Mohawk Industries, Inc. (NYSE:MHK) CEO Jeffrey S. Lorberbaum Sells 16,000 Shares

Key Points

• CEO Jeffrey S. Lorberbaum of Mohawk Industries sold 16,000 shares at an average price of $120.81, totaling approximately $1.93 million, reducing his ownership stake by 32.26%.
• In its latest quarterly earnings report, Mohawk Industries reported $2.77 earnings per share, exceeding analyst expectations of $2.62 and showing a revenue of $2.80 billion, surpassing the estimate of $2.76 billion.
• Brokerages have adjusted their price targets for Mohawk Industries, with JPMorgan Chase raising theirs from $139.00 to $140.00 and several other firms providing a mix of upgrades and downgrades, reflecting an overall Moderate Buy rating from analysts.

Mohawk Industries, Inc. (NYSE:MHK - Get Free Report) CEO Jeffrey S. Lorberbaum sold 16,000 shares of the company's stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $120.81, for a total value of $1,932,960.00. Following the sale, the chief executive officer owned 33,600 shares in the company, valued at $4,059,216. The trade was a 32.26% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Mohawk Industries Stock Performance

MHK stock traded up $2.13 on Friday, reaching $116.64. The company's stock had a trading volume of 939,439 shares, compared to its average volume of 900,759. Mohawk Industries, Inc. has a 52 week low of $96.24 and a 52 week high of $164.29. The company has a market capitalization of $7.25 billion, a P/E ratio of 15.51, a price-to-earnings-growth ratio of 2.49 and a beta of 1.18. The firm has a fifty day moving average of $107.39 and a two-hundred day moving average of $111.34. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.13 and a quick ratio of 1.18.

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

Analyst Ratings Changes

Several analysts have issued reports on MHK shares. Robert W. Baird upped their price objective on Mohawk Industries from $130.00 to $142.00 and gave the company an "outperform" rating in a research note on Monday, July 28th. Wells Fargo & Company upped their target price on Mohawk Industries from $105.00 to $115.00 and gave the company an "equal weight" rating in a report on Tuesday, July 8th. Wall Street Zen lowered Mohawk Industries from a "buy" rating to a "hold" rating in a report on Monday, May 5th. Evercore ISI lowered their target price on Mohawk Industries from $124.00 to $123.00 and set an "in-line" rating for the company in a report on Monday, July 28th. Finally, Barclays upped their target price on Mohawk Industries from $111.00 to $125.00 and gave the company an "equal weight" rating in a report on Monday, July 28th. 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. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $140.14.

Institutional Investors Weigh In On Mohawk Industries

A number of institutional investors have recently added to or reduced their stakes in the company. Yousif Capital Management LLC lifted its position in shares of Mohawk Industries by 1.1% during the 2nd quarter. Yousif Capital Management LLC now owns 8,374 shares of the company's stock valued at $878,000 after acquiring an additional 88 shares during the last quarter. Citadel Investment Advisory Inc. increased its stake in shares of Mohawk Industries by 0.8% in the first quarter. Citadel Investment Advisory Inc. now owns 12,848 shares of the company's stock worth $1,467,000 after acquiring an additional 100 shares during the last quarter. Huntington National Bank increased its stake in shares of Mohawk Industries by 27.4% in the fourth quarter. Huntington National Bank now owns 554 shares of the company's stock worth $66,000 after acquiring an additional 119 shares during the last quarter. Janus Henderson Group PLC increased its stake in shares of Mohawk Industries by 0.5% in the fourth quarter. Janus Henderson Group PLC now owns 25,659 shares of the company's stock worth $3,054,000 after acquiring an additional 120 shares during the last quarter. Finally, M&T Bank Corp increased its stake in shares of Mohawk Industries by 3.8% in the first quarter. M&T Bank Corp now owns 3,315 shares of the company's stock worth $378,000 after acquiring an additional 122 shares during the last quarter. 78.98% of the stock is currently owned by institutional investors and hedge funds.

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.