Mohawk Industries (NYSE:MHK) Posts Quarterly Earnings Results, Beats Expectations By $0.18 EPS

Mohawk Industries (NYSE:MHK) released its quarterly earnings results on Thursday. The company reported $1.86 earnings per share for the quarter, topping the consensus estimate of $1.68 by $0.18, Briefing.com reports. The business had revenue of $2.68 billion for the quarter, compared to analysts’ expectations of $2.64 billion. Mohawk Industries had a negative net margin of 3.95% and a positive return on equity of 7.52%. The firm’s revenue for the quarter was down 4.5% compared to the same quarter last year. During the same period in the previous year, the company earned $1.75 earnings per share. Mohawk Industries updated its Q2 guidance to $2.68-2.78 EPS and its Q2 2024 guidance to 2.680-2.780 EPS.

Mohawk Industries Stock Down 1.0 %

Shares of Mohawk Industries stock traded down $1.13 during trading on Thursday, hitting $110.27. The company’s stock had a trading volume of 818,742 shares, compared to its average volume of 705,769. The company has a market capitalization of $7.02 billion, a PE ratio of -15.68 and a beta of 1.34. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.97 and a current ratio of 1.78. Mohawk Industries has a 52 week low of $76.02 and a 52 week high of $131.19. The company has a fifty day simple moving average of $118.99 and a two-hundred day simple moving average of $102.80.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on MHK. TheStreet upgraded shares of Mohawk Industries from a “d+” rating to a “c-” rating in a research note on Monday, March 4th. Wells Fargo & Company decreased their price target on shares of Mohawk Industries from $105.00 to $100.00 and set an “underweight” rating on the stock in a report on Monday, January 22nd. Truist Financial upped their price objective on shares of Mohawk Industries from $98.00 to $127.00 and gave the company a “buy” rating in a research note on Tuesday, February 13th. Royal Bank of Canada raised their target price on shares of Mohawk Industries from $101.00 to $106.00 and gave the stock a “sector perform” rating in a research report on Monday, February 12th. Finally, Barclays raised their target price on shares of Mohawk Industries from $100.00 to $122.00 and gave the stock an “equal weight” rating in a research report on Monday, February 12th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $118.75.

Insider Buying and Selling at Mohawk Industries

In related news, VP Rodney David Patton sold 1,551 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $119.51, for a total value of $185,360.01. Following the transaction, the vice president now owns 15,321 shares of the company’s stock, valued at $1,831,012.71. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 17.10% of the stock is owned by company insiders.

About Mohawk Industries

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.