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

Mohawk Industries, Inc. (NYSE:MHK) gapped up before the market opened 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.

The company reported $1.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.70 by $0.16. Mohawk Industries had a positive return on equity of 7.52% and a negative net margin of 3.95%. The company had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.64 billion. During the same quarter last year, the company earned $1.75 EPS. Mohawk Industries’s revenue for the quarter was down 4.5% compared to the same quarter last year.

Wall Street Analyst Weigh In

Several research firms recently commented on MHK. TheStreet raised shares of Mohawk Industries from a “d+” rating to a “c-” rating in a research note on Monday, March 4th. Royal Bank of Canada upped their price target on shares of Mohawk Industries from $101.00 to $106.00 and gave the company a “sector perform” rating in a research report on Monday, February 12th. Wells Fargo & Company decreased their price target on shares of Mohawk Industries from $105.00 to $100.00 and set an “underweight” rating for the company in a research report on Monday, January 22nd. StockNews.com upgraded Mohawk Industries from a “hold” rating to a “buy” rating in a report on Saturday, February 17th. Finally, The Goldman Sachs Group raised their price objective on Mohawk Industries from $105.00 to $120.00 and gave the company a “buy” rating in a research report on Thursday, January 11th. One analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $118.75.

Insider Buying and Selling at Mohawk Industries

In other Mohawk Industries news, VP Rodney David Patton sold 1,551 shares of Mohawk Industries stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $119.51, for a total transaction of $185,360.01. Following the transaction, the vice president now directly owns 15,321 shares of the company’s stock, valued at approximately $1,831,012.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 17.10% of the company’s stock.

Institutional Trading of Mohawk Industries

A number of institutional investors have recently bought and sold shares of MHK. Townsend & Associates Inc grew its position in Mohawk Industries by 0.6% in the first 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 during the last quarter. Amalgamated Bank increased its position in shares of Mohawk Industries by 15.8% during the first quarter. Amalgamated Bank now owns 18,282 shares of the company’s stock worth $2,393,000 after acquiring an additional 2,501 shares in the last quarter. Fifth Third Bancorp lifted its stake in Mohawk Industries by 9.1% in the first quarter. Fifth Third Bancorp now owns 2,189 shares of the company’s stock valued at $287,000 after acquiring an additional 183 shares during the last quarter. Intrinsic Value Partners LLC bought a new stake in shares of Mohawk Industries during the 1st quarter worth about $246,000. Finally, Lakewood Asset Management LLC raised its position 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 valued at $1,596,000 after buying an additional 813 shares in the last quarter. 78.98% of the stock is owned by hedge funds and other institutional investors.

Mohawk Industries Stock Performance

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 price is $118.86 and its 200 day moving average price is $102.85. The company has a market capitalization of $7.34 billion, a P/E ratio of -16.64 and a beta of 1.34.

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.