RK Asset Management LLC acquired a new position in Mohawk Industries, Inc. (NYSE:MHK) in the first quarter, HoldingsChannel.com reports. The institutional investor acquired 55,336 shares of the company’s stock, valued at approximately $10,642,000. Mohawk Industries accounts for 9.5% of RK Asset Management LLC’s portfolio, making the stock its 4th largest holding.
A number of other hedge funds have also recently made changes to their positions in the stock. Fulton Bank N.A. increased its position in Mohawk Industries by 1.8% in the first quarter. Fulton Bank N.A. now owns 2,942 shares of the company’s stock worth $566,000 after purchasing an additional 53 shares during the period. Boyar Asset Management Inc. grew its position in shares of Mohawk Industries by 2.8% during the 4th quarter. Boyar Asset Management Inc. now owns 2,389 shares of the company’s stock worth $337,000 after buying an additional 65 shares during the period. SeaBridge Investment Advisors LLC grew its position in shares of Mohawk Industries by 0.5% in the 4th quarter. SeaBridge Investment Advisors LLC now owns 13,639 shares of the company’s stock valued at $1,922,000 after purchasing an additional 73 shares during the period. Advisory Services Network LLC grew its position in shares of Mohawk Industries by 12.7% in the 4th quarter. Advisory Services Network LLC now owns 754 shares of the company’s stock valued at $106,000 after purchasing an additional 85 shares during the period. Finally, M&T Bank Corp grew its position in shares of Mohawk Industries by 4.3% in the 4th quarter. M&T Bank Corp now owns 2,583 shares of the company’s stock valued at $363,000 after purchasing an additional 106 shares during the period. Hedge funds and other institutional investors own 74.01% of the company’s stock.
NYSE MHK traded down $2.43 on Thursday, reaching $195.31. The stock had a trading volume of 2,930 shares, compared to its average volume of 541,574. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.16 and a quick ratio of 1.39. The firm has a fifty day moving average of $184.70 and a two-hundred day moving average of $142.21. Mohawk Industries, Inc. has a 1-year low of $67.79 and a 1-year high of $202.94. The company has a market cap of $13.72 billion, a P/E ratio of 26.69, a price-to-earnings-growth ratio of 2.44 and a beta of 1.54.
Mohawk Industries (NYSE:MHK) last released its earnings results on Thursday, February 11th. The company reported $3.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.88 by $0.66. The company had revenue of $2.64 billion for the quarter, compared to analyst estimates of $2.50 billion. Mohawk Industries had a return on equity of 6.74% and a net margin of 5.70%. Research analysts predict that Mohawk Industries, Inc. will post 8.15 EPS for the current fiscal year.
In related news, insider Bernard Thiers sold 5,000 shares of the company’s stock in a transaction on Friday, March 5th. The stock was sold at an average price of $185.57, for a total transaction of $927,850.00. Following the completion of the sale, the insider now directly owns 65,360 shares in the company, valued at approximately $12,128,855.20. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Rodney David Patton sold 1,580 shares of the company’s stock in a transaction on Monday, March 8th. The stock was sold at an average price of $188.00, for a total value of $297,040.00. Following the sale, the vice president now owns 12,081 shares of the company’s stock, valued at $2,271,228. The disclosure for this sale can be found here. Over the last three months, insiders have sold 11,580 shares of company stock worth $2,130,390. 18.50% of the stock is currently owned by insiders.
Several brokerages recently issued reports on MHK. Barclays boosted their price objective on Mohawk Industries from $160.00 to $191.00 and gave the company an “overweight” rating in a research report on Tuesday, February 16th. Raymond James boosted their target price on Mohawk Industries from $180.00 to $200.00 and gave the company a “strong-buy” rating in a research note on Tuesday, February 16th. Deutsche Bank Aktiengesellschaft upgraded Mohawk Industries from a “sell” rating to a “hold” rating and set a $135.00 target price on the stock in a research note on Monday, December 14th. Wolfe Research started coverage on Mohawk Industries in a research note on Tuesday, March 23rd. They issued a “peer perform” rating on the stock. Finally, TheStreet upgraded Mohawk Industries from a “c+” rating to a “b-” rating in a research note on Thursday, March 11th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $139.84.
Mohawk Industries Profile
Mohawk Industries, Inc designs, manufactures, sources, distributes, and markets flooring products for remodeling and new constructions of residential and commercial spaces in the United States, Europe, Russia, and internationally. It operates through three segments: Global Ceramic, Flooring North America (Flooring NA), and Flooring Rest of the World (Flooring ROW).
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