Mohawk Industries Inc (NYSE:MHK) close to 52-week high on important volume, short interest increasing

Mohawk Industries Inc (NYSE:MHK) (TREND ANALYSIS) shares were traded with more than 50% increase in usual volume. The stock closed last trading session at $176.39, down by -2.81%, with a volume of 1,522,600 shares against an average volume for the last 3 months of 670,195.

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The company is expected to announce next quarter earnings on May 07, at consensus estimate of $1.6. Mohawk Industries Inc (MHK) reported last quarter earnings on February 19. The Home Furnishings company announced earnings per share of $2.27 against a consensus Street estimate of $2.22, beating the average estimate by $0.05. This corresponds to an increase of $0.43 compared to the same quarter of the previous fiscal year.

Mohawk Industries Inc (NYSE:MHK) is currently trading 6.32% below its 52-week-high, 46.54% above its 52-week-low. The 12-months range for the stock is $120.37 – $188.29. Mohawk Industries Inc (MHK) has a price to earnings ratio of 3.14 versus S&P 500 average of 18.42. MHK stock price has outperformed the S&P 500 by 10.7%. The Home Furnishings company is currently valued at $12.88 billion and its share price closed the last trading session at $176.39. The stock has a 50-day moving average of $182.26 and a 200-day moving average of $159.66.

Mohawk Industries Inc (MHK) current short interest stands at 1.85 million shares. It has increased by 11% from the same period of last month. Around 4% of the company’s shares, which are float, are short sold. With a 10-days average volume of 0.52 million shares, the number of days required to cover the short positions stand at 3.6 days.

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There are currently fifteen analysts that cover MHK stock. Of those fifteen, eleven have a Buy rating, three have a Hold rating and one has a Sell rating. On a consensus basis this yields to an Overweight rating. The consensus target price stands at $192.73.

A recent analyst activity consisted of Evercore Partners downgrading their Buy rating to Hold on February 23. On the date of report, the stock closed at $183.24.

Barclays reiterated their Overweight stance on the same day, and fixed their price target at $179. This corresponds to a 1.48% upside from the last closing price. On the date of report, the stock closed at $183.24.

A third research firm was JP Morgan who reiterated their Overweight stance on February 23. JP Morgan fixed their price target at $180. This translates to a 2.05% upside from the last closing price. On the date of report, the stock closed at $183.24.

Company profile

Mohawk Industries, Inc. designs, manufactures, sources, distributes and markets flooring for residential and commercial applications. The Company offers carpet, ceramic tile, laminate, wood, stone, vinyl, and rugs. Mohawk markets residential and commercial flooring in the United States, and residential flooring in Europe.

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