Royal Bank of Canada Purchases 23,252 Shares of Mohawk Industries, Inc. $MHK

Key Points

• Royal Bank of Canada has increased its holdings in Mohawk Industries by 34.3%, now owning 91,119 shares worth approximately $10.4 million.
• Several institutional investors, including Ethic Inc. and Lazard Asset Management, substantially grew their stakes in Mohawk Industries during the recent quarter, reflecting a trend of increasing institutional interest.
• Wall Street analysts have raised their price targets for Mohawk Industries, with an average consensus price target now at $141.93 and a majority rating it as a "Moderate Buy".

Royal Bank of Canada increased its stake in Mohawk Industries, Inc. (NYSE:MHK - Free Report) by 34.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 91,119 shares of the company's stock after purchasing an additional 23,252 shares during the quarter. Royal Bank of Canada owned approximately 0.15% of Mohawk Industries worth $10,404,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently bought and sold shares of MHK. Federated Hermes Inc. increased its position in shares of Mohawk Industries by 326.3% in the first 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. Brooklyn Investment Group boosted its stake in Mohawk Industries by 2,506.3% in the 1st quarter. Brooklyn Investment Group now owns 417 shares of the company's stock worth $48,000 after purchasing an additional 401 shares during the period. Resona Asset Management Co. Ltd. grew its position in Mohawk Industries by 40.6% during the 1st quarter. Resona Asset Management Co. Ltd. now owns 481 shares of the company's stock worth $55,000 after purchasing an additional 139 shares in the last quarter. Allworth Financial LP raised its stake in Mohawk Industries by 36.2% during the 1st quarter. Allworth Financial LP now owns 595 shares of the company's stock valued at $65,000 after purchasing an additional 158 shares during the period. Finally, Mufg Securities Americas Inc. purchased a new stake in shares of Mohawk Industries in the fourth quarter valued at $92,000. 78.98% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently weighed in on MHK. Wells Fargo & Company lifted their price target on Mohawk Industries from $120.00 to $140.00 and gave the company an "equal weight" rating in a report on Thursday, September 11th. JPMorgan Chase & Co. lifted their target price on Mohawk Industries from $139.00 to $140.00 and gave the company an "overweight" rating in a research note on Tuesday, July 29th. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $123.00 target price (up previously from $119.00) on shares of Mohawk Industries in a report on Monday, July 28th. Barclays increased their price target on shares of Mohawk Industries from $111.00 to $125.00 and gave the stock an "equal weight" rating in a research report on Monday, July 28th. Finally, Robert W. Baird boosted 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. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $141.93.

Mohawk Industries Stock Down 3.9%

MHK stock traded down $5.29 during trading hours on Wednesday, hitting $131.48. The company's stock had a trading volume of 1,750,359 shares, compared to its average volume of 633,793. The company has a market capitalization of $8.17 billion, a PE ratio of 17.48, a price-to-earnings-growth ratio of 2.98 and a beta of 1.25. The stock has a 50 day moving average price of $124.86 and a two-hundred day moving average price of $113.12. The company has a quick ratio of 1.18, a current ratio of 2.13 and a debt-to-equity ratio of 0.21. Mohawk Industries, Inc. has a 12 month low of $96.24 and a 12 month high of $164.29.

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 (EPS) for the quarter, topping analysts' consensus estimates of $2.62 by $0.15. The firm had revenue of $2.80 billion during the quarter, compared to analysts' expectations of $2.76 billion. Mohawk Industries had a net margin of 4.44% and a return on equity of 7.30%. Mohawk Industries's revenue for the quarter was up .0% on a year-over-year basis. During the same period in the prior year, the company posted $3.00 earnings per share. Mohawk Industries has set its Q3 2025 guidance at 2.560-2.660 EPS. On average, equities research analysts expect that Mohawk Industries, Inc. will post 9.8 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Jeffrey S. Lorberbaum sold 16,000 shares of Mohawk Industries stock in a transaction that occurred 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 transaction, the chief executive officer owned 33,600 shares of the company's stock, valued at $4,059,216. This trade represents a 32.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Bernard Thiers sold 10,000 shares of the business's stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $128.21, for a total transaction of $1,282,100.00. Following the transaction, the director directly owned 105,532 shares of the company's stock, valued at approximately $13,530,257.72. This represents a 8.66% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 34,791 shares of company stock worth $4,357,225. 17.40% of the stock is currently owned by company insiders.

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.