Massachusetts Financial Services Co. MA Makes New Investment in Mohawk Industries, Inc. (NYSE:MHK)

Massachusetts Financial Services Co. MA acquired a new position in shares of Mohawk Industries, Inc. (NYSE:MHK) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 757,082 shares of the company’s stock, valued at approximately $85,997,000. Massachusetts Financial Services Co. MA owned about 1.19% of Mohawk Industries as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the business. Quest Partners LLC boosted its stake in Mohawk Industries by 40.0% during the 2nd quarter. Quest Partners LLC now owns 294 shares of the company’s stock valued at $33,000 after purchasing an additional 84 shares during the period. Texas Permanent School Fund Corp boosted its stake in Mohawk Industries by 0.9% during the 1st quarter. Texas Permanent School Fund Corp now owns 10,927 shares of the company’s stock valued at $1,430,000 after purchasing an additional 98 shares during the period. State of Michigan Retirement System boosted its stake in Mohawk Industries by 0.7% during the 2nd quarter. State of Michigan Retirement System now owns 14,545 shares of the company’s stock valued at $1,652,000 after purchasing an additional 100 shares during the period. Quent Capital LLC boosted its stake in Mohawk Industries by 27.2% during the 1st quarter. Quent Capital LLC now owns 496 shares of the company’s stock valued at $65,000 after purchasing an additional 106 shares during the period. Finally, Fifth Third Bancorp boosted its stake in Mohawk Industries by 7.0% during the 2nd quarter. Fifth Third Bancorp now owns 2,343 shares of the company’s stock valued at $266,000 after purchasing an additional 154 shares during the period. Institutional investors own 78.98% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on MHK shares. The Goldman Sachs Group increased their target price on Mohawk Industries from $141.00 to $185.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Wells Fargo & Company raised their price objective on Mohawk Industries from $110.00 to $140.00 and gave the stock an “underweight” rating in a research report on Monday, July 29th. Robert W. Baird raised their price objective on Mohawk Industries from $132.00 to $160.00 and gave the stock a “neutral” rating in a research report on Monday, July 29th. Raymond James upgraded Mohawk Industries from a “market perform” rating to a “strong-buy” rating and set a $140.00 price objective for the company in a research report on Monday, June 10th. Finally, JPMorgan Chase & Co. raised their price objective on Mohawk Industries from $124.00 to $155.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Mohawk Industries presently has an average rating of “Moderate Buy” and a consensus target price of $156.00.

Mohawk Industries Trading Up 1.1 %

Shares of MHK opened at $156.61 on Thursday. Mohawk Industries, Inc. has a 1 year low of $76.02 and a 1 year high of $164.05. The company has a current ratio of 1.92, a quick ratio of 1.04 and a debt-to-equity ratio of 0.22. The stock has a 50 day simple moving average of $146.64 and a 200-day simple moving average of $127.45. The stock has a market cap of $10.00 billion, a PE ratio of -23.95, a PEG ratio of 1.15 and a beta of 1.37.

Mohawk Industries (NYSE:MHK) last released its quarterly earnings results on Thursday, July 25th. The company reported $3.00 earnings per share for the quarter, beating analysts’ consensus estimates of $2.75 by $0.25. Mohawk Industries had a positive return on equity of 8.07% and a negative net margin of 3.30%. The firm had revenue of $2.80 billion during the quarter, compared to analysts’ expectations of $2.84 billion. During the same period last year, the firm posted $2.76 EPS. The business’s revenue was down 5.1% on a year-over-year basis. On average, sell-side analysts predict that Mohawk Industries, Inc. will post 10 EPS for the current fiscal year.

Insider Activity at Mohawk Industries

In related news, insider Suzanne L. Helen sold 700 shares of the firm’s stock in a transaction 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 completion of the sale, the insider now directly owns 121,669 shares of the company’s stock, valued at approximately $17,881,692.93. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Mohawk Industries news, VP Rodney David Patton sold 755 shares of the stock in a transaction on Monday, July 29th. The stock was sold at an average price of $162.78, for a total value of $122,898.90. Following the transaction, the vice president now directly owns 12,299 shares in the company, valued at approximately $2,002,031.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 value of $102,879.00. Following the completion of the transaction, the insider now owns 121,669 shares in the company, valued at $17,881,692.93. The disclosure for this sale can be found here. Insiders sold 4,415 shares of company stock valued at $673,387 in the last three months. Corporate 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.