Ontario Teachers Pension Plan Board Trims Stake in Mohawk Industries, Inc. (MHK)

Ontario Teachers Pension Plan Board cut its position in Mohawk Industries, Inc. (NYSE:MHK) by 34.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,196 shares of the company’s stock after selling 12,546 shares during the period. Ontario Teachers Pension Plan Board’s holdings in Mohawk Industries were worth $5,848,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of MHK. First Personal Financial Services grew its stake in shares of Mohawk Industries by 6.6% in the 2nd quarter. First Personal Financial Services now owns 568 shares of the company’s stock valued at $137,000 after buying an additional 35 shares during the period. IFP Advisors Inc grew its stake in shares of Mohawk Industries by 18.6% in the 2nd quarter. IFP Advisors Inc now owns 625 shares of the company’s stock valued at $151,000 after buying an additional 98 shares during the period. First Manhattan Co. acquired a new stake in shares of Mohawk Industries in the 2nd quarter valued at about $160,000. Meeder Asset Management Inc. acquired a new stake in shares of Mohawk Industries in the 1st quarter valued at about $179,000. Finally, Bridgewater Wealth & Financial Management LLC acquired a new stake in shares of Mohawk Industries in the 2nd quarter valued at about $203,000. Institutional investors own 76.93% of the company’s stock.

MHK has been the subject of several research reports. ValuEngine upgraded Mohawk Industries from a “hold” rating to a “buy” rating in a research note on Friday, September 8th. BidaskClub upgraded Mohawk Industries from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, June 14th. Zacks Investment Research upgraded Mohawk Industries from a “hold” rating to a “buy” rating and set a $268.00 target price for the company in a research note on Tuesday, July 4th. Cleveland Research downgraded Mohawk Industries from a “buy” rating to a “neutral” rating in a research note on Friday, September 22nd. Finally, Credit Suisse Group initiated coverage on Mohawk Industries in a research note on Thursday, June 22nd. They issued an “outperform” rating and a $274.00 target price for the company. Three investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $267.36.

Mohawk Industries, Inc. (NYSE:MHK) opened at 247.51 on Friday. Mohawk Industries, Inc. has a 1-year low of $175.52 and a 1-year high of $259.91. The firm’s market cap is $18.40 billion. The firm’s 50-day moving average price is $251.35 and its 200-day moving average price is $240.22.

Mohawk Industries (NYSE:MHK) last announced its earnings results on Thursday, July 27th. The company reported $3.72 earnings per share for the quarter, beating the Zacks’ consensus estimate of $3.60 by $0.12. Mohawk Industries had a net margin of 10.54% and a return on equity of 16.45%. The business had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.45 billion. During the same quarter last year, the firm earned $3.47 earnings per share. The business’s revenue for the quarter was up 6.2% on a year-over-year basis. Equities research analysts anticipate that Mohawk Industries, Inc. will post $13.51 earnings per share for the current fiscal year.

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In other Mohawk Industries news, Chairman Jeffrey S. Lorberbaum sold 19,700 shares of the firm’s stock in a transaction that occurred on Tuesday, September 5th. The shares were sold at an average price of $254.95, for a total transaction of $5,022,515.00. Following the completion of the transaction, the chairman now owns 21,396 shares of the company’s stock, valued at $5,454,910.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Rodney David Patton sold 137 shares of the firm’s stock in a transaction that occurred on Friday, August 11th. The shares were sold at an average price of $246.78, for a total transaction of $33,808.86. Following the transaction, the vice president now directly owns 6,924 shares of the company’s stock, valued at approximately $1,708,704.72. The disclosure for this sale can be found here. 17.00% of the stock is currently owned by company insiders.

About Mohawk Industries

Mohawk Industries, Inc is a flooring manufacturer that creates products for residential and commercial spaces around the world. The Company’ segments include Global Ceramic, Flooring North America (Flooring NA) and Flooring Rest of the World (Flooring ROW). Its manufacturing and distribution processes provide carpet, rugs, ceramic tile, laminate, wood, stone, luxury vinyl tile and vinyl flooring.

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




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