Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Mohawk Industries Inc. shares valued at $438,713 were sold by HELEN SUZANNE L on Feb 27. At $103.23 per share, HELEN SUZANNE L sold 4,250 shares. The insider’s holdings dropped to 13,453 shares worth approximately $1.36 million following the completion of this transaction.
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Also, Patton Rodney David sold 1,261 shares, netting a total of over 135,115 in proceeds. Following the sale of shares at $107.15 each, the insider now holds 12,109 shares.
Before that, HELEN SUZANNE L had sold 2,700 shares from its account. In a trade valued at $314,284, the Possible Member of Group traded Mohawk Industries Inc. shares for $116.40 each. Upon closing the transaction, the insider’s holdings decreased to 2,700 shares, worth approximately $1.45 million.
As published in a research note from BofA Securities on October 18, 2022, Mohawk Industries Inc. [MHK] has been rated down from a Neutral to an Underperform and the price target has been revised to $100 from $140. This represents a -1.2% premium over Wednesday’s closing price. Analysts at Deutsche Bank started covering the stock with ‘”a Hold”‘ outlook in a report released in mid August. As of August 01, 2022, Raymond James has decreased its “Strong buy” rating to a “Mkt perform” for MHK. Earlier on July 14, 2022, Barclays downgraded its rating. Their new recommendation was “an Underweight” for MHK stock which previously was a “an Equal weight”.
Analyzing MHK Stock Performance
On Wednesday, Mohawk Industries Inc. [NYSE: MHK] plunged -1.60% to $101.20. The stock’s lowest price that day was $101.17, but it reached a high of $103.84 in the same session. During the last five days, there has been a drop of approximately -6.05%. Over the course of the year, Mohawk Industries Inc. shares have dropped approximately -1.00%. Shares of the company reached a 52-week high of $130.63 on 02/02/23 and a 52-week low of $101.17 on 03/01/23. A 50-day SMA is recorded $111.58, while a 200-day SMA reached $112.97. Nevertheless, trading volume fell to 0.51 million shares from 0.73 million shares the previous day.
Support And Resistance Levels for Mohawk Industries Inc. (MHK)
According to the 24-hour chart, there is a support level at 100.30, which, if violated, would cause prices to drop to 99.40. In the upper region, resistance lies at 102.97. The next price resistance is at 104.74. RSI (Relative Strength Index) is 31.85 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -8.76, which suggests the price will decrease in the coming days. Percent R is at 99.87%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
Is Mohawk Industries Inc. subject to short interest?
Stocks of Mohawk Industries Inc. saw a sharp steep in short interest on Jan 30, 2023 dropping by -0.4 million shares to 1.61 million. Data from Yahoo Finance shows that the short interest on Dec 29, 2022 was 2.01 million shares. A decline of -24.84% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 2.54 of the overall float, the days-to-cover ratio (short ratio) decline to 2.54.
Which companies own the most shares of Mohawk Industries Inc. (MHK)?
According to The Vanguard Group, Inc. filings, the company currently owns 5,907,034 shares, which is about 9.30% of the total MHK shares outstanding. The investor’s shares have appreciated by 96,055 from its previous 13-F filing of 5810979.0 shares. With the completion of the buy transaction, Fidelity Management & Research Co’s stake is now worth $463,652,871. Boston Partners Global Investors, reduced a -3.64% interest valued at $407.01 million while BlackRock Fund Advisors purchased a 63,205 stake. A total of -55,909 shares of Mohawk Industries Inc. were bought by SSgA Funds Management, Inc. during the quarter, and -6,168 were sold by Pzena Investment Management LLC. In its current portfolio, JPMorgan Investment Management, I holds 2,017,636 shares valued at $242.24 million.
In terms of Mohawk Industries Inc. share price expectations, FactSet research, analysts set an average price target of $119.79 in the next 12 months, up nearly 19.59% from the previous closing price of $102.85. Analysts anticipate Mohawk Industries Inc. stock to reach $140.00 by 2023, with the lowest price target being $87.00. In spite of this, 17 analysts ranked Mohawk Industries Inc. stock as a Hold at the end of 2023. On May 03, 2022, JP Morgan assigned a price target of “a Neutral” to the stock and upgraded coverage with a $156.