Truist Financial Corp Buys 123,508 Shares of Mohawk Industries, Inc. (NYSE:MHK)

Truist Financial Corp boosted its stake in Mohawk Industries, Inc. (NYSE:MHK - Free Report) by 72.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 294,894 shares of the company's stock after acquiring an additional 123,508 shares during the period. Truist Financial Corp owned 0.46% of Mohawk Industries worth $30,522,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in MHK. JPMorgan Chase & Co. grew its position in shares of Mohawk Industries by 4.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,435,283 shares of the company's stock worth $208,972,000 after acquiring an additional 103,813 shares in the last quarter. Ariel Investments LLC increased its stake in Mohawk Industries by 3.9% during the third quarter. Ariel Investments LLC now owns 2,059,100 shares of the company's stock valued at $176,691,000 after purchasing an additional 77,974 shares during the last quarter. Invesco Ltd. raised its holdings in shares of Mohawk Industries by 9.7% during the third quarter. Invesco Ltd. now owns 1,759,210 shares of the company's stock worth $150,958,000 after purchasing an additional 156,230 shares during the period. Shapiro Capital Management LLC lifted its position in shares of Mohawk Industries by 4.0% in the 3rd quarter. Shapiro Capital Management LLC now owns 1,718,687 shares of the company's stock worth $147,481,000 after buying an additional 65,934 shares during the last quarter. Finally, Pacer Advisors Inc. boosted its holdings in shares of Mohawk Industries by 1,152.0% in the 4th quarter. Pacer Advisors Inc. now owns 796,736 shares of the company's stock valued at $82,462,000 after buying an additional 733,097 shares during the period. 78.98% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, VP Rodney David Patton sold 1,551 shares of Mohawk Industries stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $119.51, for a total transaction of $185,360.01. Following the transaction, the vice president now directly owns 15,321 shares in the company, valued at approximately $1,831,012.71. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 17.10% of the stock is owned by corporate insiders.

Mohawk Industries Stock Performance

Shares of MHK traded up $2.98 during trading hours on Monday, reaching $118.43. 1,027,304 shares of the company's stock traded hands, compared to its average volume of 714,499. The firm has a market capitalization of $7.54 billion, a price-to-earnings ratio of -18.11 and a beta of 1.34. The business's fifty day simple moving average is $118.92 and its two-hundred day simple moving average is $103.64. Mohawk Industries, Inc. has a twelve month low of $76.02 and a twelve month high of $131.19. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.83 and a quick ratio of 1.02.

Mohawk Industries (NYSE:MHK - Get Free Report) last released its earnings results on Thursday, April 25th. The company reported $1.86 EPS for the quarter, beating the consensus estimate of $1.70 by $0.16. The firm had revenue of $2.68 billion for the quarter, compared to analysts' expectations of $2.64 billion. Mohawk Industries had a negative net margin of 3.77% and a positive return on equity of 7.72%. Mohawk Industries's quarterly revenue was down 4.5% on a year-over-year basis. During the same quarter last year, the company earned $1.75 EPS. Analysts predict that Mohawk Industries, Inc. will post 9.56 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms recently weighed in on MHK. Deutsche Bank Aktiengesellschaft upgraded shares of Mohawk Industries from a "hold" rating to a "buy" rating and increased their price objective for the stock from $98.00 to $152.00 in a research note on Monday, February 12th. Barclays reduced their price objective on Mohawk Industries from $122.00 to $120.00 and set an "equal weight" rating for the company in a research report on Monday. The Goldman Sachs Group increased their target price on Mohawk Industries from $105.00 to $120.00 and gave the stock a "buy" rating in a research report on Thursday, January 11th. StockNews.com raised shares of Mohawk Industries from a "hold" rating to a "buy" rating in a report on Saturday, February 17th. Finally, TheStreet upgraded shares of Mohawk Industries from a "d+" rating to a "c-" rating in a research report on Monday, March 4th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $121.00.

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.