Pacer Advisors Inc. Has $424,000 Stock Holdings in Mohawk Industries, Inc. (NYSE:MHK)

Key Points

• Pacer Advisors Inc. has reduced its stake in Mohawk Industries by 55% during the first quarter, now holding 3,717 shares valued at $424,000.
• Mohawk Industries reported an EPS of $2.77 for the quarter, exceeding estimates, with revenue of $2.80 billion.
• CEO Jeffrey S. Lorberbaum sold 16,000 shares at an average price of $120.81, decreasing his ownership by 32.26%.

Pacer Advisors Inc. trimmed its position in Mohawk Industries, Inc. (NYSE:MHK - Free Report) by 55.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,717 shares of the company's stock after selling 4,542 shares during the period. Pacer Advisors Inc.'s holdings in Mohawk Industries were worth $424,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of MHK. Commonwealth Equity Services LLC acquired a new stake in shares of Mohawk Industries in the fourth quarter valued at about $482,000. LPL Financial LLC increased its position in shares of Mohawk Industries by 11.3% in the fourth quarter. LPL Financial LLC now owns 12,569 shares of the company's stock valued at $1,497,000 after acquiring an additional 1,273 shares during the last quarter. Norges Bank acquired a new stake in shares of Mohawk Industries in the fourth quarter valued at about $61,171,000. Orion Portfolio Solutions LLC increased its position in shares of Mohawk Industries by 22.5% in the fourth quarter. Orion Portfolio Solutions LLC now owns 1,707 shares of the company's stock valued at $203,000 after acquiring an additional 314 shares during the last quarter. Finally, Franklin Resources Inc. increased its position in shares of Mohawk Industries by 31.4% in the fourth quarter. Franklin Resources Inc. now owns 48,822 shares of the company's stock valued at $5,816,000 after acquiring an additional 11,660 shares during the last quarter. 78.98% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have issued reports on MHK. JPMorgan Chase & Co. upped their price objective 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 restated a "sector perform" rating and issued a $123.00 price target (up previously from $119.00) on shares of Mohawk Industries in a research note on Monday, July 28th. Barclays lifted their price objective 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. Wells Fargo & Company upped their price objective on shares of Mohawk Industries from $105.00 to $115.00 and gave the company an "equal weight" rating in a report on Tuesday, July 8th. Finally, Robert W. Baird upped their price objective on shares of Mohawk Industries from $130.00 to $142.00 and gave the company an "outperform" rating in a report on Monday, July 28th. Seven 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 company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $140.14.

Insider Buying and Selling

In related news, CEO Jeffrey S. Lorberbaum sold 16,000 shares of the stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $120.81, for a total transaction of $1,932,960.00. Following the sale, the chief executive officer owned 33,600 shares of the company's stock, valued at $4,059,216. This represents a 32.26% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Suzanne L. Helen sold 2,500 shares of the stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $120.60, for a total value of $301,500.00. Following the sale, the insider directly owned 91,084 shares in the company, valued at $10,984,730.40. This represents a 2.67% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 17.40% of the company's stock.

Mohawk Industries Stock Performance

Shares of Mohawk Industries stock traded up $1.09 on Wednesday, hitting $121.62. The stock had a trading volume of 388,337 shares, compared to its average volume of 807,435. The company has a quick ratio of 1.18, a current ratio of 2.13 and a debt-to-equity ratio of 0.21. The stock has a market cap of $7.56 billion, a price-to-earnings ratio of 16.16, a price-to-earnings-growth ratio of 2.60 and a beta of 1.28. The business's 50 day moving average is $108.08 and its two-hundred day moving average is $111.09. Mohawk Industries, Inc. has a twelve month low of $96.24 and a twelve month high of $164.29.

Mohawk Industries (NYSE:MHK - Get Free Report) last issued its quarterly earnings results 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 business had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $2.76 billion. Mohawk Industries had a return on equity of 7.30% and a net margin of 4.44%. The firm's quarterly revenue was up .0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.00 earnings per share. Analysts forecast that Mohawk Industries, Inc. will post 9.8 EPS for the current year.

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.