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

Mohawk Industries (NYSE:MHK) announced its earnings results on Thursday. The company reported $1.86 earnings per share for the quarter, topping analysts’ consensus estimates of $1.68 by $0.18, Briefing.com reports. The business had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.64 billion. Mohawk Industries had a positive return on equity of 7.52% and a negative net margin of 3.95%. The company’s quarterly revenue was down 4.5% compared to the same quarter last year. During the same period in the prior year, the company earned $1.75 EPS. 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 Price Performance

NYSE:MHK opened at $110.27 on Friday. The company has a current ratio of 1.78, a quick ratio of 0.97 and a debt-to-equity ratio of 0.22. Mohawk Industries has a 52 week low of $76.02 and a 52 week high of $131.19. The company has a fifty day moving average of $118.99 and a 200 day moving average of $102.80.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Truist Financial raised their price objective on shares of Mohawk Industries from $98.00 to $127.00 and gave the company a “buy” rating in a research report on Tuesday, February 13th. Wells Fargo & Company dropped their target price on Mohawk Industries from $105.00 to $100.00 and set an “underweight” rating for the company in a research report on Monday, January 22nd. Barclays increased their price target on shares of Mohawk Industries from $100.00 to $122.00 and gave the company an “equal weight” rating in a research report on Monday, February 12th. TheStreet raised shares of Mohawk Industries from a “d+” rating to a “c-” rating in a research note on Monday, March 4th. Finally, StockNews.com raised shares of Mohawk Industries from a “hold” rating to a “buy” rating in a research note on Saturday, February 17th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Mohawk Industries has an average rating of “Hold” and an average target price of $118.75.

Insider Buying and Selling

In other Mohawk Industries news, VP Rodney David Patton sold 1,551 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $119.51, for a total transaction of $185,360.01. Following the completion of the transaction, the vice president now owns 15,321 shares of the company’s stock, valued at approximately $1,831,012.71. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 17.10% of the stock is owned by 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.