Mohawk Industries (NYSE:MHK) Posts Earnings Results

Mohawk Industries (NYSE:MHK) announced its earnings results on Thursday. The company reported $3.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.75 by $0.25, Briefing.com reports. Mohawk Industries had a positive return on equity of 8.11% and a negative net margin of 3.30%. The company had revenue of $2.80 billion for the quarter, compared to analyst estimates of $2.84 billion. During the same period in the prior year, the company posted $2.76 EPS. Mohawk Industries’s quarterly revenue was down 5.1% on a year-over-year basis. 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 %

Shares of Mohawk Industries stock opened at $160.71 on Friday. The company has a quick ratio of 1.02, a current ratio of 1.83 and a debt-to-equity ratio of 0.22. The firm has a market cap of $10.26 billion, a price-to-earnings ratio of -24.57, a price-to-earnings-growth ratio of 1.58 and a beta of 1.38. The business has a fifty day simple moving average of $118.04 and a 200-day simple moving average of $115.97. Mohawk Industries has a fifty-two week low of $76.02 and a fifty-two week high of $162.87.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on MHK shares. Loop Capital lowered their price target on Mohawk Industries from $140.00 to $135.00 and set a “buy” rating for the company in a report on Monday, April 29th. JPMorgan Chase & Co. upped their price objective on Mohawk Industries from $122.00 to $124.00 and gave the stock a “neutral” rating in a research note on Friday, May 3rd. Royal Bank of Canada upped their price objective on Mohawk Industries from $106.00 to $108.00 and gave the stock a “sector perform” rating in a research note on Monday, April 29th. Barclays decreased their price target on Mohawk Industries from $120.00 to $118.00 and set an “equal weight” rating for the company in a research note on Friday, July 12th. Finally, Raymond James raised Mohawk Industries from a “market perform” rating to a “strong-buy” rating and set a $140.00 price target for the company in a research note on Monday, June 10th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $127.45.

Insider Activity

In other news, insider Suzanne L. Helen sold 1,800 shares of the company’s stock in a transaction 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 completion of the sale, the insider now owns 122,369 shares in the company, valued at $13,673,512.06. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 17.10% of the company’s stock.

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.