Wedge Capital Management L L P NC Takes $2.99 Million Position in Mohawk Industries, Inc. (NYSE:MHK)

Wedge Capital Management L L P NC acquired a new position in shares of Mohawk Industries, Inc. (NYSE:MHK - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 26,173 shares of the company's stock, valued at approximately $2,988,000.

A number of other institutional investors also recently bought and sold shares of the company. Norges Bank purchased a new position in shares of Mohawk Industries in the fourth quarter valued at $61,171,000. Millennium Management LLC increased its holdings in Mohawk Industries by 66.2% during the 4th quarter. Millennium Management LLC now owns 898,322 shares of the company's stock valued at $107,017,000 after acquiring an additional 357,687 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in Mohawk Industries by 35.0% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,366,517 shares of the company's stock worth $162,793,000 after acquiring an additional 354,656 shares during the last quarter. American Century Companies Inc. raised its position in Mohawk Industries by 48.7% during the fourth quarter. American Century Companies Inc. now owns 958,818 shares of the company's stock worth $114,224,000 after acquiring an additional 313,897 shares during the last quarter. Finally, GAMMA Investing LLC grew its position in shares of Mohawk Industries by 12,165.8% in the first quarter. GAMMA Investing LLC now owns 310,570 shares of the company's stock valued at $35,461,000 after purchasing an additional 308,038 shares during the last quarter. 78.98% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Suzanne L. Helen sold 10,500 shares of the firm's stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $113.44, for a total value of $1,191,120.00. Following the sale, the insider now directly owns 93,584 shares in the company, valued at $10,616,168.96. This trade represents a 10.09% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 17.40% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Barclays reduced their price objective on Mohawk Industries from $115.00 to $111.00 and set an "equal weight" rating on the stock in a research report on Monday, May 5th. JPMorgan Chase & Co. reduced their price objective on Mohawk Industries from $156.00 to $139.00 and set an "overweight" rating on the stock in a research note on Tuesday, May 6th. Wells Fargo & Company cut their price objective on Mohawk Industries from $130.00 to $105.00 and set an "equal weight" rating on the stock in a research report 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 target price for the company. Finally, Wall Street Zen downgraded Mohawk Industries from a "buy" rating to a "hold" rating in a report on Monday, May 5th. 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's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $140.00.

Mohawk Industries Stock Performance

Shares of Mohawk Industries stock traded down $1.22 on Wednesday, reaching $104.72. 631,883 shares of the company were exchanged, compared to its average volume of 759,215. The firm has a market cap of $6.55 billion, a price-to-earnings ratio of 12.88, a P/E/G ratio of 1.44 and a beta of 1.19. 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 0.22, a quick ratio of 1.12 and a current ratio of 2.06. The company's 50-day moving average is $104.07 and its two-hundred day moving average is $115.62.

Mohawk Industries (NYSE:MHK - Get Free Report) last issued its 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 firm had revenue of $2.53 billion for the quarter, compared to analyst estimates of $2.56 billion. Mohawk Industries had a return on equity of 8.04% and a net margin of 4.78%. The firm's revenue for the quarter was down 5.7% on a year-over-year basis. During the same period last year, the company earned $1.86 earnings per share. As a group, research analysts expect that Mohawk Industries, Inc. will post 9.8 earnings per share for the current fiscal 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.