Bank of New York Mellon Corp Reduces Stock Position in Mohawk Industries, Inc. (NYSE:MHK)

Bank of New York Mellon Corp reduced its position in Mohawk Industries, Inc. (NYSE:MHK - Free Report) by 6.6% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 296,030 shares of the company's stock after selling 20,775 shares during the period. Bank of New York Mellon Corp owned about 0.47% of Mohawk Industries worth $33,801,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Magnetar Financial LLC lifted its position in Mohawk Industries by 353.1% during the fourth quarter. Magnetar Financial LLC now owns 39,108 shares of the company's stock worth $4,659,000 after acquiring an additional 30,477 shares during the last quarter. Sei Investments Co. lifted its position in Mohawk Industries by 46.3% during the fourth quarter. Sei Investments Co. now owns 91,586 shares of the company's stock worth $10,911,000 after acquiring an additional 28,998 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in Mohawk Industries by 13.7% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,915 shares of the company's stock worth $787,000 after acquiring an additional 831 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its position in Mohawk Industries by 78.0% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 3,574 shares of the company's stock worth $408,000 after acquiring an additional 1,566 shares during the last quarter. Finally, Sciencast Management LP lifted its position in Mohawk Industries by 59.1% during the fourth quarter. Sciencast Management LP now owns 6,088 shares of the company's stock worth $725,000 after acquiring an additional 2,262 shares during the last quarter. 78.98% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MHK has been the topic of several recent research reports. Barclays lowered their target price on shares of Mohawk Industries from $115.00 to $111.00 and set an "equal weight" rating on the stock in a report on Monday, May 5th. Wells Fargo & Company raised their target price on shares of Mohawk Industries from $105.00 to $115.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 8th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Mohawk Industries in a report on Tuesday, April 1st. They set a "hold" rating and a $121.00 target price on the stock. JPMorgan Chase & Co. lowered their target price on shares of Mohawk Industries from $156.00 to $139.00 and set an "overweight" rating on the stock in a report on Tuesday, May 6th. Finally, Royal Bank Of Canada decreased their price objective on shares of 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. Seven analysts have rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $140.71.

Mohawk Industries Stock Up 2.4%

Shares of NYSE MHK traded up $2.64 during trading on Thursday, hitting $111.57. 204,326 shares of the company traded hands, compared to its average volume of 763,797. The business's fifty day moving average is $105.12 and its 200 day moving average is $111.60. Mohawk Industries, Inc. has a fifty-two week low of $96.24 and a fifty-two week high of $164.29. The firm has a market capitalization of $6.98 billion, a price-to-earnings ratio of 14.59, a P/E/G ratio of 4.21 and a beta of 1.18. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.13 and a current ratio of 2.01.

Mohawk Industries (NYSE:MHK - Get Free Report) last posted its earnings results on Thursday, May 1st. The company reported $1.52 earnings per share for the quarter, topping analysts' consensus estimates of $1.41 by $0.11. Mohawk Industries had a net margin of 4.54% and a return on equity of 7.68%. The company had revenue of $2.53 billion for the quarter, compared to analyst estimates of $2.56 billion. During the same quarter in the prior year, the business posted $1.86 EPS. The firm's revenue was down 5.7% compared to the same quarter last year. Equities research analysts predict that Mohawk Industries, Inc. will post 9.8 earnings per share for the current fiscal year.

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.