Lafayette Investments Inc. Reduces Stake in Mohawk Industries, Inc. (NYSE:MHK)

Lafayette Investments Inc. decreased its stake in shares of Mohawk Industries, Inc. (NYSE:MHK) by 0.5% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 25,008 shares of the company’s stock after selling 117 shares during the period. Lafayette Investments Inc.’s holdings in Mohawk Industries were worth $2,588,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in MHK. PNC Financial Services Group Inc. lifted its holdings in Mohawk Industries by 4.7% during the 1st quarter. PNC Financial Services Group Inc. now owns 4,953 shares of the company’s stock worth $615,000 after purchasing an additional 224 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new position in Mohawk Industries in the 1st quarter worth about $1,043,000. MetLife Investment Management LLC increased its stake in Mohawk Industries by 23.2% in the 1st quarter. MetLife Investment Management LLC now owns 14,929 shares of the company’s stock worth $1,854,000 after acquiring an additional 2,809 shares during the last quarter. Panagora Asset Management Inc. increased its stake in Mohawk Industries by 98.7% in the 1st quarter. Panagora Asset Management Inc. now owns 10,628 shares of the company’s stock worth $1,320,000 after acquiring an additional 5,280 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in Mohawk Industries by 6.6% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 7,341 shares of the company’s stock worth $912,000 after acquiring an additional 455 shares during the last quarter. Hedge funds and other institutional investors own 78.98% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Royal Bank of Canada upped their target price on Mohawk Industries from $101.00 to $106.00 and gave the stock a “sector perform” rating in a research note on Monday, February 12th. TheStreet upgraded Mohawk Industries from a “d+” rating to a “c-” rating in a research report on Monday, March 4th. The Goldman Sachs Group increased 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. StockNews.com upgraded Mohawk Industries from a “hold” rating to a “buy” rating in a research report on Saturday, February 17th. Finally, Truist Financial increased their price objective on Mohawk Industries from $98.00 to $127.00 and gave the company a “buy” rating in a research report on Tuesday, February 13th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $117.56.

Mohawk Industries Stock Performance

NYSE MHK traded up $1.28 on Friday, hitting $109.36. The company’s stock had a trading volume of 51,521 shares, compared to its average volume of 705,868. Mohawk Industries, Inc. has a 52-week low of $76.02 and a 52-week high of $131.19. The company has a current ratio of 1.78, a quick ratio of 0.97 and a debt-to-equity ratio of 0.22. The company’s 50-day simple moving average is $119.30 and its 200 day simple moving average is $101.86.

Mohawk Industries (NYSE:MHK) last released its quarterly earnings data on Friday, February 9th. The company reported $1.96 earnings per share for the quarter, topping the consensus estimate of $1.86 by $0.10. Mohawk Industries had a positive return on equity of 7.52% and a negative net margin of 3.95%. The business had revenue of $2.61 billion during the quarter, compared to analysts’ expectations of $2.56 billion. During the same quarter last year, the business posted $1.32 EPS. The business’s revenue was down 1.4% on a year-over-year basis. As a group, analysts expect that Mohawk Industries, Inc. will post 9.56 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, VP Rodney David Patton sold 1,551 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $119.51, for a total value of $185,360.01. Following the completion of the transaction, the vice president now owns 15,321 shares in the company, valued at approximately $1,831,012.71. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 17.10% 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.