Mohawk Industries (NYSE:MHK) Posts Quarterly Earnings Results, Beats Estimates By $0.25 EPS

Mohawk Industries (NYSE:MHK) issued its earnings results on Thursday. The company reported $3.00 earnings per share for the quarter, topping the consensus estimate of $2.75 by $0.25, Briefing.com reports. The business had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.84 billion. Mohawk Industries had a positive return on equity of 8.11% and a negative net margin of 3.30%. The business’s revenue for the quarter was down 5.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.76 EPS. Mohawk Industries updated its Q3 guidance to $2.80-2.90 EPS and its Q3 2024 guidance to 2.800-2.900 EPS.

Mohawk Industries Trading Up 19.5 %

NYSE MHK traded up $26.21 on Friday, reaching $160.71. The stock had a trading volume of 3,436,548 shares, compared to its average volume of 789,521. The firm has a market capitalization of $10.26 billion, a price-to-earnings ratio of -24.57, a P/E/G ratio of 1.88 and a beta of 1.38. The company has a quick ratio of 1.02, a current ratio of 1.83 and a debt-to-equity ratio of 0.22. Mohawk Industries has a 12-month low of $76.02 and a 12-month high of $162.87. The stock has a fifty day moving average price of $118.04 and a two-hundred day moving average price of $115.97.

Insider Buying and Selling at Mohawk Industries

In other Mohawk Industries news, insider Suzanne L. Helen sold 1,800 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $111.74, for a total value of $201,132.00. Following the sale, the insider now owns 122,369 shares of the company’s stock, valued at $13,673,512.06. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 17.10% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on MHK shares. Barclays lowered their target price on Mohawk Industries from $120.00 to $118.00 and set an “equal weight” rating on the stock in a report on Friday, July 12th. JPMorgan Chase & Co. boosted their target price on Mohawk Industries from $122.00 to $124.00 and gave the stock a “neutral” rating in a report on Friday, May 3rd. Loop Capital lowered their target price on Mohawk Industries from $140.00 to $135.00 and set a “buy” rating on the stock in a report on Monday, April 29th. Bank of America raised shares of Mohawk Industries from an “underperform” rating to a “buy” rating and lifted their price target for the company from $120.00 to $177.00 in a research report on Friday. Finally, Royal Bank of Canada lifted their price target on shares of Mohawk Industries from $106.00 to $108.00 and gave the company a “sector perform” rating in a research report on Monday, April 29th. One research analyst has rated the stock with a sell rating, three have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $127.45.

Mohawk Industries Company Profile

Mohawk Industries, Inc designs, manufactures, sources, distributes, and markets flooring products for residential and commercial remodeling, and new construction channels in the United States, Europe, Latin America, and internationally. It operates through three segments: Global Ceramic, Flooring North America, and Flooring Rest of the World.