Mohawk Industries (NYSE:MHK) Price Target Cut to $120.00 by Analysts at Barclays

Mohawk Industries (NYSE:MHK) had its target price dropped by equities research analysts at Barclays from $122.00 to $120.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm currently has an “equal weight” rating on the stock. Barclays‘s price target would indicate a potential upside of 1.40% from the company’s previous close.

MHK has been the topic of several other research reports. The Goldman Sachs Group raised their price objective on Mohawk Industries from $105.00 to $120.00 and gave the company a “buy” rating in a report on Thursday, January 11th. Wells Fargo & Company cut their price objective on Mohawk Industries from $105.00 to $100.00 and set an “underweight” rating on the stock in a report on Monday, January 22nd. Royal Bank of Canada raised their price objective on Mohawk Industries from $106.00 to $108.00 and gave the company a “sector perform” rating in a report on Monday. Truist Financial raised their price objective on Mohawk Industries from $127.00 to $140.00 and gave the company a “buy” rating in a report on Monday. Finally, Loop Capital cut their price objective on Mohawk Industries from $140.00 to $135.00 and set a “buy” rating on the stock in a report on Monday. One 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.com, the company presently has a consensus rating of “Hold” and an average price target of $121.00.

Mohawk Industries Price Performance

Shares of MHK stock traded up $2.89 during trading hours on Monday, reaching $118.34. The company’s stock had a trading volume of 327,845 shares, compared to its average volume of 705,872. The firm’s 50 day simple moving average is $118.86 and its 200-day simple moving average is $103.36. The company has a market capitalization of $7.54 billion, a price-to-earnings ratio of -18.19 and a beta of 1.34. Mohawk Industries has a fifty-two week low of $76.02 and a fifty-two week high of $131.19. The company has a quick ratio of 1.02, a current ratio of 1.83 and a debt-to-equity ratio of 0.22.

Mohawk Industries (NYSE:MHK) last issued its earnings results on Thursday, April 25th. The company reported $1.86 earnings per share for the quarter, beating analysts’ consensus estimates of $1.70 by $0.16. The firm had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.64 billion. Mohawk Industries had a positive return on equity of 7.72% and a negative net margin of 3.77%. The company’s revenue was down 4.5% compared to the same quarter last year. During the same quarter last year, the business posted $1.75 EPS. Sell-side analysts forecast that Mohawk Industries will post 9.56 earnings per share for the current year.

Insider Buying and Selling

In related news, VP Rodney David Patton sold 1,551 shares of the firm’s 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 completion of the transaction, the vice president now directly owns 15,321 shares of the company’s stock, valued at approximately $1,831,012.71. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 17.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Quarry LP raised its position in shares of Mohawk Industries by 70.4% in the 4th quarter. Quarry LP now owns 421 shares of the company’s stock worth $44,000 after acquiring an additional 174 shares in the last quarter. Huntington National Bank raised its position in shares of Mohawk Industries by 36.0% in the 3rd quarter. Huntington National Bank now owns 540 shares of the company’s stock worth $46,000 after acquiring an additional 143 shares in the last quarter. Allworth Financial LP raised its position in shares of Mohawk Industries by 88.1% in the 4th quarter. Allworth Financial LP now owns 521 shares of the company’s stock worth $54,000 after acquiring an additional 244 shares in the last quarter. Signaturefd LLC raised its position in shares of Mohawk Industries by 29.4% in the 4th quarter. Signaturefd LLC now owns 563 shares of the company’s stock worth $58,000 after acquiring an additional 128 shares in the last quarter. Finally, TFO Wealth Partners LLC raised its position in shares of Mohawk Industries by 32,500.0% in the 4th quarter. TFO Wealth Partners LLC now owns 652 shares of the company’s stock worth $67,000 after acquiring an additional 650 shares in the last quarter. 78.98% of the stock is owned by institutional investors.

Mohawk Industries Company Profile

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.