Mohawk Industries (NYSE:MHK) Shares Down 3% - Here's What Happened

Shares of Mohawk Industries, Inc. (NYSE:MHK - Get Free Report) traded down 3% on Friday . The company traded as low as $101.52 and last traded at $103.30. 254,846 shares traded hands during trading, a decline of 67% from the average session volume of 781,681 shares. The stock had previously closed at $106.45.

Analysts Set New Price Targets

Several research firms have commented on MHK. Loop Capital dropped their target price on Mohawk Industries from $180.00 to $155.00 and set a "buy" rating on the stock in a report on Monday, February 10th. Evercore ISI cut their price objective on shares of Mohawk Industries from $150.00 to $140.00 and set an "in-line" rating on the stock in a research report on Monday, February 10th. Truist Financial decreased their target price on shares of Mohawk Industries from $155.00 to $148.00 and set a "buy" rating for the company in a report on Monday, February 10th. Deutsche Bank Aktiengesellschaft started coverage on shares of Mohawk Industries in a report on Tuesday, April 1st. They set a "hold" rating and a $121.00 price target on the stock. Finally, Robert W. Baird decreased their price objective on shares of Mohawk Industries from $160.00 to $152.00 and set an "outperform" rating for the company in a report on Monday, February 10th. Seven analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Mohawk Industries currently has a consensus rating of "Moderate Buy" and an average target price of $140.00.

Mohawk Industries Trading Up 0.1 %

The firm has a market capitalization of $6.35 billion, a P/E ratio of 12.49, a P/E/G ratio of 1.44 and a beta of 1.24. The company has a current ratio of 2.06, a quick ratio of 1.12 and a debt-to-equity ratio of 0.22. The stock has a 50 day simple moving average of $109.82 and a 200-day simple moving average of $122.21.

Mohawk Industries (NYSE:MHK - Get Free Report) last announced its earnings results on Thursday, May 1st. The company reported $1.52 earnings per share (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 company 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 earnings per share. The firm's quarterly revenue was down 5.7% compared to the same quarter last year. On average, equities research analysts forecast that Mohawk Industries, Inc. will post 9.8 EPS for the current fiscal year.

Insider Transactions at Mohawk Industries

In other Mohawk Industries news, insider Suzanne L. Helen sold 10,500 shares of the business's stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $113.44, for a total transaction of $1,191,120.00. Following the completion of the sale, the insider now owns 93,584 shares of the company's stock, valued at approximately $10,616,168.96. The trade was a 10.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 17.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Sound Shore Management Inc. CT purchased a new position in Mohawk Industries during the first quarter valued at approximately $61,159,000. Machina Capital S.A.S. purchased a new position in shares of Mohawk Industries during the 1st quarter valued at $745,000. Convergence Investment Partners LLC purchased a new stake in Mohawk Industries in the 1st quarter worth $199,000. Venturi Wealth Management LLC raised its holdings in Mohawk Industries by 4.7% during the first quarter. Venturi Wealth Management LLC now owns 2,899 shares of the company's stock valued at $331,000 after acquiring an additional 131 shares during the period. Finally, Teachers Retirement System of The State of Kentucky lifted its position in shares of Mohawk Industries by 3.2% in the first quarter. Teachers Retirement System of The State of Kentucky now owns 4,006 shares of the company's stock valued at $457,000 after acquiring an additional 126 shares in the last quarter. 78.98% of the stock is owned by hedge funds and other institutional investors.

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.