Concert Wealth Management Inc. boosted its stake in Mohawk Industries Inc. (NYSE:MHK) by 35.2% during the second quarter, Holdings Channel reports. The fund owned 2,113 shares of the company’s stock after buying an additional 550 shares during the period. Concert Wealth Management Inc.’s holdings in Mohawk Industries were worth $401,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Checchi Capital Advisers LLC raised its position in shares of Mohawk Industries by 2.2% in the second quarter. Checchi Capital Advisers LLC now owns 843 shares of the company’s stock valued at $160,000 after buying an additional 18 shares during the last quarter. Meeder Asset Management Inc. bought a new position in Mohawk Industries during the first quarter worth $259,000. ING Groep NV bought a new position in Mohawk Industries during the first quarter worth $286,000. Telemus Capital LLC bought a new position in Mohawk Industries during the second quarter worth $380,000. Finally, P.R. Herzig & Co. Inc. bought a new position in Mohawk Industries during the second quarter worth $380,000. Institutional investors and hedge funds own 78.64% of the company’s stock.
Mohawk Industries Inc. (NYSE:MHK) traded up 0.08% during mid-day trading on Thursday, reaching $195.36. The company’s stock had a trading volume of 388,534 shares. The firm’s market cap is $14.49 billion. Mohawk Industries Inc. has a 12-month low of $148.56 and a 12-month high of $216.58. The company has a 50-day moving average price of $205.26 and a 200-day moving average price of $199.67.
Mohawk Industries (NYSE:MHK) last posted its quarterly earnings results on Thursday, August 4th. The company reported $3.47 earnings per share for the quarter, topping the consensus estimate of $3.36 by $0.11. The company had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.34 billion. Mohawk Industries had a return on equity of 17.22% and a net margin of 9.65%. The firm’s quarterly revenue was up 13.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.69 EPS. On average, equities research analysts expect that Mohawk Industries Inc. will post $12.46 earnings per share for the current year.
A number of research analysts have recently weighed in on the company. Royal Bank Of Canada raised their target price on Mohawk Industries from $220.00 to $245.00 and gave the company an “outperform” rating in a report on Monday, August 8th. Zacks Investment Research upgraded Mohawk Industries from a “sell” rating to a “hold” rating and set a $238.00 target price on the stock in a report on Tuesday, August 9th. Credit Suisse Group AG restated a “buy” rating on shares of Mohawk Industries in a report on Tuesday, June 28th. RBC Capital Markets restated an “outperform” rating and issued a $245.00 target price (up previously from $220.00) on shares of Mohawk Industries in a report on Wednesday, August 10th. Finally, Gabelli began coverage on Mohawk Industries in a report on Tuesday, August 9th. They issued a “buy” rating on the stock. Five equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $224.75.
In related news, insider Suzanne L. Helen sold 9,000 shares of the company’s stock in a transaction that occurred on Thursday, August 11th. The stock was sold at an average price of $212.07, for a total value of $1,908,630.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Brian Carson sold 215 shares of the company’s stock in a transaction that occurred on Monday, August 15th. The stock was sold at an average price of $213.38, for a total value of $45,876.70. Following the completion of the sale, the insider now owns 30,929 shares in the company, valued at approximately $6,599,630.02. The disclosure for this sale can be found here. 17.10% of the stock is owned by corporate insiders.
About Mohawk Industries
Mohawk Industries, Inc is a flooring manufacturer that creates products for residential and commercial spaces around the world. The Company’s manufacturing and distribution processes provide carpet, rugs, ceramic tile, laminate, wood, stone, luxury vinyl tile (LVT) and vinyl flooring. It operates in three segments: Global Ceramic, which designs, manufactures, sources, distributes and markets a line of ceramic tile, porcelain tile and natural stone products; Flooring North America (Flooring NA), which designs, manufactures, sources, distributes and markets carpet, laminate, carpet pad, rugs, hardwood and vinyl, including LVT, in a range of colors, textures and patterns, and Flooring Rest of the World (Flooring ROW), which designs, manufactures, sources, distributes and markets laminate, hardwood flooring, roofing elements, insulation boards, medium-density fiberboard, chipboards and vinyl flooring products.
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