Truist Financial Corp Sells 243,243 Shares of Mohawk Industries, Inc. $MHK

Key Points

• Truist Financial Corp has reduced its stake in Mohawk Industries by 60.2%, selling 243,243 shares and retaining 160,693 shares valued at approximately $16.8 million.
• Insiders have also been selling shares, with VP Rodney David Patton selling 700 shares and Director Bernard Thiers selling 10,000 shares, leading to decreases in their respective ownerships.
• Mohawk Industries reported a positive earnings quarter with $2.77 EPS, exceeding analyst expectations and showing a 4.0% year-over-year revenue increase.

Truist Financial Corp cut its stake in shares of Mohawk Industries, Inc. (NYSE:MHK - Free Report) by 60.2% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 160,693 shares of the company's stock after selling 243,243 shares during the period. Truist Financial Corp owned about 0.26% of Mohawk Industries worth $16,847,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Rhumbline Advisers grew its stake in Mohawk Industries by 20.5% during the first quarter. Rhumbline Advisers now owns 114,667 shares of the company's stock valued at $13,093,000 after acquiring an additional 19,529 shares in the last quarter. Wedge Capital Management L L P NC purchased a new position in shares of Mohawk Industries in the 1st quarter worth approximately $2,988,000. Olstein Capital Management L.P. boosted its stake in Mohawk Industries by 0.8% during the first quarter. Olstein Capital Management L.P. now owns 70,582 shares of the company's stock worth $8,059,000 after buying an additional 582 shares during the period. GAMMA Investing LLC grew its holdings in Mohawk Industries by 7.4% during the 1st quarter. GAMMA Investing LLC now owns 2,720 shares of the company's stock valued at $311,000 after purchasing an additional 188 shares during the last quarter. Finally, SG Americas Securities LLC boosted its position in shares of Mohawk Industries by 2,190.2% during the first quarter. SG Americas Securities LLC now owns 29,819 shares of the company's stock valued at $3,405,000 after buying an additional 28,517 shares during the period. 78.98% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Mohawk Industries

In other news, VP Rodney David Patton sold 700 shares of the company's stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $128.05, for a total transaction of $89,635.00. Following the completion of the transaction, the vice president directly owned 17,804 shares of the company's stock, valued at approximately $2,279,802.20. This represents a 3.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Bernard Thiers sold 10,000 shares of the stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $128.21, for a total transaction of $1,282,100.00. Following the completion of the transaction, the director directly owned 105,532 shares in the company, valued at $13,530,257.72. This trade represents a 8.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 34,791 shares of company stock worth $4,357,225. 17.40% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research firms have recently weighed in on MHK. Royal Bank Of Canada reiterated a "sector perform" rating and set a $123.00 target price (up from $119.00) on shares of Mohawk Industries in a research report on Monday, July 28th. Evercore ISI dropped their target price on Mohawk Industries from $124.00 to $123.00 and set an "in-line" rating on the stock in a research report 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. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Mohawk Industries in a research report on Saturday, September 27th. 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. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and seven have assigned a Hold rating to the company's stock. According to data from MarketBeat, Mohawk Industries presently has an average rating of "Moderate Buy" and an average target price of $141.93.

Mohawk Industries Stock Performance

NYSE MHK opened at $129.14 on Friday. Mohawk Industries, Inc. has a 1-year low of $96.24 and a 1-year high of $164.29. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.13 and a quick ratio of 1.18. The stock's 50 day simple moving average is $128.65 and its 200-day simple moving average is $114.28. The company has a market cap of $8.02 billion, a PE ratio of 17.17, a price-to-earnings-growth ratio of 2.81 and a beta of 1.29.

Mohawk Industries (NYSE:MHK - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The company reported $2.77 EPS for the quarter, beating the consensus estimate of $2.62 by $0.15. Mohawk Industries had a return on equity of 7.30% and a net margin of 4.44%.The firm had revenue of $2.80 billion during the quarter, compared to analysts' expectations of $2.76 billion. During the same quarter last year, the firm earned $3.00 earnings per share. The business's revenue for the quarter was up .0% on a year-over-year basis. Mohawk Industries has set its Q3 2025 guidance at 2.560-2.660 EPS. As a group, equities research analysts anticipate that Mohawk Industries, Inc. will post 9.8 EPS for the current fiscal 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.

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