Mohawk Industries (NYSE:MHK) Given New $140.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. has increased its price target for Mohawk Industries from $139.00 to $140.00, indicating a potential upside of 16.47% from the stock's previous close.
• Currently, Mohawk Industries holds an average rating of "Moderate Buy" from analysts, with a consensus price target of $140.14.
• Mohawk Industries reported earnings of $2.77 EPS for the last quarter, exceeding analysts' expectations, with revenue of $2.80 billion.

Mohawk Industries (NYSE:MHK - Get Free Report) had its target price increased by investment analysts at JPMorgan Chase & Co. from $139.00 to $140.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective indicates a potential upside of 16.47% from the stock's previous close.

A number of other research analysts also recently commented on MHK. Deutsche Bank Aktiengesellschaft began coverage on shares of Mohawk Industries in a research report on Tuesday, April 1st. They set a "hold" rating and a $121.00 price objective on the stock. Wells Fargo & Company boosted their target price on shares of Mohawk Industries from $105.00 to $115.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 8th. Evercore ISI decreased their target price on shares of Mohawk Industries from $124.00 to $123.00 and set an "in-line" rating for the company in a research report on Monday. Wall Street Zen downgraded shares of Mohawk Industries from a "buy" rating to a "hold" rating in a research report on Monday, May 5th. Finally, Barclays set a $125.00 price objective on shares of Mohawk Industries and gave the stock an "equal weight" rating in a research note on Monday. Seven 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 stock. According to MarketBeat.com, Mohawk Industries presently has an average rating of "Moderate Buy" and a consensus price target of $140.14.

Mohawk Industries Stock Up 0.2%

MHK traded up $0.21 on Tuesday, reaching $120.21. 482,257 shares of the company traded hands, compared to its average volume of 804,107. The stock's 50 day moving average price is $106.26 and its 200-day moving average price is $111.35. Mohawk Industries has a 52-week low of $96.24 and a 52-week high of $164.29. The company has a market cap of $7.52 billion, a price-to-earnings ratio of 16.02, a PEG ratio of 4.47 and a beta of 1.18. 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 announced its quarterly earnings data on Thursday, July 24th. The company reported $2.77 EPS for the quarter, beating analysts' consensus estimates of $2.62 by $0.15. Mohawk Industries had a net margin of 4.44% and a return on equity of 7.30%. The firm had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $2.76 billion. During the same period in the previous year, the firm posted $3.00 earnings per share. The firm's revenue was up .0% on a year-over-year basis. On average, sell-side analysts expect that Mohawk Industries will post 9.8 EPS for the current fiscal year.

Institutional Investors Weigh In On Mohawk Industries

Several large investors have recently made changes to their positions in the company. JPMorgan Chase & Co. increased its position in Mohawk Industries by 12.8% in the 1st quarter. JPMorgan Chase & Co. now owns 3,626,004 shares of the company's stock valued at $414,017,000 after acquiring an additional 410,388 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Mohawk Industries by 7.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,964,190 shares of the company's stock worth $338,444,000 after buying an additional 213,429 shares during the period. Invesco Ltd. grew its position in shares of Mohawk Industries by 5.6% during the 1st quarter. Invesco Ltd. now owns 1,821,951 shares of the company's stock worth $208,030,000 after buying an additional 96,568 shares during the period. Ariel Investments LLC grew its position in shares of Mohawk Industries by 3.4% during the 1st quarter. Ariel Investments LLC now owns 1,743,574 shares of the company's stock worth $199,081,000 after buying an additional 57,391 shares during the period. Finally, Select Equity Group L.P. grew its position in shares of Mohawk Industries by 3.4% during the 1st quarter. Select Equity Group L.P. now owns 1,547,651 shares of the company's stock worth $176,711,000 after buying an additional 50,232 shares during the period. Institutional investors own 78.98% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.