Robert W. Baird Upgrades Mohawk Industries (NYSE:MHK) to "Overweight"

Mohawk Industries (NYSE:MHK - Get Free Report) was upgraded by Robert W. Baird from a "neutral" rating to an "overweight" rating in a report released on Monday, Marketbeat reports. The firm currently has a $196.00 target price on the stock, up from their previous target price of $160.00. Robert W. Baird's target price would suggest a potential upside of 21.55% from the stock's current price.

Several other analysts also recently issued reports on MHK. Bank of America raised shares of Mohawk Industries from an "underperform" rating to a "buy" rating and upped their price target for the company from $120.00 to $177.00 in a report on Friday, July 26th. Barclays upped their price target on shares of Mohawk Industries from $118.00 to $161.00 and gave the company an "equal weight" rating in a report on Monday, July 29th. Loop Capital upped their price target on shares of Mohawk Industries from $145.00 to $185.00 and gave the company a "buy" rating in a report on Monday, July 29th. Truist Financial upped their price target on shares of Mohawk Industries from $135.00 to $184.00 and gave the company a "buy" rating in a report on Monday, July 29th. Finally, Jefferies Financial Group upped their price target 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 investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $166.25.

Mohawk Industries Price Performance

MHK stock traded up $0.20 during trading on Monday, reaching $161.25. 619,496 shares of the company were exchanged, compared to its average volume of 694,625. The company has a market cap of $10.30 billion, a P/E ratio of -24.66, a PEG ratio of 1.23 and a beta of 1.37. Mohawk Industries has a 52-week low of $76.02 and a 52-week high of $164.29. The stock's 50 day moving average price is $154.48 and its 200 day moving average price is $133.14. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.04 and a current ratio of 1.92.

Mohawk Industries (NYSE:MHK - Get Free Report) last released its quarterly earnings data on Thursday, July 25th. The company reported $3.00 EPS for the quarter, topping analysts' consensus estimates of $2.75 by $0.25. The firm had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $2.84 billion. Mohawk Industries had a negative net margin of 3.30% and a positive return on equity of 8.07%. The firm's revenue was down 5.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.76 earnings per share. As a group, analysts predict that Mohawk Industries 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 company's stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $162.78, for a total transaction of $122,898.90. Following the completion of the transaction, the vice president now owns 12,299 shares of the company's stock, valued at approximately $2,002,031.22. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, VP Rodney David Patton sold 755 shares of the company's stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $162.78, for a total transaction of $122,898.90. Following the completion of the transaction, the vice president now owns 12,299 shares of the company's stock, valued at approximately $2,002,031.22. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Suzanne L. Helen sold 700 shares of the company's stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $146.97, for a total transaction of $102,879.00. Following the transaction, the insider now directly owns 121,669 shares of the company's stock, valued at $17,881,692.93. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 4,415 shares of company stock valued at $673,387. Insiders own 17.10% of the company's stock.

Institutional Investors Weigh In On Mohawk Industries

Several large investors have recently made changes to their positions in MHK. Quest Partners LLC increased its position 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 in the last quarter. Headlands Technologies LLC acquired a new stake in shares of Mohawk Industries in the second quarter worth $50,000. Blue Trust Inc. increased its position in shares of Mohawk Industries by 85.6% in the third quarter. Blue Trust Inc. now owns 362 shares of the company's stock worth $58,000 after acquiring an additional 167 shares in the last quarter. Quent Capital LLC increased its position in shares of Mohawk Industries by 27.2% in the first quarter. Quent Capital LLC now owns 496 shares of the company's stock worth $65,000 after acquiring an additional 106 shares in the last quarter. Finally, AM Squared Ltd acquired a new stake in shares of Mohawk Industries in the second quarter worth $68,000. Institutional investors and hedge funds own 78.98% 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.