Wells Fargo Keeps Their Sell Rating on Mohawk Industries (MHK)

By Carrie Williams

Wells Fargo analyst Truman Patterson maintained a Sell rating on Mohawk Industries (MHKResearch Report) today. The company’s shares closed last Friday at $85.65.

According to TipRanks.com, Patterson is a 4-star analyst with an average return of 16.2% and a 65.7% success rate. Patterson covers the Consumer Goods sector, focusing on stocks such as M.D.C. Holdings, PulteGroup, and Tri Pointe.

Currently, the analyst consensus on Mohawk Industries is a Hold with an average price target of $89.36.

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Based on Mohawk Industries’ latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $2.29 billion and net profit of $111 million. In comparison, last year the company earned revenue of $2.44 billion and had a net profit of $122 million.

Based on the recent corporate insider activity of 34 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of MHK in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Mohawk Industries, Inc. engages in the manufacture, design, and distribution of residential and commercial flooring products. It operates through the following segments: Global Ceramic, Flooring North America (NA), and Flooring Rest of the World (ROW). The Global Ceramic segment comprises ceramic, porcelain, and natural stone tile products used for wall and floor applications. The Flooring NA segment includes floor covering product lines, in a broad range of colors, textures, and patterns. The Flooring ROW segment consists of laminate, hardwood flooring, and vinyl flooring products, roofing elements, insulation boards, medium-density fiberboard, and chipboards. The company was founded on December 22, 1988 and is headquartered in Calhoun, GA.