Cornerstone Wealth Management LLC increased its position in shares of Mohawk Industries, Inc. (NYSE:MHK) by 342.9% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 54,942 shares of the company’s stock after purchasing an additional 42,538 shares during the quarter. Cornerstone Wealth Management LLC owned 0.07% of Mohawk Industries worth $214,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently modified their holdings of MHK. SeaBridge Investment Advisors LLC raised its holdings in shares of Mohawk Industries by 4.6% in the third quarter. SeaBridge Investment Advisors LLC now owns 12,665 shares of the company’s stock worth $2,221,000 after acquiring an additional 554 shares during the last quarter. Seven Eight Capital LP acquired a new position in shares of Mohawk Industries in the third quarter worth $6,593,000. Fenimore Asset Management Inc. raised its holdings in shares of Mohawk Industries by 48.6% in the third quarter. Fenimore Asset Management Inc. now owns 295,581 shares of the company’s stock worth $51,830,000 after acquiring an additional 96,725 shares during the last quarter. Oakbrook Investments LLC raised its holdings in shares of Mohawk Industries by 36.6% in the third quarter. Oakbrook Investments LLC now owns 6,440 shares of the company’s stock worth $1,129,000 after acquiring an additional 1,725 shares during the last quarter. Finally, BB&T Corp raised its holdings in shares of Mohawk Industries by 52.0% in the third quarter. BB&T Corp now owns 4,253 shares of the company’s stock worth $746,000 after acquiring an additional 1,455 shares during the last quarter. 81.57% of the stock is owned by hedge funds and other institutional investors.
In other Mohawk Industries news, Chairman Jeffrey S. Lorberbaum sold 13,400 shares of the business’s stock in a transaction dated Friday, September 14th. The stock was sold at an average price of $186.74, for a total transaction of $2,502,316.00. Following the completion of the sale, the chairman now owns 45,187 shares of the company’s stock, valued at $8,438,220.38. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Brian Carson purchased 2,698 shares of the stock in a transaction on Monday, October 29th. The shares were purchased at an average cost of $116.34 per share, with a total value of $313,885.32. Following the transaction, the insider now owns 21,135 shares of the company’s stock, valued at approximately $2,458,845.90. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 262,698 shares of company stock valued at $31,728,885. 16.80% of the stock is owned by company insiders.
Mohawk Industries (NYSE:MHK) last posted its quarterly earnings results on Thursday, October 25th. The company reported $3.29 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $3.58 by ($0.29). Mohawk Industries had a net margin of 8.81% and a return on equity of 13.49%. The firm had revenue of $2.55 billion for the quarter, compared to analysts’ expectations of $2.61 billion. On average, research analysts anticipate that Mohawk Industries, Inc. will post 12.46 earnings per share for the current year.
Mohawk Industries announced that its board has initiated a share buyback plan on Thursday, October 25th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to reacquire up to 4.5% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.
MHK has been the subject of several analyst reports. Zacks Investment Research lowered Mohawk Industries from a “hold” rating to a “sell” rating in a research note on Tuesday, July 24th. ValuEngine lowered Mohawk Industries from a “sell” rating to a “strong sell” rating in a research note on Thursday, July 26th. SunTrust Banks reiterated a “buy” rating and issued a $270.00 target price on shares of Mohawk Industries in a research note on Friday, July 27th. Raymond James lowered Mohawk Industries from a “strong-buy” rating to an “outperform” rating in a research note on Friday, July 27th. Finally, Stifel Nicolaus dropped their target price on Mohawk Industries from $290.00 to $235.00 and set a “buy” rating for the company in a research note on Friday, July 27th. Four analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $175.06.
Mohawk Industries Company Profile
Mohawk Industries, Inc designs, manufactures, sources, distributes, and markets flooring products for remodeling and new constructions of residential and commercial spaces worldwide. It operates through three segments: Global Ceramic, Flooring North America (Flooring NA), and Flooring Rest of the World (Flooring ROW).
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