ING Groep NV purchased a new position in Mohawk Industries, Inc. (NYSE:MHK) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 1,522 shares of the company’s stock, valued at approximately $267,000.
A number of other hedge funds and other institutional investors also recently modified their holdings of MHK. WESPAC Advisors SoCal LLC purchased a new stake in shares of Mohawk Industries during the third quarter worth $105,000. Qube Research & Technologies Ltd purchased a new stake in shares of Mohawk Industries during the second quarter worth $110,000. SRS Capital Advisors Inc. purchased a new stake in shares of Mohawk Industries during the third quarter worth $118,000. Captrust Financial Advisors grew its holdings in shares of Mohawk Industries by 2,250.0% during the second quarter. Captrust Financial Advisors now owns 705 shares of the company’s stock worth $151,000 after buying an additional 675 shares in the last quarter. Finally, Piedmont Investment Advisors LLC purchased a new stake in shares of Mohawk Industries during the second quarter worth $159,000. 78.99% of the stock is owned by institutional investors.
In other Mohawk Industries news, insider Bernard Thiers sold 5,000 shares of the company’s stock in a transaction dated Tuesday, September 11th. The shares were sold at an average price of $190.00, for a total value of $950,000.00. Following the transaction, the insider now owns 40,156 shares of the company’s stock, valued at $7,629,640. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Jeffrey S. Lorberbaum sold 13,400 shares of the company’s stock in a transaction dated Friday, September 14th. The shares were sold at an average price of $186.74, for a total transaction of $2,502,316.00. Following the completion of the transaction, the chairman now directly owns 45,187 shares in the company, valued at approximately $8,438,220.38. The disclosure for this sale can be found here. Corporate insiders own 16.80% of the company’s stock.
Mohawk Industries (NYSE:MHK) last announced its quarterly earnings data on Thursday, October 25th. The company reported $3.29 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $3.58 by ($0.29). Mohawk Industries had a net margin of 8.81% and a return on equity of 13.49%. The firm had revenue of $2.55 billion during the quarter, compared to analysts’ expectations of $2.61 billion. Equities research analysts anticipate that Mohawk Industries, Inc. will post 12.32 EPS for the current year.
Mohawk Industries declared that its board has approved a share buyback plan on Thursday, October 25th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 4.5% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
A number of research firms have recently issued reports on MHK. Credit Suisse Group set a $125.00 target price on shares of Mohawk Industries and gave the stock a “hold” rating in a report on Tuesday, November 13th. JPMorgan Chase & Co. dropped their target price on shares of Mohawk Industries from $160.00 to $105.00 and set an “underweight” rating for the company in a report on Monday, October 29th. SunTrust Banks dropped their target price on shares of Mohawk Industries from $270.00 to $135.00 and set a “buy” rating for the company in a report on Monday, October 29th. Raymond James dropped their price objective on shares of Mohawk Industries from $195.00 to $140.00 and set a “buy” rating for the company in a report on Monday, October 29th. Finally, Wells Fargo & Co dropped their price objective on shares of Mohawk Industries from $195.00 to $130.00 and set a “market perform” rating for the company in a report on Monday, October 29th. Four equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $171.63.
About Mohawk Industries
Mohawk Industries, Inc designs, manufactures, sources, distributes, and markets flooring products for remodeling and new constructions of residential and commercial spaces worldwide. It operates through three segments: Global Ceramic, Flooring North America (Flooring NA), and Flooring Rest of the World (Flooring ROW).
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