Equities research analysts predict that Mohawk Industries, Inc. (NYSE:MHK) will post sales of $2.45 billion for the current fiscal quarter, Zacks Investment Research reports. Seven analysts have made estimates for Mohawk Industries’ earnings, with the lowest sales estimate coming in at $2.41 billion and the highest estimate coming in at $2.49 billion. Mohawk Industries reported sales of $2.37 billion in the same quarter last year, which indicates a positive year over year growth rate of 3.4%. The business is expected to announce its next earnings report on Thursday, February 14th.
On average, analysts expect that Mohawk Industries will report full year sales of $9.98 billion for the current year, with estimates ranging from $9.91 billion to $10.02 billion. For the next fiscal year, analysts anticipate that the business will post sales of $10.41 billion, with estimates ranging from $10.17 billion to $10.67 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that follow Mohawk Industries.
Mohawk Industries (NYSE:MHK) last announced its quarterly earnings results on Thursday, October 25th. The company reported $3.29 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $3.58 by ($0.29). Mohawk Industries had a net margin of 8.81% and a return on equity of 13.49%. The company had revenue of $2.55 billion during the quarter, compared to analyst estimates of $2.61 billion.
A number of research analysts have issued reports on the company. Credit Suisse Group reissued a “neutral” rating on shares of Mohawk Industries in a report on Monday, October 29th. ValuEngine downgraded Mohawk Industries from a “sell” rating to a “strong sell” rating in a research note on Thursday, July 26th. Jefferies Financial Group downgraded Mohawk Industries from a “buy” rating to a “hold” rating in a research note on Friday, October 26th. Cleveland Research reaffirmed a “hold” rating on shares of Mohawk Industries in a research note on Wednesday, September 12th. Finally, Raymond James downgraded Mohawk Industries from a “strong-buy” rating to an “outperform” rating in a research note on Friday, July 27th. Four investment analysts have rated the stock with a sell rating, nine have given a hold rating and seven have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $175.06.
Shares of NYSE:MHK opened at $125.65 on Friday. Mohawk Industries has a 12-month low of $113.45 and a 12-month high of $286.85. The company has a market capitalization of $9.39 billion, a price-to-earnings ratio of 9.23, a P/E/G ratio of 1.52 and a beta of 1.62. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.54 and a quick ratio of 0.79.
Mohawk Industries declared that its Board of Directors has authorized a stock buyback program on Thursday, October 25th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to repurchase up to 4.5% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its stock is undervalued.
In related news, insider Bernard Thiers sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 11th. The stock was sold at an average price of $190.00, for a total transaction of $950,000.00. Following the completion of the sale, the insider now directly owns 40,156 shares in the company, valued at $7,629,640. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Filip Balcaen purchased 10,000 shares of the company’s stock in a transaction that occurred on Monday, August 13th. The shares were purchased at an average price of $181.00 per share, with a total value of $1,810,000.00. Following the completion of the transaction, the director now directly owns 776 shares of the company’s stock, valued at approximately $140,456. The disclosure for this purchase can be found here. Insiders have purchased 262,698 shares of company stock valued at $31,728,885 over the last quarter. 16.80% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. grew its holdings in Mohawk Industries by 2.2% in the 2nd quarter. BlackRock Inc. now owns 6,257,455 shares of the company’s stock valued at $1,340,786,000 after buying an additional 134,039 shares in the last quarter. Select Equity Group L.P. grew its holdings in Mohawk Industries by 20.6% in the 2nd quarter. Select Equity Group L.P. now owns 1,959,024 shares of the company’s stock valued at $419,760,000 after buying an additional 334,869 shares in the last quarter. Wells Fargo & Company MN grew its holdings in Mohawk Industries by 16.2% in the 3rd quarter. Wells Fargo & Company MN now owns 1,273,539 shares of the company’s stock valued at $223,315,000 after buying an additional 177,109 shares in the last quarter. Principal Financial Group Inc. grew its holdings in Mohawk Industries by 0.3% in the 1st quarter. Principal Financial Group Inc. now owns 1,199,943 shares of the company’s stock valued at $278,651,000 after buying an additional 3,493 shares in the last quarter. Finally, Standard Life Aberdeen plc grew its holdings in Mohawk Industries by 11.5% in the 2nd quarter. Standard Life Aberdeen plc now owns 1,150,190 shares of the company’s stock valued at $246,470,000 after buying an additional 118,966 shares in the last quarter. Hedge funds and other institutional investors own 81.57% of the company’s stock.
Mohawk Industries Company Profile
Mohawk Industries, Inc designs, manufactures, sources, distributes, and markets flooring products for remodeling and new constructions of residential and commercial spaces worldwide. It operates through three segments: Global Ceramic, Flooring North America (Flooring NA), and Flooring Rest of the World (Flooring ROW).
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