Redmond Asset Management LLC lessened its stake in Mohawk Industries, Inc. (NYSE:MHK) by 4.0% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,067 shares of the company’s stock after selling 298 shares during the period. Redmond Asset Management LLC’s holdings in Mohawk Industries were worth $1,042,000 as of its most recent SEC filing.
Other hedge funds also recently modified their holdings of the company. Penserra Capital Management LLC acquired a new position in Mohawk Industries during the 1st quarter worth approximately $25,000. Massey Quick Simon & CO. LLC acquired a new position in Mohawk Industries during the 1st quarter worth approximately $38,000. Parallel Advisors LLC increased its position in Mohawk Industries by 28.0% during the 1st quarter. Parallel Advisors LLC now owns 452 shares of the company’s stock worth $57,000 after purchasing an additional 99 shares during the period. Zions Bancorporation N.A. acquired a new position in Mohawk Industries during the 1st quarter worth approximately $85,000. Finally, Marshall Wace North America L.P. acquired a new position in Mohawk Industries during the 1st quarter worth approximately $85,000. Hedge funds and other institutional investors own 83.38% of the company’s stock.
In related news, insider Suzanne L. Helen sold 4,200 shares of the company’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $148.04, for a total value of $621,768.00. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Jeffrey S. Lorberbaum sold 18,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $142.76, for a total value of $2,569,680.00. Following the completion of the sale, the chairman now owns 47,603 shares in the company, valued at approximately $6,795,804.28. The disclosure for this sale can be found here. In the last 90 days, insiders sold 31,000 shares of company stock worth $4,481,028. Insiders own 18.00% of the company’s stock.
Shares of MHK traded down $1.33 on Thursday, reaching $111.13. The stock had a trading volume of 392,631 shares, compared to its average volume of 1,071,668. The stock has a market cap of $8.22 billion, a price-to-earnings ratio of 9.01, a PEG ratio of 2.23 and a beta of 1.38. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.30 and a quick ratio of 0.66. The company’s 50-day moving average is $138.60. Mohawk Industries, Inc. has a twelve month low of $109.35 and a twelve month high of $196.30.
Mohawk Industries (NYSE:MHK) last released its quarterly earnings results on Thursday, July 25th. The company reported $2.89 earnings per share for the quarter, topping analysts’ consensus estimates of $2.87 by $0.02. The business had revenue of $2.58 billion for the quarter, compared to analysts’ expectations of $2.65 billion. Mohawk Industries had a return on equity of 10.50% and a net margin of 7.79%. The company’s revenue was up .3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.51 EPS. As a group, equities analysts anticipate that Mohawk Industries, Inc. will post 10.04 EPS for the current year.
Several research firms have issued reports on MHK. Zacks Investment Research cut Mohawk Industries from a “hold” rating to a “sell” rating and set a $131.00 target price on the stock. in a research report on Thursday, August 1st. Buckingham Research upgraded Mohawk Industries from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from $115.00 to $117.00 in a research report on Tuesday, July 30th. Wells Fargo & Co cut Mohawk Industries from a “market perform” rating to an “underperform” rating and dropped their target price for the stock from $135.00 to $115.00 in a research report on Monday, July 29th. National Securities began coverage on Mohawk Industries in a research report on Thursday, July 11th. They set a “buy” rating on the stock. Finally, Robert W. Baird set a $156.00 target price on Mohawk Industries and gave the stock a “buy” rating in a research report on Monday, April 22nd. Six equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $142.59.
Mohawk Industries Profile
Mohawk Industries, Inc designs, manufactures, sources, distributes, and markets flooring products for remodeling and new constructions of residential and commercial spaces worldwide. It operates through three segments: Global Ceramic, Flooring North America (Flooring NA), and Flooring Rest of the World (Flooring ROW).
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