Bank of America Corp DE Decreases Stake in Mohawk Industries, Inc. (NYSE:MHK)

Bank of America Corp DE lessened its stake in shares of Mohawk Industries, Inc. (NYSE:MHK - Free Report) by 48.4% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 87,700 shares of the company's stock after selling 82,275 shares during the quarter. Bank of America Corp DE owned about 0.14% of Mohawk Industries worth $10,448,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. BNP Paribas Financial Markets boosted its position in shares of Mohawk Industries by 72.3% in the fourth quarter. BNP Paribas Financial Markets now owns 222,606 shares of the company's stock valued at $26,519,000 after acquiring an additional 93,420 shares during the period. Algert Global LLC boosted its stake in shares of Mohawk Industries by 42.9% in the fourth quarter. Algert Global LLC now owns 35,715 shares of the company's stock valued at $4,255,000 after buying an additional 10,725 shares during the period. Freestone Grove Partners LP acquired a new position in Mohawk Industries in the 4th quarter valued at $8,092,000. Kapitalo Investimentos Ltda bought a new stake in shares of Mohawk Industries during the 4th quarter valued at $114,000. Finally, Schonfeld Strategic Advisors LLC grew its holdings in shares of Mohawk Industries by 59.7% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 171,068 shares of the company's stock worth $20,379,000 after purchasing an additional 63,967 shares in the last quarter. Institutional investors own 78.98% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Robert W. Baird decreased their target price on shares of Mohawk Industries from $160.00 to $152.00 and set an "outperform" rating on the stock in a report on Monday, February 10th. Deutsche Bank Aktiengesellschaft started coverage on Mohawk Industries in a report on Tuesday, April 1st. They set a "hold" rating and a $121.00 price target for the company. Royal Bank of Canada reduced their price objective on Mohawk Industries from $130.00 to $119.00 and set a "sector perform" rating on the stock in a research note on Monday, May 5th. Wells Fargo & Company dropped their target price on shares of Mohawk Industries from $130.00 to $105.00 and set an "equal weight" rating for the company in a report on Monday, April 14th. Finally, Evercore ISI decreased their price target on shares of Mohawk Industries from $150.00 to $140.00 and set an "in-line" rating on the stock in a report on Monday, February 10th. Seven investment analysts have rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $140.00.

Mohawk Industries Trading Down 0.9%

NYSE:MHK traded down $0.86 during trading hours on Thursday, hitting $100.47. 73,363 shares of the company were exchanged, compared to its average volume of 751,729. The stock has a market capitalization of $6.28 billion, a price-to-earnings ratio of 12.35, a price-to-earnings-growth ratio of 1.44 and a beta of 1.24. Mohawk Industries, Inc. has a one year low of $96.24 and a one year high of $164.29. The company has a fifty day simple moving average of $106.49 and a 200 day simple moving average of $118.14. The company has a current ratio of 2.06, a quick ratio of 1.12 and a debt-to-equity ratio of 0.22.

Mohawk Industries (NYSE:MHK - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The company reported $1.52 EPS for the quarter, topping analysts' consensus estimates of $1.41 by $0.11. The company had revenue of $2.53 billion for the quarter, compared to analyst estimates of $2.56 billion. Mohawk Industries had a return on equity of 8.04% and a net margin of 4.78%. The firm's quarterly revenue was down 5.7% on a year-over-year basis. During the same period in the previous year, the firm earned $1.86 earnings per share. Sell-side analysts expect that Mohawk Industries, Inc. will post 9.8 EPS for the current fiscal year.

Insider Activity

In other Mohawk Industries news, insider Suzanne L. Helen sold 10,500 shares of Mohawk Industries stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $113.44, for a total value of $1,191,120.00. Following the completion of the sale, the insider now directly owns 93,584 shares in the company, valued at approximately $10,616,168.96. The trade was a 10.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 17.40% of the company's stock.

About Mohawk Industries

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.