Wells Fargo & Company Cuts Mohawk Industries (NYSE:MHK) Price Target to $135.00

Mohawk Industries (NYSE:MHK) had its price objective cut by Wells Fargo & Company from $140.00 to $135.00 in a report published on Tuesday,Benzinga reports. They currently have an equal weight rating on the stock.

MHK has been the topic of a number of other research reports. Truist Financial dropped their price target on Mohawk Industries from $184.00 to $155.00 and set a “buy” rating on the stock in a research note on Monday, October 28th. Barclays cut their target price on Mohawk Industries from $146.00 to $141.00 and set an “equal weight” rating for the company in a research note on Wednesday, December 11th. Robert W. Baird upgraded shares of Mohawk Industries from a “neutral” rating to an “overweight” rating and raised their price target for the company from $160.00 to $196.00 in a research note on Monday, October 21st. Baird R W raised Mohawk Industries from a “hold” rating to a “strong-buy” rating in a report on Monday, October 21st. Finally, Jefferies Financial Group lifted their target price on shares of Mohawk Industries from $150.00 to $160.00 and gave the stock a “hold” rating in a research report on Wednesday, October 9th. Six analysts have rated the stock with a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $159.17.

Mohawk Industries Price Performance

MHK opened at $116.82 on Tuesday. The company has a fifty day simple moving average of $139.85 and a 200 day simple moving average of $138.83. The company has a quick ratio of 1.09, a current ratio of 2.03 and a debt-to-equity ratio of 0.22. The stock has a market cap of $7.37 billion, a P/E ratio of 13.23, a P/E/G ratio of 1.45 and a beta of 1.38. Mohawk Industries has a 12 month low of $96.28 and a 12 month high of $164.29.

Insider Activity

In related news, insider Suzanne L. Helen sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $135.48, for a total transaction of $270,960.00. Following the completion of the sale, the insider now owns 2,453 shares in the company, valued at approximately $332,332.44. This trade represents a 44.91 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders sold a total of 19,078 shares of company stock valued at $2,474,347 in the last ninety days. 17.10% of the stock is currently owned by insiders.

Institutional Trading of Mohawk Industries

A number of institutional investors have recently added to or reduced their stakes in the stock. Sumitomo Mitsui Trust Holdings Inc. grew its position in Mohawk Industries by 4.4% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 11,573 shares of the company’s stock worth $1,315,000 after acquiring an additional 493 shares during the last quarter. Fifth Third Bancorp increased its position in Mohawk Industries by 7.0% during the 2nd quarter. Fifth Third Bancorp now owns 2,343 shares of the company’s stock valued at $266,000 after buying an additional 154 shares in the last quarter. Van Lanschot Kempen Investment Management N.V. raised its position in shares of Mohawk Industries by 11.2% in the 2nd quarter. Van Lanschot Kempen Investment Management N.V. now owns 667,516 shares of the company’s stock worth $75,823,000 after purchasing an additional 67,452 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in Mohawk Industries by 2.4% in the second quarter. Bank of New York Mellon Corp now owns 311,268 shares of the company’s stock worth $35,357,000 after buying an additional 7,194 shares during the last quarter. Finally, State of Michigan Retirement System raised its holdings in Mohawk Industries by 0.7% in the 2nd quarter. State of Michigan Retirement System now owns 14,545 shares of the company’s stock worth $1,652,000 after acquiring an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 78.98% of the company’s stock.

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.