Mohawk Industries (NYSE:MHK) Releases Q3 2024 Earnings Guidance

Mohawk Industries (NYSE:MHK) updated its third quarter 2024 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 2.800-2.900 for the period, compared to the consensus estimate of 2.710. The company issued revenue guidance of -. Mohawk Industries also updated its Q3 guidance to $2.80-2.90 EPS.

Analysts Set New Price Targets

A number of research firms have issued reports on MHK. Royal Bank of Canada raised their target price on Mohawk Industries from $106.00 to $108.00 and gave the company a sector perform rating in a research note on Monday, April 29th. Bank of America upgraded shares of Mohawk Industries from an underperform rating to a buy rating and lifted their price objective for the company from $120.00 to $177.00 in a research note on Friday. Barclays cut their price objective on shares of Mohawk Industries from $120.00 to $118.00 and set an equal weight rating on the stock in a research note on Friday, July 12th. Raymond James upgraded shares of Mohawk Industries from a market perform rating to a strong-buy rating and set a $140.00 price objective on the stock in a research note on Monday, June 10th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Mohawk Industries from $122.00 to $124.00 and gave the company a neutral rating in a research note on Friday, May 3rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and an average price target of $127.45.

Mohawk Industries Price Performance

NYSE:MHK traded up $26.21 during mid-day trading on Friday, reaching $160.71. 3,404,515 shares of the stock were exchanged, compared to its average volume of 719,127. The business has a fifty day moving average price of $117.23 and a 200 day moving average price of $115.59. The firm has a market capitalization of $10.26 billion, a PE ratio of -24.57, a PEG ratio of 1.28 and a beta of 1.38. Mohawk Industries has a 1-year low of $76.02 and a 1-year high of $162.87. The company has a current ratio of 1.83, a quick ratio of 1.02 and a debt-to-equity ratio of 0.22.

Mohawk Industries (NYSE:MHK) last released its earnings results on Thursday, July 25th. The company reported $3.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.76 by $0.24. The firm had revenue of $2.80 billion for the quarter, compared to analyst estimates of $2.84 billion. Mohawk Industries had a positive return on equity of 7.72% and a negative net margin of 3.77%. Mohawk Industries’s revenue was down 5.1% compared to the same quarter last year. During the same period in the previous year, the company earned $2.76 earnings per share. Research analysts expect that Mohawk Industries will post 9.51 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Suzanne L. Helen sold 1,800 shares of Mohawk Industries stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $111.74, for a total value of $201,132.00. Following the transaction, the insider now owns 122,369 shares of the company’s stock, valued at approximately $13,673,512.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 17.10% of the stock is currently 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.