Mohawk Industries (NYSE:MHK) Shares Gap Down - Should You Sell?

Mohawk Industries, Inc. (NYSE:MHK - Get Free Report)'s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $161.25, but opened at $155.00. Mohawk Industries shares last traded at $153.65, with a volume of 130,730 shares.

Wall Street Analyst Weigh In

Several research firms have issued reports on MHK. Royal Bank of Canada increased their price objective on Mohawk Industries from $108.00 to $140.00 and gave the stock a "sector perform" rating in a research report on Monday, July 29th. JPMorgan Chase & Co. increased their price objective on Mohawk Industries from $124.00 to $155.00 and gave the stock a "neutral" rating in a research report on Friday, August 2nd. Robert W. Baird raised Mohawk Industries from a "neutral" rating to an "overweight" rating and upped their target price for the company from $160.00 to $196.00 in a report on Monday. Truist Financial upped their target price on Mohawk Industries from $135.00 to $184.00 and gave the company a "buy" rating in a report on Monday, July 29th. Finally, Barclays upped their target price on Mohawk Industries from $118.00 to $161.00 and gave the company an "equal weight" rating in a report on Monday, July 29th. Five analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $166.25.

Mohawk Industries Trading Down 5.2 %

The company has a quick ratio of 1.04, a current ratio of 1.92 and a debt-to-equity ratio of 0.22. The firm has a market cap of $9.77 billion, a price-to-earnings ratio of -23.38, a price-to-earnings-growth ratio of 1.23 and a beta of 1.37. The business has a 50 day moving average of $154.60 and a 200 day moving average of $133.35.

Mohawk Industries (NYSE:MHK - Get Free Report) last posted its quarterly earnings data on Thursday, July 25th. The company reported $3.00 EPS for the quarter, beating analysts' consensus estimates of $2.75 by $0.25. The business had revenue of $2.80 billion for the quarter, compared to analyst estimates of $2.84 billion. Mohawk Industries had a positive return on equity of 8.07% and a negative net margin of 3.30%. The business's revenue for the quarter was down 5.1% compared to the same quarter last year. During the same quarter last year, the company earned $2.76 earnings per share. On average, research analysts forecast that Mohawk Industries, Inc. will post 10 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, VP Rodney David Patton sold 755 shares of the stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $162.78, for a total transaction of $122,898.90. Following the transaction, the vice president now directly owns 12,299 shares in the company, valued at approximately $2,002,031.22. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, insider Suzanne L. Helen sold 2,300 shares of the stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $151.15, for a total transaction of $347,645.00. Following the transaction, the insider now directly owns 119,369 shares in the company, valued at approximately $18,042,624.35. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Rodney David Patton sold 755 shares of the stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $162.78, for a total value of $122,898.90. Following the transaction, the vice president now owns 12,299 shares in the company, valued at $2,002,031.22. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 4,415 shares of company stock worth $673,387. 17.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Mohawk Industries

A number of large investors have recently modified their holdings of the company. Greenleaf Trust purchased a new position in shares of Mohawk Industries in the 3rd quarter worth about $228,000. Lecap Asset Management Ltd. purchased a new position in shares of Mohawk Industries in the 3rd quarter worth about $1,728,000. Signaturefd LLC raised its holdings in shares of Mohawk Industries by 12.5% in the 3rd quarter. Signaturefd LLC now owns 683 shares of the company's stock worth $110,000 after purchasing an additional 76 shares during the period. TriaGen Wealth Management LLC purchased a new position in shares of Mohawk Industries in the 3rd quarter worth about $512,000. Finally, Friedenthal Financial purchased a new position in shares of Mohawk Industries in the 3rd quarter worth about $784,000. 78.98% of the stock is currently owned by hedge funds and other institutional investors.

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.