PNC Financial Services Group Inc. lifted its holdings in Mohawk Industries, Inc. (NYSE:MHK) by 1.8% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 354,472 shares of the company’s stock after purchasing an additional 6,103 shares during the quarter. PNC Financial Services Group Inc. owned 0.48% of Mohawk Industries worth $85,675,000 as of its most recent filing with the SEC.
Other large investors have also added to or reduced their stakes in the company. Oppenheimer Asset Management Inc. bought a new position in shares of Mohawk Industries in the first quarter worth $1,278,000. Aviva PLC grew its stake in shares of Mohawk Industries by 1.1% in the second quarter. Aviva PLC now owns 38,875 shares of the company’s stock worth $9,396,000 after purchasing an additional 410 shares in the last quarter. Bank of Nova Scotia grew its stake in shares of Mohawk Industries by 23.2% in the first quarter. Bank of Nova Scotia now owns 21,824 shares of the company’s stock worth $5,009,000 after purchasing an additional 4,108 shares in the last quarter. State Board of Administration of Florida Retirement System grew its stake in shares of Mohawk Industries by 1.7% in the second quarter. State Board of Administration of Florida Retirement System now owns 87,639 shares of the company’s stock worth $21,181,000 after purchasing an additional 1,478 shares in the last quarter. Finally, American Century Companies Inc. bought a new position in shares of Mohawk Industries in the second quarter worth $53,508,000. 76.97% of the stock is owned by institutional investors.
In related news, VP Rodney David Patton sold 137 shares of Mohawk Industries stock in a transaction on Friday, August 11th. The stock was sold at an average price of $246.78, for a total transaction of $33,808.86. Following the completion of the sale, the vice president now directly owns 6,924 shares of the company’s stock, valued at $1,708,704.72. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Chairman Jeffrey S. Lorberbaum sold 19,700 shares of Mohawk Industries stock in a transaction on Tuesday, September 5th. The stock was sold at an average price of $254.95, for a total value of $5,022,515.00. Following the sale, the chairman now directly owns 21,396 shares of the company’s stock, valued at $5,454,910.20. The disclosure for this sale can be found here. 17.00% of the stock is currently owned by company insiders.
Several research firms have recently issued reports on MHK. MKM Partners reissued a “buy” rating and issued a $286.00 price target (up previously from $255.00) on shares of Mohawk Industries in a research note on Wednesday, August 2nd. BidaskClub cut Mohawk Industries from a “buy” rating to a “hold” rating in a research note on Sunday, July 30th. Credit Suisse Group began coverage on Mohawk Industries in a research note on Thursday, June 22nd. They issued an “outperform” rating and a $274.00 price target for the company. Zacks Investment Research cut Mohawk Industries from a “buy” rating to a “hold” rating in a research note on Wednesday, August 2nd. Finally, Royal Bank Of Canada reissued a “buy” rating and issued a $267.00 price target on shares of Mohawk Industries in a research note on Monday, July 24th. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Mohawk Industries currently has an average rating of “Buy” and a consensus price target of $266.64.
Shares of Mohawk Industries, Inc. (NYSE MHK) traded up 0.36% during midday trading on Friday, hitting $254.67. The stock had a trading volume of 484,211 shares. The firm’s 50-day moving average price is $251.03 and its 200-day moving average price is $239.71. Mohawk Industries, Inc. has a one year low of $175.52 and a one year high of $259.91. The firm’s market capitalization is $18.93 billion.
Mohawk Industries (NYSE:MHK) last released its earnings results on Thursday, July 27th. The company reported $3.72 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $3.60 by $0.12. The company had revenue of $2.45 billion during the quarter, compared to analysts’ expectations of $2.45 billion. Mohawk Industries had a return on equity of 16.45% and a net margin of 10.54%. The business’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same period last year, the firm earned $3.47 EPS. On average, equities analysts predict that Mohawk Industries, Inc. will post $13.52 EPS for the current year.
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About Mohawk Industries
Mohawk Industries, Inc is a flooring manufacturer that creates products for residential and commercial spaces around the world. The Company’ segments include Global Ceramic, Flooring North America (Flooring NA) and Flooring Rest of the World (Flooring ROW). Its manufacturing and distribution processes provide carpet, rugs, ceramic tile, laminate, wood, stone, luxury vinyl tile and vinyl flooring.
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