Mohawk Industries (NYSE:MHK) Shares Up 8.5% – Here’s Why

Mohawk Industries, Inc. (NYSE:MHK) shares traded up 8.5% during mid-day trading on Thursday. The stock traded as high as $127.83 and last traded at $128.0360. Approximately 855,574 shares changed hands during trading, a decline of 9% from the average session volume of 938,759 shares. The stock had previously closed at $118.04.

Analysts Set New Price Targets

MHK has been the topic of several research analyst reports. Truist Financial raised their target price on shares of Mohawk Industries from $135.00 to $155.00 and gave the stock a “buy” rating in a research report on Tuesday, August 4th. Weiss Ratings upgraded Mohawk Industries from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, August 6th. Barclays increased their price objective on shares of Mohawk Industries from $109.00 to $115.00 and gave the company an “equal weight” rating in a research note on Monday, August 3rd. Wells Fargo & Company lifted their target price on Mohawk Industries from $115.00 to $125.00 and gave the stock an “equal weight” rating in a research report on Monday, August 3rd. Finally, Royal Bank Of Canada cut Mohawk Industries from a “sector perform” rating to an “underperform” rating and dropped their price target for the stock from $130.00 to $112.00 in a research report on Wednesday, October 7th. Three analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $133.75.

Mohawk Industries Stock Up 9.0%

The company has a quick ratio of 1.13, a current ratio of 1.92 and a debt-to-equity ratio of 0.14. The stock’s 50 day moving average is $126.72 and its 200 day moving average is $115.97. The firm has a market cap of $8.72 billion, a price-to-earnings ratio of 17.04, a price-to-earnings-growth ratio of 1.69 and a beta of 1.16.

Mohawk Industries (NYSE:MHK) last issued its quarterly earnings results on Thursday, July 30th. The company reported $3.67 earnings per share for the quarter, beating analysts’ consensus estimates of $2.58 by $1.09. Mohawk Industries had a net margin of 4.15% and a return on equity of 7.50%. The company had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $2.79 billion. During the same period in the prior year, the company earned $2.77 EPS. Mohawk Industries’s revenue was up 6.8% on a year-over-year basis. Mohawk Industries has set its Q3 2026 guidance at 2.380-2.480 EPS. Analysts forecast that Mohawk Industries, Inc. will post 9.85 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Jeffrey Lorberbaum sold 53,314 shares of Mohawk Industries stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $131.57, for a total value of $7,014,522.98. Following the transaction, the chief executive officer directly owned 10,000 shares of the company’s stock, valued at $1,315,700. This trade represents a 84.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Suzanne L. Helen sold 7,000 shares of Mohawk Industries stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $131.52, for a total value of $920,640.00. Following the transaction, the insider owned 7,132 shares in the company, valued at $938,000.64. This represents a 49.53% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 172,996 shares of company stock worth $22,433,248 over the last ninety days. 17.90% of the stock is currently owned by company insiders.

Institutional Trading of Mohawk Industries

Several hedge funds and other institutional investors have recently modified their holdings of MHK. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Mohawk Industries during the 2nd quarter worth about $25,000. Elevation Wealth Partners LLC grew its position in shares of Mohawk Industries by 122.2% in the second quarter. Elevation Wealth Partners LLC now owns 220 shares of the company’s stock valued at $27,000 after purchasing an additional 121 shares during the last quarter. Basecamp Wealth Advisors LLC increased its position in Mohawk Industries by 2,281.8% in the 1st quarter. Basecamp Wealth Advisors LLC now owns 262 shares of the company’s stock worth $26,000 after buying an additional 251 shares during the period. Pension & Wealth Management Advisors Inc. acquired a new position in Mohawk Industries during the 3rd quarter valued at $36,000. Finally, Reyes Financial Architecture Inc. acquired a new stake in Mohawk Industries during the third quarter worth about $37,000. 78.98% of the stock is currently 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.