industries

In other Mohawk Industries news, CEO Jeffrey S. Lorberbaum sold 16,000 shares of the business's stock in a transaction on Monday, July 28th. The shares were sold at an average price of $120.81, for a total value of $1,932,960.00. Following the sale, the chief executive officer 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 sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Suzanne L. Helen sold 2,500 shares of the business's stock in a transaction 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 completion of the sale, the insider directly owned 91,084 shares in the company, valued at $10,984,730.40. This trade represents a 2.67% decrease in their position. The disclosure for this sale can be found here. Insiders own 17.40% of the company's stock.

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.