State of Michigan Retirement System Reduces Holdings in Mohawk Industries, Inc. (NYSE:MHK)

Posted by Defense World Staff on Apr 13th, 2023

State of Michigan Retirement System lowered its position in shares of Mohawk Industries, Inc. (NYSE:MHK – Get Rating) by 1.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 20,181 shares of the company’s stock after selling 200 shares during the quarter. State of Michigan Retirement System’s holdings in Mohawk Industries were worth $2,063,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Mohawk Industries by 1.9% during the third quarter. Vanguard Group Inc. now owns 6,033,272 shares of the company’s stock valued at $550,173,000 after purchasing an additional 112,111 shares in the last quarter. BlackRock Inc. lifted its holdings in Mohawk Industries by 0.8% during the first quarter. BlackRock Inc. now owns 4,362,231 shares of the company’s stock valued at $541,788,000 after purchasing an additional 35,043 shares in the last quarter. Boston Partners lifted its holdings in Mohawk Industries by 2.4% during the third quarter. Boston Partners now owns 3,518,196 shares of the company’s stock valued at $320,756,000 after purchasing an additional 82,075 shares in the last quarter. Ariel Investments LLC lifted its holdings in Mohawk Industries by 26.8% during the first quarter. Ariel Investments LLC now owns 1,723,343 shares of the company’s stock valued at $214,040,000 after purchasing an additional 364,085 shares in the last quarter. Finally, Invesco Ltd. lifted its holdings in Mohawk Industries by 26.6% during the first quarter. Invesco Ltd. now owns 1,039,949 shares of the company’s stock valued at $129,161,000 after purchasing an additional 218,505 shares in the last quarter. Hedge funds and other institutional investors own 75.85% of the company’s stock.

Insider Activity

In other news, insider Suzanne L. Helen sold 5,200 shares of the business’s stock in a transaction on Monday, February 13th. The shares were sold at an average price of $119.59, for a total transaction of $621,868.00. Following the completion of the sale, the insider now directly owns 14,853 shares of the company’s stock, valued at $1,776,270.27. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Suzanne L. Helen sold 4,250 shares of the company’s stock in a transaction dated Monday, February 27th. The shares were sold at an average price of $103.23, for a total value of $438,727.50. Following the completion of the sale, the insider now directly owns 13,453 shares of the company’s stock, valued at $1,388,753.19. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Suzanne L. Helen sold 5,200 shares of the company’s stock in a transaction dated Monday, February 13th. The stock was sold at an average price of $119.59, for a total transaction of $621,868.00. Following the completion of the sale, the insider now directly owns 14,853 shares of the company’s stock, valued at $1,776,270.27. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 12,150 shares of company stock valued at $1,374,876. 17.40% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

MHK has been the topic of several research analyst reports. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Mohawk Industries from $104.00 to $121.00 and gave the stock a “hold” rating in a report on Tuesday, January 10th. Barclays boosted their price target on shares of Mohawk Industries from $83.00 to $105.00 and gave the stock an “underweight” rating in a research report on Monday, February 13th. StockNews.com began coverage on shares of Mohawk Industries in a research report on Thursday, March 16th. They issued a “hold” rating on the stock. Loop Capital upgraded shares of Mohawk Industries from a “hold” rating to a “buy” rating and set a $115.00 price target on the stock in a research report on Tuesday. Finally, Credit Suisse Group reduced their price target on shares of Mohawk Industries from $109.00 to $103.00 in a research report on Monday, March 20th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $129.15.

Mohawk Industries Stock Down 2.3 %

Shares of MHK opened at $97.83 on Thursday. The firm has a market capitalization of $6.22 billion, a P/E ratio of 326.10, a P/E/G ratio of 2.30 and a beta of 1.28. Mohawk Industries, Inc. has a 12-month low of $87.01 and a 12-month high of $159.00. The company has a current ratio of 1.92, a quick ratio of 1.01 and a debt-to-equity ratio of 0.25. The firm has a fifty day moving average price of $104.20 and a 200-day moving average price of $102.76.

Mohawk Industries (NYSE:MHK – Get Rating) last issued its earnings results on Friday, February 10th. The company reported $1.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.29 by $0.03. The firm had revenue of $2.65 billion during the quarter, compared to analyst estimates of $2.69 billion. Mohawk Industries had a net margin of 0.22% and a return on equity of 10.06%. The business’s revenue was down 4.0% on a year-over-year basis. During the same period in the previous year, the firm earned $2.95 earnings per share. Equities research analysts expect that Mohawk Industries, Inc. will post 8.98 earnings per share for the current year.

Mohawk Industries Profile

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Mohawk Industries, Inc engages in the manufacture, design, and distribution of residential and commercial flooring products. It operates through the following segments: Global Ceramic, Flooring North America (NA), and Flooring Rest of the World (ROW). The Global Ceramic segment manufactures ceramic, porcelain, and natural stone tile products used for wall and floor applications.