Mohawk Industries (NYSE:MHK) Issues Q3 Earnings Guidance

Mohawk Industries (NYSE:MHK) issued an update on its third quarter earnings guidance on Thursday morning. The company provided EPS guidance of $2.80-2.90 for the period, compared to the consensus EPS estimate of $2.71. Mohawk Industries also updated its Q3 2024 guidance to 2.800-2.900 EPS.

Mohawk Industries Trading Up 19.5 %

Shares of NYSE MHK traded up $26.21 during mid-day trading on Friday, hitting $160.71. The company’s stock had a trading volume of 3,436,548 shares, compared to its average volume of 789,521. The stock has a market cap of $10.26 billion, a price-to-earnings ratio of -24.57, a price-to-earnings-growth ratio of 1.88 and a beta of 1.38. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.83 and a quick ratio of 1.02. Mohawk Industries has a one year low of $76.02 and a one year high of $162.87. The company’s fifty day simple moving average is $118.04 and its 200-day simple moving average is $115.97.

Mohawk Industries (NYSE:MHK) last issued its earnings results on Thursday, July 25th. The company reported $3.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.75 by $0.25. The company had revenue of $2.80 billion for the quarter, compared to analyst estimates of $2.84 billion. Mohawk Industries had a negative net margin of 3.30% and a positive return on equity of 8.11%. The company’s revenue for the quarter was down 5.1% on a year-over-year basis. During the same quarter last year, the firm earned $2.76 EPS. On average, sell-side analysts anticipate that Mohawk Industries will post 9.49 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Barclays cut their price target on shares of Mohawk Industries from $120.00 to $118.00 and set an equal weight rating on the stock in a research report on Friday, July 12th. Royal Bank of Canada increased their price target on shares of Mohawk Industries from $106.00 to $108.00 and gave the company a sector perform rating in a research report on Monday, April 29th. JPMorgan Chase & Co. increased their price target on shares of Mohawk Industries from $122.00 to $124.00 and gave the company a neutral rating in a research report on Friday, May 3rd. Truist Financial cut their price target on shares of Mohawk Industries from $140.00 to $135.00 and set a buy rating on the stock in a research report on Wednesday, July 10th. Finally, Raymond James upgraded shares of Mohawk Industries from a market perform rating to a strong-buy rating and set a $140.00 target price on the stock in a report on Monday, June 10th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus price target of $127.45.

Insiders Place Their Bets

In other news, insider Suzanne L. Helen sold 1,800 shares of the business’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $111.74, for a total value of $201,132.00. Following the sale, the insider now owns 122,369 shares of the company’s stock, valued at $13,673,512.06. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate 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.