RBA Wealth Management LLC Takes $3.50 Million Position in Mohawk Industries, Inc. (NYSE:MHK)

RBA Wealth Management LLC bought a new position in shares of Mohawk Industries, Inc. (NYSE:MHK - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 30,672 shares of the company's stock, valued at approximately $3,502,000.

A number of other hedge funds also recently bought and sold shares of MHK. Resona Asset Management Co. Ltd. purchased a new stake in Mohawk Industries during the fourth quarter worth $41,000. Huntington National Bank lifted its holdings in 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 buying an additional 119 shares during the period. Jones Financial Companies Lllp lifted its holdings 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 buying an additional 501 shares during the period. Mufg Securities Americas Inc. purchased a new stake in Mohawk Industries during the fourth quarter worth $92,000. Finally, Kapitalo Investimentos Ltda purchased a new stake in Mohawk Industries during the fourth quarter worth $114,000. Hedge funds and other institutional investors own 78.98% of the company's stock.

Analyst Ratings Changes

A number of analysts have weighed in on MHK shares. Deutsche Bank Aktiengesellschaft started coverage on Mohawk Industries in a report on Tuesday, April 1st. They set a "hold" rating and a $121.00 target price for the company. Wall Street Zen lowered Mohawk Industries from a "buy" rating to a "hold" rating in a report on Monday, May 5th. JPMorgan Chase & Co. decreased their price objective on Mohawk Industries from $156.00 to $139.00 and set an "overweight" rating for the company in a report on Tuesday, May 6th. Barclays decreased their price objective on Mohawk Industries from $115.00 to $111.00 and set an "equal weight" rating for the company in a report on Monday, May 5th. Finally, Wells Fargo & Company reduced their target price on Mohawk Industries from $130.00 to $105.00 and set an "equal weight" rating for the company in a research note on Monday, April 14th. Seven analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $140.00.

Mohawk Industries Stock Performance

MHK traded up $1.57 during midday trading on Friday, hitting $104.92. 681,650 shares of the company were exchanged, compared to its average volume of 765,783. The company's 50 day simple moving average is $103.70 and its 200 day simple moving average is $112.59. The firm has a market capitalization of $6.56 billion, a price-to-earnings ratio of 13.73, a price-to-earnings-growth ratio of 4.05 and a beta of 1.19. The company has a current ratio of 2.01, a quick ratio of 1.13 and a debt-to-equity ratio of 0.22. Mohawk Industries, Inc. has a 1-year low of $96.24 and a 1-year high of $164.29.

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

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.