After several tireless days we have finished crunching the numbers from the more than 700 13F filings issued by the elite hedge funds and other investment firms that we track at Insider Monkey, which disclosed those firms’ equity portfolios as of September 30. The results of that effort will be put on display in this article, as we share valuable insight into the smart money sentiment towards Mohawk Industries, Inc. (NYSE:MHK).
Mohawk Industries, Inc. (NYSE:MHK) was in 64 hedge funds’ portfolios at the end of September. MHK shareholders have witnessed an increase in hedge fund interest of late. There were 59 hedge funds in our database with MHK positions at the end of the previous quarter. The level and the change in hedge fund popularity aren’t the only variables you need to analyze to decipher hedge funds’ perspectives. A stock may witness a boost in popularity, but it may still be less popular than similarly priced stocks. That’s why at the end of this article we will examine companies such as Invesco Ltd. (NYSE:IVZ), SBA Communications Corporation (NASDAQ:SBAC), and Vale SA (ADR) (NYSE:VALE) to gather more data points.
In today’s marketplace there are many tools stock traders put to use to analyze their stock investments. Some of the less known tools are hedge fund and insider trading moves. We have shown that, historically, those who follow the top picks of the best investment managers can outperform the broader indices by a healthy amount (see the details here).
With all of this in mind, we’re going to take a look at the key action regarding Mohawk Industries, Inc. (NYSE:MHK).
Hedge fund activity in Mohawk Industries, Inc. (NYSE:MHK)
At Q3’s end, a total of 64 of the hedge funds tracked by Insider Monkey held long positions in this stock, an increase of 8% from the previous quarter. With hedge funds’ positions undergoing their usual ebb and flow, there exists a few notable hedge fund managers who were upping their holdings significantly (or already accumulated large positions).
According to publicly available hedge fund and institutional investor holdings data compiled by Insider Monkey, Third Point, managed by Dan Loeb, holds the number one position in Mohawk Industries, Inc. (NYSE:MHK). The fund reportedly holds a $390.8 million stake in the company, comprising 3.7% of its 13F portfolio. On Third Point’s heels is Viking Global, led by Andreas Halvorsen, holding a $359.8 million position; the fund has 1.4% of its 13F portfolio invested in the stock. Other professional money managers that are bullish contain Stephen Mandel’s Lone Pine Capital, Robert Joseph Caruso’s Select Equity Group and Ken Griffin’s Citadel Investment Group.