Tocqueville Asset Management L.P. Raises Position in Mohawk Industries, Inc. (MHK)

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Tocqueville Asset Management L.P. increased its stake in shares of Mohawk Industries, Inc. (NYSE:MHK) by 1,806.5% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 40,895 shares of the company’s stock after acquiring an additional 38,750 shares during the quarter. Tocqueville Asset Management L.P.’s holdings in Mohawk Industries were worth $7,171,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of MHK. Cornerstone Advisors Inc. boosted its position in shares of Mohawk Industries by 45.5% during the second quarter. Cornerstone Advisors Inc. now owns 1,289 shares of the company’s stock worth $276,000 after acquiring an additional 403 shares during the last quarter. Piedmont Investment Advisors LLC bought a new position in shares of Mohawk Industries during the second quarter worth $159,000. First Trust Advisors LP boosted its position in shares of Mohawk Industries by 36.0% during the second quarter. First Trust Advisors LP now owns 77,556 shares of the company’s stock worth $16,618,000 after acquiring an additional 20,517 shares during the last quarter. Victory Capital Management Inc. boosted its position in shares of Mohawk Industries by 12.3% during the second quarter. Victory Capital Management Inc. now owns 18,322 shares of the company’s stock worth $3,926,000 after acquiring an additional 2,012 shares during the last quarter. Finally, Jennison Associates LLC boosted its position in shares of Mohawk Industries by 2.7% during the second quarter. Jennison Associates LLC now owns 236,714 shares of the company’s stock worth $50,721,000 after acquiring an additional 6,151 shares during the last quarter. Hedge funds and other institutional investors own 78.20% of the company’s stock.

Mohawk Industries stock opened at $120.44 on Friday. The firm has a market cap of $9.13 billion, a P/E ratio of 9.30, a price-to-earnings-growth ratio of 1.50 and a beta of 1.61. The company has a current ratio of 1.54, a quick ratio of 0.79 and a debt-to-equity ratio of 0.20. Mohawk Industries, Inc. has a 52-week low of $113.45 and a 52-week high of $282.32.

Mohawk Industries (NYSE:MHK) last announced its earnings results on Thursday, October 25th. The company reported $3.29 earnings per share for the quarter, missing the Thomson Reuters’ 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 during the quarter, compared to analysts’ expectations of $2.61 billion. On average, equities research analysts predict that Mohawk Industries, Inc. will post 12.32 earnings per share for the current fiscal year.

Mohawk Industries declared that its Board of Directors has initiated a stock buyback program on Thursday, October 25th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 4.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

In other news, insider Bernard Thiers sold 5,000 shares of the stock in a transaction on Tuesday, September 11th. The shares were sold at an average price of $190.00, for a total value of $950,000.00. Following the sale, the insider now owns 40,156 shares of the company’s stock, valued at $7,629,640. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Rodney David Patton sold 763 shares of the stock in a transaction on Tuesday, December 4th. The shares were sold at an average price of $125.27, for a total transaction of $95,581.01. The disclosure for this sale can be found here. In the last three months, insiders bought 340,898 shares of company stock worth $40,917,073 and sold 29,805 shares worth $4,918,906. Corporate insiders own 16.80% of the company’s stock.

A number of equities research analysts recently issued reports on MHK shares. Robert W. Baird set a $192.00 price target on shares of Mohawk Industries and gave the company a “buy” rating in a research note on Tuesday, October 16th. Nomura decreased their price target on shares of Mohawk Industries from $260.00 to $185.00 and set a “buy” rating on the stock in a research note on Friday, October 26th. Credit Suisse Group set a $180.00 price target on shares of Mohawk Industries and gave the company a “buy” rating in a research note on Wednesday, October 17th. Bank of America set a $210.00 price target on shares of Mohawk Industries and gave the company a “buy” rating in a research note on Thursday, October 11th. Finally, Raymond James decreased their price target on shares of Mohawk Industries from $215.00 to $195.00 and set a “buy” rating on the stock in a research note on Wednesday, October 10th. Four equities research analysts have rated the stock with a sell rating, nine have given a hold rating and seven have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $171.63.

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About Mohawk Industries

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).

Read More: Why do company’s buyback their stock?

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

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