Mohawk Industries (MHK) Receives New Coverage from Analysts at Buckingham Research

Buckingham Research began coverage on shares of Mohawk Industries (NYSE:MHK) in a research note released on Friday, MarketBeat reports. The brokerage issued an underperform rating and a $116.00 price target on the stock.

Several other equities research analysts have also weighed in on the company. Zacks Investment Research raised Mohawk Industries from a sell rating to a hold rating in a research report on Tuesday. Credit Suisse Group set a $125.00 target price on Mohawk Industries and gave the stock a hold rating in a research report on Friday, January 11th. Royal Bank of Canada lowered Mohawk Industries from a sector perform rating to an underperform rating and cut their target price for the stock from $129.00 to $115.00 in a research report on Friday, January 11th. Zelman & Associates lowered Mohawk Industries from a buy rating to a hold rating in a research report on Wednesday, December 19th. Finally, JPMorgan Chase & Co. cut their target price on Mohawk Industries from $160.00 to $105.00 and set an underweight rating on the stock in a research report on Monday, October 29th. Five analysts have rated the stock with a sell rating, ten have given a hold rating and seven have assigned a buy rating to the stock. The stock has an average rating of Hold and an average target price of $167.53.

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MHK stock traded down $0.01 during mid-day trading on Friday, reaching $128.78. The company had a trading volume of 987,904 shares, compared to its average volume of 942,539. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.54 and a quick ratio of 0.79. The firm has a market capitalization of $9.56 billion, a P/E ratio of 9.46, a P/E/G ratio of 1.66 and a beta of 1.49. Mohawk Industries has a fifty-two week low of $109.35 and a fifty-two week high of $275.93.

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

In other Mohawk Industries news, VP Rodney David Patton sold 763 shares of Mohawk Industries stock in a transaction that occurred on Tuesday, December 4th. The stock was sold at an average price of $125.27, for a total transaction of $95,581.01. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Filip Balcaen purchased 9,000 shares of the business’s stock in a transaction on Wednesday, December 26th. The shares were purchased at an average cost of $109.76 per share, for a total transaction of $987,840.00. Following the transaction, the director now owns 776 shares of the company’s stock, valued at $85,173.76. The disclosure for this purchase can be found here. In the last ninety days, insiders have acquired 216,046 shares of company stock worth $26,149,264. 16.80% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MHK. First Pacific Advisors LP acquired a new position in Mohawk Industries during the third quarter worth approximately $277,086,000. Equity Investment Corp purchased a new position in shares of Mohawk Industries in the 3rd quarter valued at approximately $62,627,000. Douglass Winthrop Advisors LLC purchased a new position in shares of Mohawk Industries in the 4th quarter valued at approximately $37,103,000. Thompson Siegel & Walmsley LLC grew its stake in shares of Mohawk Industries by 853,280.0% in the 3rd quarter. Thompson Siegel & Walmsley LLC now owns 256,014 shares of the company’s stock valued at $44,892,000 after purchasing an additional 255,984 shares during the last quarter. Finally, Kovitz Investment Group Partners LLC grew its stake in shares of Mohawk Industries by 587.6% in the 3rd quarter. Kovitz Investment Group Partners LLC now owns 274,041 shares of the company’s stock valued at $48,053,000 after purchasing an additional 234,185 shares during the last quarter. 78.77% of the stock is currently owned by institutional investors.

Mohawk Industries Company 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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