Mohawk Industries (NYSE:MHK) Sets New 52-Week High - Here's What Happened

Key Points

• Mohawk Industries shares reached a new 52-week high, trading as high as $155.88, above the prior close of $153.36.
• Quarterly EPS of $2.72 topped the $2.58 consensus, while revenue of $2.79 billion came in below estimates; revenue grew 1% year over year.
• Analysts’ average rating is Hold, with an average price target of $138.92. Company insiders sold 118,300 shares worth about $15.5 million over the past three months.

Mohawk Industries, Inc. (NYSE:MHK - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Thursday. The company traded as high as $155.88 and last traded at $153.2610, with a volume of 42,781 shares. The stock had previously closed at $153.36.

Analysts Set New Price Targets

Several research firms recently commented on MHK. Deutsche Bank Aktiengesellschaft restated a "hold" rating and issued a $121.00 price target on shares of Mohawk Industries in a report on Tuesday, August 4th. Weiss Ratings upgraded shares of Mohawk Industries from a "hold (c)" rating to a "hold (c+)" rating in a research note on Monday. Bank of America reiterated a "neutral" rating on shares of Mohawk Industries in a research note on Monday. Royal Bank Of Canada lowered shares of Mohawk Industries from a "sector perform" rating to an "underperform" rating and dropped their price objective for the stock from $130.00 to $112.00 in a research report on Wednesday, October 7th. Finally, Wells Fargo & Company increased their price target on Mohawk Industries from $115.00 to $125.00 and gave the company an "equal weight" rating in a report on Monday, August 3rd. Four analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $138.92.

Mohawk Industries Price Performance

The business's 50-day moving average price is $126.57 and its two-hundred day moving average price is $116.99. The firm has a market cap of $8.83 billion, a price-to-earnings ratio of 17.81, a P/E/G ratio of 1.95 and a beta of 1.18. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.91 and a quick ratio of 1.09.

Mohawk Industries (NYSE:MHK - Get Free Report) last announced its quarterly earnings data on Thursday, October 29th. The company reported $2.72 earnings per share for the quarter, beating the consensus estimate of $2.58 by $0.14. Mohawk Industries had a return on equity of 7.47% and a net margin of 4.63%. The firm had revenue of $2.79 billion during the quarter, compared to analyst estimates of $2.82 billion. During the same period in the previous year, the company earned $2.67 earnings per share. Mohawk Industries's quarterly revenue was up 1.0% on a year-over-year basis. On average, research analysts forecast that Mohawk Industries, Inc. will post 9.76 EPS for the current fiscal year.

Insider Activity

In related news, Director Bernard Thiers sold 15,000 shares of the stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $144.05, for a total value of $2,160,750.00. Following the completion of the transaction, the director owned 78,633 shares in the company, valued at $11,327,083.65. This trade represents a 16.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Suzanne L. Helen sold 1,000 shares of the business's stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $139.48, for a total transaction of $139,480.00. Following the sale, the insider owned 6,132 shares in the company, valued at $855,291.36. This represents a 14.02% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 118,300 shares of company stock worth $15,545,601 over the last three months. Corporate insiders own 17.90% of the company's stock.

Institutional Trading of Mohawk Industries

A number of hedge funds have recently made changes to their positions in MHK. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Mohawk Industries during the second quarter worth about $25,000. Basecamp Wealth Advisors LLC boosted its position in shares of Mohawk Industries by 2,281.8% in the first quarter. Basecamp Wealth Advisors LLC now owns 262 shares of the company's stock valued at $26,000 after acquiring an additional 251 shares during the period. Elevation Wealth Partners LLC grew its position in shares of Mohawk Industries by 122.2% during the 2nd quarter. Elevation Wealth Partners LLC now owns 220 shares of the company's stock worth $27,000 after purchasing an additional 121 shares in the last quarter. Pension & Wealth Management Advisors Inc. bought a new position in Mohawk Industries during the 3rd quarter worth $36,000. Finally, Provenance Wealth Advisors LLC bought a new position in shares of Mohawk Industries in the third quarter worth $36,000. 78.98% of the stock is owned by hedge funds and other institutional investors.

About Mohawk Industries

Mohawk Industries, Inc is a global manufacturer and distributor of flooring products. The company serves residential and commercial customers through products sold to retailers, distributors, builders, contractors and other industry professionals.

Its product portfolio includes carpet, rugs, ceramic and porcelain tile, hardwood flooring, laminate, luxury vinyl tile and other resilient flooring products. Mohawk markets products under a range of well-known brands, including Mohawk, Karastan, Pergo, Quick-Step, Marazzi, Daltile, American Olean and Durkan.

The company traces its origins to a carpet mill established in 1878 and is headquartered in Calhoun, Georgia.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.