Exchange Traded Concepts LLC Increases Position in Mohawk Industries, Inc. (NYSE:MHK)

Exchange Traded Concepts LLC lifted its position in Mohawk Industries, Inc. (NYSE:MHK) by 2,773.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,523 shares of the company’s stock after purchasing an additional 1,470 shares during the period. Exchange Traded Concepts LLC’s holdings in Mohawk Industries were worth $245,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Massachusetts Financial Services Co. MA purchased a new position in Mohawk Industries during the second quarter valued at $85,997,000. Pacer Advisors Inc. grew its stake in Mohawk Industries by 42.9% during the second quarter. Pacer Advisors Inc. now owns 1,200,360 shares of the company’s stock valued at $136,349,000 after acquiring an additional 360,628 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Mohawk Industries by 10.7% during the second quarter. Dimensional Fund Advisors LP now owns 3,036,545 shares of the company’s stock valued at $344,903,000 after acquiring an additional 292,661 shares in the last quarter. Victory Capital Management Inc. grew its stake in Mohawk Industries by 1,464.0% during the second quarter. Victory Capital Management Inc. now owns 227,357 shares of the company’s stock valued at $25,825,000 after acquiring an additional 212,820 shares in the last quarter. Finally, Clearbridge Investments LLC purchased a new position in Mohawk Industries during the second quarter valued at $21,061,000. 78.98% of the stock is owned by hedge funds and other institutional investors.

Mohawk Industries Price Performance

Mohawk Industries stock opened at $161.05 on Monday. The firm has a 50-day moving average price of $154.14 and a 200-day moving average price of $132.86. The firm has a market capitalization of $10.29 billion, a PE ratio of -24.63, a price-to-earnings-growth ratio of 1.23 and a beta of 1.37. The company has a current ratio of 1.92, a quick ratio of 1.04 and a debt-to-equity ratio of 0.22. Mohawk Industries, Inc. has a 12-month low of $76.02 and a 12-month high of $164.05.

Mohawk Industries (NYSE:MHK) last released its earnings results on Thursday, July 25th. The company reported $3.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.75 by $0.25. The firm had revenue of $2.80 billion during the quarter, compared to analyst estimates of $2.84 billion. Mohawk Industries had a negative net margin of 3.30% and a positive return on equity of 8.07%. The business’s revenue was down 5.1% on a year-over-year basis. During the same quarter last year, the business earned $2.76 EPS. As a group, equities research analysts forecast that Mohawk Industries, Inc. will post 10 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Jefferies Financial Group raised their target price on shares of Mohawk Industries from $150.00 to $160.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Robert W. Baird raised their target price on shares of Mohawk Industries from $132.00 to $160.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. Truist Financial increased their price objective on shares of Mohawk Industries from $135.00 to $184.00 and gave the company a “buy” rating in a research report on Monday, July 29th. Bank of America upgraded shares of Mohawk Industries from an “underperform” rating to a “buy” rating and increased their price objective for the company from $120.00 to $177.00 in a research report on Friday, July 26th. Finally, Barclays increased their price objective on shares of Mohawk Industries from $118.00 to $161.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. Six investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $163.25.

Insider Buying and Selling

In related news, insider Suzanne L. Helen sold 660 shares of the firm’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $151.46, for a total value of $99,963.60. Following the transaction, the insider now owns 118,709 shares of the company’s stock, valued at $17,979,665.14. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, insider Suzanne L. Helen sold 660 shares of the firm’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $151.46, for a total value of $99,963.60. Following the transaction, the insider now owns 118,709 shares of the company’s stock, valued at $17,979,665.14. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Suzanne L. Helen sold 700 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $146.97, for a total transaction of $102,879.00. Following the completion of the transaction, the insider now directly owns 121,669 shares in the company, valued at $17,881,692.93. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 4,415 shares of company stock valued at $673,387 in the last 90 days. Company insiders own 17.10% of the company’s stock.

Mohawk Industries 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.