Royal Bank Of Canada Reiterates "Sector Perform" Rating for Mohawk Industries (NYSE:MHK)

Key Points

• Royal Bank of Canada has raised the target price for Mohawk Industries' stock from $119.00 to $123.00, indicating a potential upside of 1.94% from its current price.
• A variety of analysts have given Mohawk Industries different ratings, with an average consensus rating of "Moderate Buy" and a target price of $140.07.
• Mohawk Industries reported $2.77 earnings per share for the last quarter, surpassing analysts' expectations and reflecting a 0.0% year-over-year revenue increase.

Mohawk Industries (NYSE:MHK - Get Free Report)'s stock had its "sector perform" rating reiterated by equities researchers at Royal Bank Of Canada in a report issued on Monday, July 28th, MarketBeat reports. They currently have a $123.00 price objective on the stock, up from their previous price objective of $119.00. Royal Bank Of Canada's price objective would indicate a potential upside of 3.00% from the stock's current price.

Several other research firms have also recently commented on MHK. Wall Street Zen cut shares of Mohawk Industries from a "buy" rating to a "hold" rating in a research note on Monday, May 5th. Wells Fargo & Company lifted 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 note on Tuesday, July 8th. Robert W. Baird lifted their target price on shares of Mohawk Industries from $130.00 to $142.00 and gave the stock an "outperform" rating in a research note on Monday, July 28th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Mohawk Industries in a research note on Tuesday, April 1st. They issued a "hold" rating and a $121.00 target price for the company. Finally, JPMorgan Chase & Co. decreased their price target on shares of Mohawk Industries from $156.00 to $139.00 and set an "overweight" rating on the stock in a report on Tuesday, May 6th. Seven investment 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 company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $140.14.

Mohawk Industries Trading Up 2.3%

Shares of MHK opened at $119.42 on Monday. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.13 and a quick ratio of 1.18. The firm has a 50 day simple moving average of $107.76 and a 200-day simple moving average of $111.02. Mohawk Industries has a 1-year low of $96.24 and a 1-year high of $164.29. The stock has a market cap of $7.42 billion, a price-to-earnings ratio of 15.88, a price-to-earnings-growth ratio of 2.54 and a beta of 1.28.

Mohawk Industries (NYSE:MHK - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The company reported $2.77 earnings per share 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 business had revenue of $2.80 billion during the quarter, compared to analysts' expectations of $2.76 billion. During the same period last year, the company posted $3.00 EPS. The company's revenue was up .0% on a year-over-year basis. Equities analysts forecast that Mohawk Industries will post 9.8 EPS for the current fiscal year.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Mohawk Industries

Several hedge funds and other institutional investors have recently modified their holdings of the stock. JPMorgan Chase & Co. increased its position in shares of Mohawk Industries by 12.8% in the 1st quarter. JPMorgan Chase & Co. now owns 3,626,004 shares of the company's stock worth $414,017,000 after purchasing an additional 410,388 shares during 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 valued at $338,444,000 after buying an additional 213,429 shares during the last quarter. 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 valued at $208,030,000 after buying an additional 96,568 shares during the last quarter. 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 valued at $199,081,000 after buying an additional 57,391 shares during the last quarter. 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 valued at $176,711,000 after buying an additional 50,232 shares during the last quarter. 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.