Truist Financial Corp Boosts Holdings in Mohawk Industries, Inc. (NYSE:MHK)

Truist Financial Corp raised its stake in shares of Mohawk Industries, Inc. (NYSE:MHK - Free Report) by 7.9% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 403,936 shares of the company's stock after purchasing an additional 29,480 shares during the quarter. Truist Financial Corp owned approximately 0.65% of Mohawk Industries worth $46,121,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Resona Asset Management Co. Ltd. purchased a new position in Mohawk Industries during the 4th quarter valued at $41,000. Huntington National Bank increased its stake in shares of Mohawk Industries by 27.4% in the 4th 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 boosted its stake in Mohawk Industries by 233.0% during the fourth quarter. Jones Financial Companies Lllp now owns 716 shares of the company's stock worth $85,000 after acquiring an additional 501 shares in the last quarter. Mufg Securities Americas Inc. bought a new stake in Mohawk Industries during the fourth quarter worth about $92,000. Finally, Kapitalo Investimentos Ltda bought a new stake in Mohawk Industries during the fourth quarter worth about $114,000. 78.98% of the stock is owned by hedge funds and other institutional investors.

Mohawk Industries Stock Performance

Shares of NYSE:MHK traded down $3.63 during trading on Monday, hitting $107.21. The company's stock had a trading volume of 838,151 shares, compared to its average volume of 767,331. The company has a 50-day moving average of $104.13 and a 200-day moving average of $111.99. Mohawk Industries, Inc. has a 12 month low of $96.24 and a 12 month high of $164.29. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.01 and a quick ratio of 1.13. The firm has a market cap of $6.70 billion, a price-to-earnings ratio of 14.03, a P/E/G ratio of 4.28 and a beta of 1.18.

Mohawk Industries (NYSE:MHK - Get Free Report) last released its earnings results on Thursday, May 1st. The company reported $1.52 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $2.56 billion. During the same period in the prior year, the firm posted $1.86 EPS. The firm's quarterly revenue was down 5.7% compared to the same quarter last year. On average, sell-side analysts expect that Mohawk Industries, Inc. will post 9.8 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms recently commented on MHK. Barclays dropped their price objective on shares of Mohawk Industries from $115.00 to $111.00 and set an "equal weight" rating on the stock in a research note on Monday, May 5th. Royal Bank Of Canada dropped their price target 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. Wells Fargo & Company dropped their price target on shares of Mohawk Industries from $130.00 to $105.00 and set an "equal weight" rating on the stock in a research note on Monday, April 14th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Mohawk Industries in a research note on Tuesday, April 1st. They issued a "hold" rating and a $121.00 price target on the stock. Finally, JPMorgan Chase & Co. dropped their price target on shares of Mohawk Industries from $156.00 to $139.00 and set an "overweight" rating on the stock in a research note on Tuesday, May 6th. Seven research 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. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $140.00.

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.