Prudential PLC Makes New Investment in Mohawk Industries, Inc. (NYSE:MHK)

Posted by Defense World Staff on May 19th, 2023

Prudential PLC bought a new position in shares of Mohawk Industries, Inc. (NYSE:MHK – Get Rating) in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 3,738 shares of the company’s stock, valued at approximately $382,000.

Other large investors have also recently added to or reduced their stakes in the company. Exchange Traded Concepts LLC bought a new position in Mohawk Industries during the 4th quarter worth about $27,000. Wipfli Financial Advisors LLC bought a new position in shares of Mohawk Industries in the 3rd quarter valued at about $33,000. Sentry Investment Management LLC grew its holdings in shares of Mohawk Industries by 75.6% in the 4th quarter. Sentry Investment Management LLC now owns 339 shares of the company’s stock valued at $35,000 after acquiring an additional 146 shares in the last quarter. Canada Pension Plan Investment Board grew its holdings in shares of Mohawk Industries by 100.0% in the 3rd quarter. Canada Pension Plan Investment Board now owns 400 shares of the company’s stock valued at $36,000 after acquiring an additional 200 shares in the last quarter. Finally, Belpointe Asset Management LLC bought a new position in shares of Mohawk Industries in the 4th quarter valued at about $48,000. Institutional investors own 75.85% of the company’s stock.

Mohawk Industries Trading Up 1.9 %

MHK opened at $98.49 on Friday. The company has a quick ratio of 1.00, a current ratio of 1.83 and a debt-to-equity ratio of 0.28. Mohawk Industries, Inc. has a twelve month low of $87.01 and a twelve month high of $142.65. The company has a 50-day simple moving average of $97.35 and a 200 day simple moving average of $103.19.

Mohawk Industries (NYSE:MHK – Get Rating) last issued its quarterly earnings results on Thursday, April 27th. The company reported $1.75 earnings per share for the quarter, topping analysts’ consensus estimates of $1.28 by $0.47. The company had revenue of $2.81 billion during the quarter, compared to the consensus estimate of $2.74 billion. Mohawk Industries had a negative net margin of 1.21% and a positive return on equity of 8.47%. The firm’s quarterly revenue was down 6.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.78 EPS. On average, research analysts predict that Mohawk Industries, Inc. will post 9.48 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Suzanne L. Helen sold 4,250 shares of the company’s stock in a transaction on Monday, February 27th. The stock was sold at an average price of $103.23, for a total transaction of $438,727.50. Following the completion of the sale, the insider now directly owns 13,453 shares in the company, valued at approximately $1,388,753.19. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 17.20% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on MHK shares. Barclays raised their price objective on Mohawk Industries from $83.00 to $105.00 and gave the company an “underweight” rating in a report on Monday, February 13th. Loop Capital upgraded shares of Mohawk Industries from a “hold” rating to a “buy” rating and set a $115.00 target price for the company in a research note on Tuesday, April 11th. StockNews.com began coverage on shares of Mohawk Industries in a research note on Thursday. They issued a “hold” rating for the company. Bank of America cut their target price on shares of Mohawk Industries from $110.00 to $108.00 and set an “underperform” rating for the company in a research note on Wednesday, April 19th. Finally, Credit Suisse Group cut their target price on shares of Mohawk Industries from $109.00 to $103.00 in a research note on Monday, March 20th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $123.08.

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.

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Institutional Ownership by Quarter for Mohawk Industries (NYSE:MHK)

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