Pacer Advisors Inc. Has $424,000 Position 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. reduced its stake in shares of Mohawk Industries, Inc. (NYSE:MHK - Free Report) by 55.0% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm 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 reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Sound Shore Management Inc. CT bought a new position in shares of Mohawk Industries during the first quarter valued at approximately $61,159,000. Norges Bank purchased a new position in shares of Mohawk Industries in the fourth quarter worth $61,171,000. Millennium Management LLC lifted its position in Mohawk Industries by 66.2% during the fourth quarter. Millennium Management LLC now owns 898,322 shares of the company's stock valued at $107,017,000 after purchasing an additional 357,687 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in shares of Mohawk Industries by 35.0% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,366,517 shares of the company's stock valued at $162,793,000 after buying an additional 354,656 shares during the period. Finally, GAMMA Investing LLC increased its position in Mohawk Industries by 12,165.8% during the first quarter. GAMMA Investing LLC now owns 310,570 shares of the company's stock valued at $35,461,000 after acquiring an additional 308,038 shares during the last quarter. 78.98% of the stock is owned by institutional investors.

Insider Transactions at Mohawk Industries

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

Mohawk Industries Stock Performance

MHK stock traded up $2.74 during midday trading on Monday, hitting $119.42. The stock had a trading volume of 761,300 shares, compared to its average volume of 947,731. The stock has a 50-day simple moving average of $107.39 and a 200 day simple moving average of $111.09. The firm has a market capitalization of $7.42 billion, a price-to-earnings ratio of 15.88, a P/E/G ratio of 2.54 and a beta of 1.28. Mohawk Industries, Inc. has a 52 week low of $96.24 and a 52 week high of $164.29. The company has a current ratio of 2.13, a quick ratio of 1.18 and a debt-to-equity ratio of 0.21.

Mohawk Industries (NYSE:MHK - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The company reported $2.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.62 by $0.15. Mohawk Industries had a net margin of 4.44% and a return on equity of 7.30%. The firm had revenue of $2.80 billion during the quarter, compared to the consensus estimate of $2.76 billion. During the same period last year, the firm posted $3.00 EPS. The firm's quarterly revenue was up .0% on a year-over-year basis. As a group, equities research analysts anticipate that Mohawk Industries, Inc. will post 9.8 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have weighed in on MHK. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $123.00 price target (up from $119.00) on shares of Mohawk Industries in a research report on Monday, July 28th. Robert W. Baird increased their target price on Mohawk Industries from $130.00 to $142.00 and gave the company an "outperform" rating in a research report on Monday, July 28th. Evercore ISI lowered their price objective on Mohawk Industries from $124.00 to $123.00 and set an "in-line" rating for the company in a research note on Monday, July 28th. Wall Street Zen lowered shares of Mohawk Industries from a "buy" rating to a "hold" rating in a report on Monday, May 5th. Finally, Wells Fargo & Company boosted their target price on shares of Mohawk Industries from $105.00 to $115.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 8th. Seven research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $140.14.

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.