Robert W. Baird Forecasts Strong Price Appreciation for Mohawk Industries (NYSE:MHK) Stock

Key Points

• Mohawk Industries has had its price target raised from $130.00 to $142.00 by Robert W. Baird, suggesting a potential upside of 17.33% from its previous close.
• Analysts currently rate Mohawk Industries with a consensus of “Moderate Buy” and an average price target of $141.00, with seven analysts issuing a hold rating and others varying from buy to strong buy.
• The company's recent earnings report showed earnings per share of $2.77, exceeding expectations, and revenue of $2.80 billion, reflecting a 0% increase compared to the prior year.

Mohawk Industries (NYSE:MHK - Free Report) had its price objective upped by Robert W. Baird from $130.00 to $142.00 in a research note published on Monday,Benzinga reports. They currently have an outperform rating on the stock.

A number of other research analysts have also recently commented on MHK. Wall Street Zen cut Mohawk Industries from a "buy" rating to a "hold" rating in a research note on Monday, May 5th. Royal Bank Of Canada reduced their target price on Mohawk Industries from $130.00 to $119.00 and set a "sector perform" rating on the stock in a research note on Monday, May 5th. JPMorgan Chase & Co. reduced their target price 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. Barclays raised their price objective on Mohawk Industries from $111.00 to $125.00 and gave the company an "equal weight" rating in a research note on Monday. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Mohawk Industries in a report on Tuesday, April 1st. They set a "hold" rating and a $121.00 target price for the company. Seven investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $140.14.

Mohawk Industries Price Performance

Shares of MHK traded down $2.76 during mid-day trading on Monday, reaching $114.47. 433,222 shares of the stock traded hands, compared to its average volume of 807,621. The firm has a fifty day moving average price of $106.54 and a 200 day moving average price of $111.42. The company has a market cap of $7.11 billion, a price-to-earnings ratio of 15.22, a price-to-earnings-growth ratio of 3.91 and a beta of 1.18. The company has a current ratio of 2.13, a quick ratio of 1.18 and a debt-to-equity ratio of 0.21. Mohawk Industries has a 1 year low of $96.24 and a 1 year high of $164.29.

Mohawk Industries (NYSE:MHK - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The company reported $2.77 earnings per share (EPS) for the quarter, topping 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 company had revenue of $2.80 billion during the quarter, compared to the consensus estimate of $2.76 billion. During the same period in the previous year, the firm posted $3.00 EPS. The firm's revenue was up .0% compared to the same quarter last year. As a group, equities research analysts predict that Mohawk Industries will post 9.8 earnings per share for the current year.

Insider Activity

In other Mohawk Industries news, insider Suzanne L. Helen sold 2,500 shares of the firm's stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $120.60, for a total value of $301,500.00. Following the completion of the sale, the insider directly owned 91,084 shares in the company, valued at $10,984,730.40. This trade represents a 2.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Jeffrey S. Lorberbaum sold 16,000 shares of the firm's stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $120.81, for a total transaction of $1,932,960.00. Following the completion of the sale, the chief executive officer owned 33,600 shares of the company's stock, valued at $4,059,216. This trade represents a 32.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 17.40% of the company's stock.

Hedge Funds Weigh In On Mohawk Industries

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

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.