Franklin Resources Inc. Boosts Stake in Mohawk Industries, Inc. (NYSE:MHK)

Franklin Resources Inc. boosted its stake in Mohawk Industries, Inc. (NYSE:MHK - Free Report) by 32.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 37,162 shares of the company's stock after purchasing an additional 9,173 shares during the period. Franklin Resources Inc. owned approximately 0.06% of Mohawk Industries worth $5,878,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Quest Partners LLC grew its holdings in shares of Mohawk Industries by 40.0% in the second quarter. Quest Partners LLC now owns 294 shares of the company's stock worth $33,000 after acquiring an additional 84 shares during the period. Mark Sheptoff Financial Planning LLC purchased a new stake in shares of Mohawk Industries during the 3rd quarter valued at about $36,000. Headlands Technologies LLC bought a new position in shares of Mohawk Industries in the 2nd quarter worth approximately $50,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Mohawk Industries in the third quarter worth approximately $55,000. Finally, Blue Trust Inc. grew its position in Mohawk Industries by 85.6% during the third quarter. Blue Trust Inc. now owns 362 shares of the company's stock valued at $58,000 after buying an additional 167 shares during the period. 78.98% of the stock is currently owned by hedge funds and other institutional investors.

Mohawk Industries Price Performance

MHK stock remained flat at $119.16 during mid-day trading on Monday. 177,351 shares of the company's stock traded hands, compared to its average volume of 719,035. The firm's 50-day moving average price is $139.09 and its 200-day moving average price is $139.13. Mohawk Industries, Inc. has a 1-year low of $96.28 and a 1-year high of $164.29. The company has a market capitalization of $7.52 billion, a P/E ratio of 13.49, a price-to-earnings-growth ratio of 1.41 and a beta of 1.38. The company has a quick ratio of 1.09, a current ratio of 2.03 and a debt-to-equity ratio of 0.22.

Insider Activity at Mohawk Industries

In other news, insider Suzanne L. Helen sold 2,000 shares of the firm's stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $135.48, for a total value of $270,960.00. Following the completion of the sale, the insider now directly owns 2,453 shares of the company's stock, valued at $332,332.44. This trade represents a 44.91 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last three months, insiders sold 19,078 shares of company stock valued at $2,474,347. Insiders own 17.10% of the company's stock.

Analyst Ratings Changes

Several research firms have weighed in on MHK. Jefferies Financial Group increased their price target 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. Loop Capital lowered their target price on Mohawk Industries from $185.00 to $180.00 and set a "buy" rating on the stock in a research report on Wednesday, December 4th. Truist Financial reduced their price target on Mohawk Industries from $184.00 to $155.00 and set a "buy" rating for the company in a research report on Monday, October 28th. Baird R W raised Mohawk Industries from a "hold" rating to a "strong-buy" rating in a research report on Monday, October 21st. Finally, Wells Fargo & Company reduced their target price on shares of Mohawk Industries from $140.00 to $135.00 and set an "equal weight" rating for the company in a report on Tuesday, December 17th. Six equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $159.17.

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.