ARGA Investment Management LP Has $56.99 Million Stock Position in Mohawk Industries, Inc. (NYSE:MHK)

ARGA Investment Management LP decreased its holdings in shares of Mohawk Industries, Inc. (NYSE:MHK - Free Report) by 28.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 354,671 shares of the company's stock after selling 139,016 shares during the quarter. Mohawk Industries makes up about 1.9% of ARGA Investment Management LP's investment portfolio, making the stock its 17th biggest holding. ARGA Investment Management LP owned 0.56% of Mohawk Industries worth $56,989,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Dimensional Fund Advisors LP raised its stake in shares of Mohawk Industries by 10.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,036,545 shares of the company's stock worth $344,903,000 after purchasing an additional 292,661 shares in the last quarter. FMR LLC increased its holdings in Mohawk Industries by 52.3% during the third quarter. FMR LLC now owns 2,179,510 shares of the company's stock worth $350,204,000 after buying an additional 748,070 shares during the last quarter. Select Equity Group L.P. raised its position in Mohawk Industries by 8.5% during the second quarter. Select Equity Group L.P. now owns 1,702,440 shares of the company's stock worth $193,380,000 after acquiring an additional 132,879 shares in the last quarter. Pacer Advisors Inc. grew its position in shares of Mohawk Industries by 42.9% in the 2nd quarter. Pacer Advisors Inc. now owns 1,200,360 shares of the company's stock valued at $136,349,000 after acquiring an additional 360,628 shares during the period. Finally, Brandes Investment Partners LP increased its stake in shares of Mohawk Industries by 10.5% during the 2nd quarter. Brandes Investment Partners LP now owns 1,015,640 shares of the company's stock worth $115,057,000 after purchasing an additional 96,174 shares during the last quarter. Institutional investors own 78.98% of the company's stock.

Insiders Place Their Bets

In other news, insider Suzanne L. Helen sold 660 shares of the stock in a transaction on Monday, September 9th. The stock was sold at an average price of $151.46, for a total transaction of $99,963.60. Following the sale, the insider now directly owns 118,709 shares of the company's stock, valued at approximately $17,979,665.14. This represents a 0.55 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 17.10% of the company's stock.

Mohawk Industries Stock Performance

Shares of MHK traded down $0.27 during mid-day trading on Friday, hitting $138.83. 314,818 shares of the company's stock were exchanged, compared to its average volume of 669,812. The company has a quick ratio of 1.09, a current ratio of 2.03 and a debt-to-equity ratio of 0.22. Mohawk Industries, Inc. has a 52 week low of $86.26 and a 52 week high of $164.29. The stock's 50-day simple moving average is $147.82 and its 200-day simple moving average is $138.06. The firm has a market cap of $8.76 billion, a price-to-earnings ratio of 15.72, a price-to-earnings-growth ratio of 1.53 and a beta of 1.38.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on MHK shares. Wells Fargo & Company upgraded shares of Mohawk Industries from an "underweight" rating to an "equal weight" rating and raised their target price for the company from $140.00 to $160.00 in a research note on Monday, October 7th. Royal Bank of Canada reduced their target price on Mohawk Industries from $140.00 to $134.00 and set a "sector perform" rating for the company in a research note on Monday, October 28th. Truist Financial decreased their target price on Mohawk Industries from $184.00 to $155.00 and set a "buy" rating on the stock in a report on Monday, October 28th. Barclays cut their price target on Mohawk Industries from $161.00 to $146.00 and set an "equal weight" rating for the company in a report on Monday, October 28th. Finally, Jefferies Financial Group upped their price objective on shares of Mohawk Industries from $150.00 to $160.00 and gave the company a "hold" rating in a report on Wednesday, October 9th. Five analysts have rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $162.08.

Mohawk Industries Company Profile

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.