Meritage Portfolio Management adds Mohawk Industries (MHK) to its portfolio

Mohawk Industries (MHK) : Meritage Portfolio Management added new position in Mohawk Industries during the most recent quarter end. The investment management firm now holds 26,156 shares of Mohawk Industries which is valued at $5,132,330 , the company said in a statement filed on Apr 21, 2016 with the SEC.Mohawk Industries makes up approximately 0.58% of Meritage Portfolio Management’s portfolio.

Mohawk Industries closed down -0.61 points or -0.31% at $197.28 with 5,03,990 shares getting traded on Wednesday. Post opening the session at $197.99, the shares hit an intraday low of $195.64 and an intraday high of $198.52 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.

Other Hedge Funds, Including , Eagle Ridge Investment Management sold out all of its stake in MHK during the most recent quarter. The investment firm sold 1,309 shares of MHK which is valued $256,852.Firstmerit Bank N A Trustee boosted its stake in MHK in the latest quarter, The investment management firm added 142 additional shares and now holds a total of 3,074 shares of Mohawk Industries which is valued at $603,180. Mohawk Industries makes up approx 0.05% of Firstmerit Bank N A Trustee’s portfolio.Exxonmobil Investment Management Inc Tx boosted its stake in MHK in the latest quarter, The investment management firm added 1,236 additional shares and now holds a total of 15,486 shares of Mohawk Industries which is valued at $3,051,361. Mohawk Industries makes up approx 0.07% of Exxonmobil Investment Management Inc Tx’s portfolio. Foundry Partners sold out all of its stake in MHK during the most recent quarter. The investment firm sold 10,990 shares of MHK which is valued $2,136,126.Capital Investment Services Of America boosted its stake in MHK in the latest quarter, The investment management firm added 1,660 additional shares and now holds a total of 28,525 shares of Mohawk Industries which is valued at $5,544,404. Mohawk Industries makes up approx 1.07% of Capital Investment Services Of America’s portfolio.

On the company’s financial health, Mohawk Industries reported $2.82 EPS for the quarter, beating the analyst consensus estimate by $ 0.09 according to the earnings call on Feb 25, 2016. Analyst had a consensus of $2.73. The company had revenue of $1998.00 million for the quarter, compared to analysts expectations of $2034.61 million. The company’s revenue was up 2.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.27 EPS.

Many Wall Street Analysts have commented on Mohawk Industries. MKM Partners Initiated Mohawk Industries on Apr 12, 2016 to “Buy”, Price Target of the shares are set at $244.Company shares were Reiterated by RBC Capital Mkts on Mar 28, 2016 to “Outperform”, Firm has raised the Price Target to $ 218 from a previous price target of $205 .Shares were Reiterated by Barclays on Feb 29, 2016 to “Overweight” and Lowered the Price Target to $ 200 from a previous price target of $201 .

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.

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