Mohawk Industries (NYSE:MHK) Shares Gap Up Following Strong Earnings

Shares of Mohawk Industries, Inc. (NYSE:MHK) gapped up prior to trading on Friday following a better than expected earnings announcement. The stock had previously closed at $110.27, but opened at $117.98. Mohawk Industries shares last traded at $116.12, with a volume of 91,161 shares traded.

The company reported $1.86 EPS for the quarter, topping the consensus estimate of $1.70 by $0.16. The company had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.64 billion. Mohawk Industries had a positive return on equity of 7.71% and a negative net margin of 3.77%. The business’s revenue was down 4.5% on a year-over-year basis. During the same quarter last year, the firm earned $1.75 EPS.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on MHK shares. Barclays raised their price target on Mohawk Industries from $100.00 to $122.00 and gave the stock an “equal weight” rating in a report on Monday, February 12th. StockNews.com raised Mohawk Industries from a “hold” rating to a “buy” rating in a report on Saturday, February 17th. TheStreet raised Mohawk Industries from a “d+” rating to a “c-” rating in a report on Monday, March 4th. Deutsche Bank Aktiengesellschaft raised Mohawk Industries from a “hold” rating to a “buy” rating and raised their price target for the stock from $98.00 to $152.00 in a report on Monday, February 12th. Finally, Wells Fargo & Company cut their target price on Mohawk Industries from $105.00 to $100.00 and set an “underweight” rating on the stock in a research note on Monday, January 22nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $118.75.

Insider Buying and Selling at Mohawk Industries

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

Institutional Trading of Mohawk Industries

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Townsend & Associates Inc raised its stake in shares of Mohawk Industries by 0.6% in the 1st quarter. Townsend & Associates Inc now owns 257,926 shares of the company’s stock worth $33,760,000 after buying an additional 1,660 shares in the last quarter. Amalgamated Bank grew its holdings in shares of Mohawk Industries by 15.8% in the 1st quarter. Amalgamated Bank now owns 18,282 shares of the company’s stock worth $2,393,000 after acquiring an additional 2,501 shares during the last quarter. Fifth Third Bancorp grew its holdings in shares of Mohawk Industries by 9.1% in the 1st quarter. Fifth Third Bancorp now owns 2,189 shares of the company’s stock worth $287,000 after acquiring an additional 183 shares during the last quarter. Intrinsic Value Partners LLC acquired a new position in shares of Mohawk Industries in the 1st quarter worth $246,000. Finally, Lakewood Asset Management LLC grew its holdings in shares of Mohawk Industries by 7.1% in the 1st quarter. Lakewood Asset Management LLC now owns 12,195 shares of the company’s stock worth $1,596,000 after acquiring an additional 813 shares during the last quarter. Institutional investors own 78.98% of the company’s stock.

Mohawk Industries Stock Up 4.7 %

The company has a current ratio of 1.78, a quick ratio of 0.97 and a debt-to-equity ratio of 0.22. The firm has a market capitalization of $7.35 billion, a price-to-earnings ratio of -17.65 and a beta of 1.34. The stock has a fifty day moving average of $118.86 and a 200-day moving average of $103.09.

About Mohawk Industries

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.