Sompo Japan Nipponkoa Asset Management CO. LTD. Grows Stake in Mohawk Industries, Inc. (MHK)

Sompo Japan Nipponkoa Asset Management CO. LTD. increased its stake in shares of Mohawk Industries, Inc. (NYSE:MHK) by 38.8% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,760 shares of the company’s stock after purchasing an additional 1,890 shares during the period. Sompo Japan Nipponkoa Asset Management CO. LTD.’s holdings in Mohawk Industries were worth $1,185,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MHK. Epoch Investment Partners Inc. purchased a new position in shares of Mohawk Industries during the second quarter valued at approximately $171,834,000. Long Pond Capital LP bought a new stake in Mohawk Industries during the second quarter valued at approximately $158,411,000. Equity Investment Corp bought a new stake in Mohawk Industries during the third quarter valued at approximately $62,627,000. Select Equity Group L.P. grew its position in Mohawk Industries by 20.6% during the second quarter. Select Equity Group L.P. now owns 1,959,024 shares of the company’s stock valued at $419,760,000 after buying an additional 334,869 shares during the period. Finally, Calamos Advisors LLC grew its position in Mohawk Industries by 324.6% during the second quarter. Calamos Advisors LLC now owns 294,082 shares of the company’s stock valued at $63,013,000 after buying an additional 224,823 shares during the period. 81.57% of the stock is owned by hedge funds and other institutional investors.

Several brokerages recently issued reports on MHK. Credit Suisse Group restated a “neutral” rating on shares of Mohawk Industries in a research report on Monday, October 29th. ValuEngine lowered shares of Mohawk Industries from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 26th. Jefferies Financial Group lowered shares of Mohawk Industries from a “buy” rating to a “hold” rating in a research report on Friday, October 26th. Cleveland Research restated a “hold” rating on shares of Mohawk Industries in a research report on Wednesday, September 12th. Finally, Raymond James lowered shares of Mohawk Industries from a “strong-buy” rating to an “outperform” rating in a research report on Friday, July 27th. Four research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $175.06.

In other news, Director Filip Balcaen purchased 250,000 shares of the company’s stock in a transaction on Monday, October 29th. The stock was acquired at an average cost of $118.42 per share, for a total transaction of $29,605,000.00. Following the completion of the transaction, the director now directly owns 776 shares in the company, valued at approximately $91,893.92. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Brian Carson purchased 2,698 shares of the company’s stock in a transaction on Monday, October 29th. The stock was purchased at an average price of $116.34 per share, with a total value of $313,885.32. Following the completion of the transaction, the insider now owns 21,135 shares of the company’s stock, valued at $2,458,845.90. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 262,698 shares of company stock valued at $31,728,885. Company insiders own 16.80% of the company’s stock.

MHK opened at $125.65 on Friday. The company has a market capitalization of $9.38 billion, a price-to-earnings ratio of 9.23, a PEG ratio of 1.52 and a beta of 1.62. Mohawk Industries, Inc. has a 1-year low of $113.45 and a 1-year high of $286.85. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.54 and a quick ratio of 0.79.

Mohawk Industries (NYSE:MHK) last posted its quarterly earnings results on Thursday, October 25th. The company reported $3.29 earnings per share for the quarter, missing the Zacks’ consensus estimate of $3.58 by ($0.29). The firm had revenue of $2.55 billion during the quarter, compared to the consensus estimate of $2.61 billion. Mohawk Industries had a return on equity of 13.49% and a net margin of 8.81%. Equities research analysts anticipate that Mohawk Industries, Inc. will post 12.46 earnings per share for the current fiscal year.

Mohawk Industries declared that its board has authorized a share buyback program on Thursday, October 25th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to repurchase up to 4.5% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.

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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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Institutional Ownership by Quarter for Mohawk Industries (NYSE:MHK)

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