Mohawk Industries (NYSE:MHK) Posts Earnings Results, Beats Estimates By $0.01 EPS

Mohawk Industries (NYSE:MHK) posted its quarterly earnings data on Thursday. The company reported $2.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.89 by $0.01, reports. Mohawk Industries had a negative net margin of 3.30% and a positive return on equity of 8.07%. The company had revenue of $2.72 billion for the quarter, compared to the consensus estimate of $2.71 billion. Mohawk Industries updated its Q4 guidance to $1.77-1.87 EPS and its Q4 2024 guidance to 1.770-1.870 EPS.

Mohawk Industries Stock Down 13.8 %

Shares of MHK stock opened at $130.88 on Friday. The company’s fifty day simple moving average is $154.55 and its two-hundred day simple moving average is $133.72. Mohawk Industries has a 52 week low of $76.02 and a 52 week high of $164.29. The stock has a market cap of $8.26 billion, a P/E ratio of -23.12, a PEG ratio of 1.11 and a beta of 1.37. The company has a quick ratio of 1.04, a current ratio of 1.92 and a debt-to-equity ratio of 0.22.

Insider Activity

In related news, insider Suzanne L. Helen sold 700 shares of the business’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $146.97, for a total value of $102,879.00. Following the sale, the insider now directly owns 121,669 shares in the company, valued at approximately $17,881,692.93. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Suzanne L. Helen sold 2,300 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $151.15, for a total transaction of $347,645.00. Following the sale, the insider now owns 119,369 shares of the company’s stock, valued at $18,042,624.35. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Suzanne L. Helen sold 700 shares of Mohawk Industries stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $146.97, for a total transaction of $102,879.00. Following the completion of the transaction, the insider now directly owns 121,669 shares of the company’s stock, valued at $17,881,692.93. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 4,415 shares of company stock worth $673,387 over the last 90 days. Corporate insiders own 17.10% of the company’s stock.

Institutional Trading of Mohawk Industries

Several hedge funds have recently made changes to their positions in MHK. Sumitomo Mitsui Trust Holdings Inc. bought a new stake in Mohawk Industries during the first quarter worth approximately $1,450,000. O Shaughnessy Asset Management LLC purchased a new stake in Mohawk Industries during the 1st quarter valued at $1,450,000. Sei Investments Co. raised its holdings in Mohawk Industries by 2,040.6% during the 1st quarter. Sei Investments Co. now owns 62,720 shares of the company’s stock valued at $8,209,000 after buying an additional 59,790 shares during the period. State Board of Administration of Florida Retirement System lifted its position in Mohawk Industries by 20.1% in the first quarter. State Board of Administration of Florida Retirement System now owns 61,447 shares of the company’s stock worth $8,043,000 after buying an additional 10,274 shares during the last quarter. Finally, Vanguard Group Inc. boosted its stake in Mohawk Industries by 0.3% during the first quarter. Vanguard Group Inc. now owns 6,257,677 shares of the company’s stock worth $819,067,000 after buying an additional 17,541 shares during the period. 78.98% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

MHK has been the topic of several analyst reports. Royal Bank of Canada lifted their price target on shares of Mohawk Industries from $108.00 to $140.00 and gave the stock a “sector perform” rating in a research note on Monday, July 29th. JPMorgan Chase & Co. lifted their target price on Mohawk Industries from $124.00 to $155.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Wells Fargo & Company upgraded Mohawk Industries from an “underweight” rating to an “equal weight” rating and upped their price target for the stock from $140.00 to $160.00 in a research report on Monday, October 7th. Loop Capital lifted their price objective on Mohawk Industries from $145.00 to $185.00 and gave the company a “buy” rating in a research report on Monday, July 29th. Finally, Robert W. Baird raised shares of Mohawk Industries from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $160.00 to $196.00 in a report on Monday, October 21st. Five investment analysts have rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $166.25.

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.