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

Bank of America Corp DE decreased its position in Mohawk Industries, Inc. (NYSE:MHK - Free Report) by 48.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 87,700 shares of the company's stock after selling 82,275 shares during the period. Bank of America Corp DE owned approximately 0.14% of Mohawk Industries worth $10,448,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Resona Asset Management Co. Ltd. bought a new position in shares of Mohawk Industries in the fourth quarter valued at $41,000. R Squared Ltd bought a new stake in shares of Mohawk Industries in the fourth quarter valued at approximately $66,000. Huntington National Bank lifted its position in shares of Mohawk Industries by 27.4% during the fourth quarter. Huntington National Bank now owns 554 shares of the company's stock worth $66,000 after acquiring an additional 119 shares in the last quarter. Jones Financial Companies Lllp grew its holdings in Mohawk Industries by 233.0% during the 4th quarter. Jones Financial Companies Lllp now owns 716 shares of the company's stock valued at $85,000 after buying an additional 501 shares in the last quarter. Finally, Stonebridge Financial Group LLC bought a new stake in Mohawk Industries during the 4th quarter worth approximately $88,000. 78.98% of the stock is currently owned by institutional investors.

Mohawk Industries Stock Up 3.4%

MHK traded up $3.46 during trading on Tuesday, hitting $104.56. 798,252 shares of the company's stock traded hands, compared to its average volume of 754,338. The stock has a market capitalization of $6.54 billion, a price-to-earnings ratio of 12.86, a PEG ratio of 1.44 and a beta of 1.24. The company's 50 day simple moving average is $106.89 and its two-hundred day simple moving average is $118.36. Mohawk Industries, Inc. has a 12-month low of $96.24 and a 12-month high of $164.29. 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 released its quarterly earnings data on Thursday, May 1st. The company reported $1.52 EPS for the quarter, beating the consensus estimate of $1.41 by $0.11. Mohawk Industries had a return on equity of 8.04% and a net margin of 4.78%. The company had revenue of $2.53 billion for the quarter, compared to analysts' expectations of $2.56 billion. During the same period last year, the firm posted $1.86 earnings per share. Mohawk Industries's revenue was down 5.7% compared to the same quarter last year. Analysts predict that Mohawk Industries, Inc. will post 9.8 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Suzanne L. Helen sold 10,500 shares of the stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $113.44, for a total transaction of $1,191,120.00. Following the transaction, the insider now owns 93,584 shares in the company, valued at $10,616,168.96. This represents a 10.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 17.40% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on MHK shares. Bank of America dropped their price target on Mohawk Industries from $152.00 to $150.00 and set a "buy" rating for the company in a research report on Monday, February 10th. Barclays reduced their price target on Mohawk Industries from $115.00 to $111.00 and set an "equal weight" rating on the stock in a research report on Monday, May 5th. Raymond James reaffirmed a "strong-buy" rating and set a $165.00 price objective (down from $185.00) on shares of Mohawk Industries in a research note on Monday, February 10th. Wall Street Zen lowered Mohawk Industries from a "buy" rating to a "hold" rating in a research note on Monday, May 5th. Finally, JPMorgan Chase & Co. lowered their target price on Mohawk Industries from $156.00 to $139.00 and set an "overweight" rating for the company in a research note on Tuesday, May 6th. Seven investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $140.00.

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.