Mitsubishi UFJ Asset Management Co. Ltd. Purchases 15,996 Shares of Mohawk Industries, Inc. (NYSE:MHK)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Mohawk Industries by 38.6%, acquiring an additional 15,996 shares, bringing its total ownership to approximately $6.56 million.
• Mohawk Industries reported earnings per share of $2.77 for the last quarter, surpassing analysts' expectations of $2.62, with a revenue of $2.80 billion.
• The stock has received several price target adjustments from brokerages, with Barclays raising it from $111.00 to $125.00, while the consensus rating remains a "Moderate Buy" with a target price of $140.14.

Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Mohawk Industries, Inc. (NYSE:MHK - Free Report) by 38.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 57,416 shares of the company's stock after acquiring an additional 15,996 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.09% of Mohawk Industries worth $6,556,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Federated Hermes Inc. raised its stake in shares of Mohawk Industries by 326.3% during the 1st quarter. Federated Hermes Inc. now owns 243 shares of the company's stock worth $28,000 after acquiring an additional 186 shares in the last quarter. Allworth Financial LP raised its stake in shares of Mohawk Industries by 36.2% during the 1st quarter. Allworth Financial LP now owns 595 shares of the company's stock worth $65,000 after acquiring an additional 158 shares in the last quarter. Mufg Securities Americas Inc. bought a new position in shares of Mohawk Industries during the 4th quarter worth approximately $92,000. Kapitalo Investimentos Ltda acquired a new position in Mohawk Industries during the 4th quarter valued at approximately $114,000. Finally, Canada Post Corp Registered Pension Plan acquired a new position in Mohawk Industries during the 4th quarter valued at approximately $120,000. Institutional investors own 78.98% of the company's stock.

Mohawk Industries Stock Down 0.5%

MHK opened at $119.98 on Tuesday. The company has a fifty day moving average of $109.68 and a two-hundred day moving average of $110.71. The stock has a market capitalization of $7.45 billion, a price-to-earnings ratio of 15.95, a PEG ratio of 2.62 and a beta of 1.28. Mohawk Industries, Inc. has a fifty-two week low of $96.24 and a fifty-two week high of $164.29. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.18 and a current ratio of 2.13.

Mohawk Industries (NYSE:MHK - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The company reported $2.77 earnings per share for the quarter, topping analysts' consensus estimates of $2.62 by $0.15. The business had revenue of $2.80 billion during the quarter, compared to the consensus estimate of $2.76 billion. Mohawk Industries had a net margin of 4.44% and a return on equity of 7.30%. The company's revenue was up .0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.00 earnings per share. On average, research analysts expect that Mohawk Industries, Inc. will post 9.8 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have issued reports on MHK. Barclays upped their price target 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. Royal Bank Of Canada restated a "sector perform" rating and set a $123.00 price target (up previously from $119.00) on shares of Mohawk Industries in a research note on Monday, July 28th. Evercore ISI cut their price target on shares of Mohawk Industries from $124.00 to $123.00 and set an "in-line" rating on the stock in a research note on Monday, July 28th. JPMorgan Chase & Co. upped their price target 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. Finally, Robert W. Baird upped their price target 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 issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $140.14.

Insider Transactions at Mohawk Industries

In other Mohawk Industries news, CEO Jeffrey S. Lorberbaum sold 16,000 shares of the company's stock in a transaction dated 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 completion of the transaction, the chief executive officer owned 33,600 shares in the company, valued at approximately $4,059,216. This represents a 32.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Suzanne L. Helen sold 2,500 shares of the 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 transaction, the insider directly owned 91,084 shares in the company, valued at approximately $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. Corporate 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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