Cornercap Investment Counsel Inc. Acquires New Stake in Mohawk Industries, Inc. (NYSE:MHK)

Cornercap Investment Counsel Inc. acquired a new stake in shares of Mohawk Industries, Inc. (NYSE:MHK) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 5,954 shares of the company’s stock, valued at approximately $616,000.

Several other large investors also recently added to or reduced their stakes in the business. Louisiana State Employees Retirement System purchased a new stake in Mohawk Industries during the fourth quarter valued at about $331,000. Byrne Asset Management LLC purchased a new stake in Mohawk Industries during the fourth quarter valued at about $101,000. Cardinal Capital Management raised its position in Mohawk Industries by 49.6% during the fourth quarter. Cardinal Capital Management now owns 8,872 shares of the company’s stock valued at $918,000 after purchasing an additional 2,943 shares in the last quarter. Olstein Capital Management L.P. raised its position in Mohawk Industries by 2.8% during the fourth quarter. Olstein Capital Management L.P. now owns 109,000 shares of the company’s stock valued at $11,282,000 after purchasing an additional 3,000 shares in the last quarter. Finally, Nisa Investment Advisors LLC raised its position in Mohawk Industries by 2.3% during the fourth quarter. Nisa Investment Advisors LLC now owns 24,543 shares of the company’s stock valued at $2,540,000 after purchasing an additional 552 shares in the last quarter. Institutional investors own 78.98% of the company’s stock.

Mohawk Industries Stock Performance

Shares of NYSE:MHK opened at $109.50 on Wednesday. Mohawk Industries, Inc. has a 1 year low of $76.02 and a 1 year high of $131.19. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.97 and a current ratio of 1.78. The stock’s 50-day moving average is $119.34 and its 200 day moving average is $101.77.

Mohawk Industries (NYSE:MHK) last announced its quarterly earnings results on Friday, February 9th. The company reported $1.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.86 by $0.10. Mohawk Industries had a positive return on equity of 7.52% and a negative net margin of 3.95%. The company had revenue of $2.61 billion for the quarter, compared to the consensus estimate of $2.56 billion. During the same quarter in the previous year, the business earned $1.32 EPS. Mohawk Industries’s revenue was down 1.4% compared to the same quarter last year. On average, analysts anticipate that Mohawk Industries, Inc. will post 9.56 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on MHK. Truist Financial raised their price target on Mohawk Industries from $98.00 to $127.00 and gave the company a “buy” rating in a research report on Tuesday, February 13th. StockNews.com upgraded Mohawk Industries from a “hold” rating to a “buy” rating in a research report on Saturday, February 17th. Wells Fargo & Company decreased 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. The Goldman Sachs Group lifted their price objective on Mohawk Industries from $105.00 to $120.00 and gave the stock a “buy” rating in a report on Thursday, January 11th. Finally, Deutsche Bank Aktiengesellschaft upgraded Mohawk Industries from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $98.00 to $152.00 in a report on Monday, February 12th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, Mohawk Industries has an average rating of “Hold” and a consensus target price of $117.56.

Insider Activity at Mohawk Industries

In related news, VP Rodney David Patton sold 1,551 shares of the business’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $119.51, for a total transaction of $185,360.01. Following the transaction, the vice president now owns 15,321 shares in the company, valued at approximately $1,831,012.71. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 17.10% of the stock is owned by company insiders.

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.