Mohawk Industries (MHK) is Upgraded by BofA/Merrill to Buy

Mohawk Industries (MHK) was Upgraded by BofA/Merrill to ” Buy”. Earlier the firm had a rating of “Neutral ” on the company shares. BofA/Merrill advised their investors in a research report released on Oct 12, 2016.

Many Wall Street Analysts have commented on Mohawk Industries. Mohawk Industries was Initiated by Wells Fargo to “Market Perform” on Sep 29, 2016. BofA/Merrill Initiated Mohawk Industries on Sep 23, 2016 to “Neutral”, Price Target of the shares are set at $235.Company shares were Reiterated by MKM Partners on Aug 8, 2016 to “Buy”, Firm has raised the Price Target to $ 246 from a previous price target of $244 .

On the company’s financial health, Mohawk Industries reported $3.47 EPS for the quarter, beating the analyst consensus estimate by $ 0.10 according to the earnings call on Aug 4, 2016. Analyst had a consensus of $3.37. The company had revenue of $2310.00 million for the quarter, compared to analysts expectations of $2350.69 million. The company’s revenue was up 13.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.69 EPS.

Mohawk Industries closed down -5.91 points or -2.99% at $191.99 with 6,22,949 shares getting traded on Tuesday. Post opening the session at $197.06, the shares hit an intraday low of $191.89 and an intraday high of $197.71 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

In a different news, on Sep 1, 2016, Rodney David Patton (VP-Business Strategy and GC) sold 1,555 shares at $212.50 per share price. According to the SEC, on Aug 15, 2016, Brian Carson (President-Flooring NA) sold 215 shares at $213.38 per share price. On Jun 8, 2016, Chistopher Wellborn (President and COO) sold 10,236 shares at $200.00 per share price, according to the Form-4 filing with the securities and exchange commission.

Mohawk Industries Inc. is a flooring manufacturer that creates products for residential and commercial spaces around the world. The Company operates in three segments: the Carpet segment the Ceramic segment and the Laminate and Wood segment. The Carpet segment designs manufactures sources distributes and markets its carpet and rug product lines in a range of colors textures and patterns for residential and commercial applications. The Ceramic segment designs manufactures sources distributes and markets a line of ceramic tile porcelain tile and natural stone products. The Laminate and Wood segment designs manufactures sources licenses distributes and markets laminate and hardwood flooring. Its manufacturing and distribution processes provide carpet rugs ceramic tile laminate wood stone and vinyl flooring. Its brands include American Olean Bigelow Daltile Durkan Karastan Kerama Marazzi Lees Marazzi Mohawk Pergo Quick-Step and Unilin.

Mohawk Industries

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