Mohawk Industries (NYSE:MHK) Sees Large Volume Increase After Strong Earnings

Mohawk Industries, Inc. (NYSE:MHK - Get Free Report) shares saw strong trading volume on Friday following a better than expected earnings announcement. 696,475 shares changed hands during trading, a decline of 0% from the previous session's volume of 696,954 shares.The stock last traded at $135.03 and had previously closed at $151.87.

The company reported $2.90 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.89 by $0.01. The business had revenue of $2.72 billion during the quarter, compared to analysts' expectations of $2.71 billion. Mohawk Industries had a negative net margin of 3.30% and a positive return on equity of 8.07%.

Analyst Upgrades and Downgrades

MHK has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. boosted their price objective on Mohawk Industries from $124.00 to $155.00 and gave the stock a "neutral" rating in a research note on Friday, August 2nd. Robert W. Baird upgraded Mohawk Industries from a "neutral" rating to an "overweight" rating and boosted their target price for the stock from $160.00 to $196.00 in a research report on Monday. Truist Financial raised their target price on shares of Mohawk Industries from $135.00 to $184.00 and gave the company a "buy" rating in a research note on Monday, July 29th. Jefferies Financial Group boosted their price target on shares of Mohawk Industries from $150.00 to $160.00 and gave the stock a "hold" rating in a research note on Wednesday, October 9th. Finally, Baird R W raised shares of Mohawk Industries from a "hold" rating to a "strong-buy" rating in a research note on Monday. Five investment analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Mohawk Industries has a consensus rating of "Moderate Buy" and a consensus target price of $166.25.

Insider Buying and Selling

In other Mohawk Industries news, insider Suzanne L. Helen sold 660 shares of the business's stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $151.46, for a total value of $99,963.60. Following the completion of the transaction, the insider now directly owns 118,709 shares of the company's stock, valued at approximately $17,979,665.14. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Suzanne L. Helen sold 700 shares of the stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $146.97, for a total transaction of $102,879.00. Following the completion of the sale, the insider now owns 121,669 shares of the company's stock, valued at $17,881,692.93. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Suzanne L. Helen sold 660 shares of the business's stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $151.46, for a total value of $99,963.60. Following the completion of the sale, the insider now owns 118,709 shares in the company, valued at $17,979,665.14. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 4,415 shares of company stock valued at $673,387. 17.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in MHK. Quest Partners LLC lifted its position in Mohawk Industries by 40.0% during the 2nd quarter. Quest Partners LLC now owns 294 shares of the company's stock worth $33,000 after buying an additional 84 shares in the last quarter. Blue Trust Inc. boosted 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 purchasing an additional 167 shares during the last quarter. Headlands Technologies LLC bought a new position in Mohawk Industries in the second quarter valued at approximately $50,000. Quent Capital LLC increased its position in shares of Mohawk Industries by 27.2% during the 1st quarter. Quent Capital LLC now owns 496 shares of the company's stock worth $65,000 after purchasing an additional 106 shares during the last quarter. Finally, AM Squared Ltd bought a new stake in shares of Mohawk Industries during the 2nd quarter worth approximately $68,000. Institutional investors and hedge funds own 78.98% of the company's stock.

Mohawk Industries Trading Down 13.8 %

The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.04 and a current ratio of 1.92. The firm has a fifty day moving average price of $154.55 and a 200 day moving average price of $133.66. The company has a market cap of $8.26 billion, a price-to-earnings ratio of -23.12, a P/E/G ratio of 1.11 and a beta of 1.37.

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.