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

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

Several other institutional investors have also recently made changes to their positions in MHK. Norges Bank purchased a new stake in Mohawk Industries in the fourth quarter valued at approximately $61,171,000. Millennium Management LLC raised its position in Mohawk Industries by 66.2% in 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 raised its position in Mohawk Industries by 35.0% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,366,517 shares of the company's stock valued at $162,793,000 after purchasing an additional 354,656 shares during the period. American Century Companies Inc. raised its position in Mohawk Industries by 48.7% in the fourth quarter. American Century Companies Inc. now owns 958,818 shares of the company's stock valued at $114,224,000 after purchasing an additional 313,897 shares during the period. Finally, GAMMA Investing LLC raised its position in 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 period. Hedge funds and other institutional investors own 78.98% of the company's stock.

Mohawk Industries Stock Down 3.4%

Shares of MHK traded down $3.52 during midday trading on Friday, hitting $101.25. The company had a trading volume of 901,090 shares, compared to its average volume of 760,595. The company's 50 day moving average price is $104.16 and its 200 day moving average price is $115.00. The stock has a market cap of $6.33 billion, a price-to-earnings ratio of 12.45, a PEG ratio of 1.44 and a beta of 1.19. Mohawk Industries, Inc. has a 52 week low of $96.24 and a 52 week high of $164.29. The company has a quick ratio of 1.12, a current ratio of 2.06 and a debt-to-equity ratio of 0.22.

Mohawk Industries (NYSE:MHK - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The company reported $1.52 EPS for the quarter, beating the consensus estimate of $1.41 by $0.11. Mohawk Industries had a net margin of 4.78% and a return on equity of 8.04%. The business had revenue of $2.53 billion during the quarter, compared to analyst estimates of $2.56 billion. During the same period in the previous year, the business posted $1.86 EPS. The company's quarterly revenue was down 5.7% on a year-over-year basis. On average, equities research analysts predict that Mohawk Industries, Inc. will post 9.8 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Wells Fargo & Company cut their target price 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. JPMorgan Chase & Co. cut their target price on Mohawk Industries from $156.00 to $139.00 and set an "overweight" rating on the stock in a research report on Tuesday, May 6th. Barclays cut their target price 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. Deutsche Bank Aktiengesellschaft assumed coverage on Mohawk Industries in a research report on Tuesday, April 1st. They set a "hold" rating and a $121.00 price objective on the stock. Finally, Wall Street Zen lowered Mohawk Industries from a "buy" rating to a "hold" rating in a research report on Monday, May 5th. Seven equities research analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Mohawk Industries currently has a consensus rating of "Moderate Buy" and a consensus price target of $140.00.

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.