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

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

MHK stock traded down $1.13 during midday trading on Thursday, hitting $110.27. 818,742 shares of the company traded hands, compared to its average volume of 705,769. Mohawk Industries has a twelve month low of $76.02 and a twelve month high of $131.19. The company has a quick ratio of 0.97, a current ratio of 1.78 and a debt-to-equity ratio of 0.22. The business has a 50 day simple moving average of $118.99 and a 200-day simple moving average of $102.80. The stock has a market capitalization of $7.02 billion, a price-to-earnings ratio of -15.68 and a beta of 1.34.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on MHK shares. Deutsche Bank Aktiengesellschaft raised Mohawk Industries from a “hold” rating to a “buy” rating and lifted their target price for the stock from $98.00 to $152.00 in a report on Monday, February 12th. Truist Financial increased their price target on Mohawk Industries from $98.00 to $127.00 and gave the company a “buy” rating in a research report on Tuesday, February 13th. The Goldman Sachs Group increased their price target on Mohawk Industries from $105.00 to $120.00 and gave the company a “buy” rating in a research report on Thursday, January 11th. StockNews.com upgraded Mohawk Industries from a “hold” rating to a “buy” rating in a research report on Saturday, February 17th. Finally, Royal Bank of Canada increased their price objective on Mohawk Industries from $101.00 to $106.00 and gave the stock a “sector perform” rating in a report on Monday, February 12th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price 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 on Tuesday, March 12th. The stock was sold at an average price of $119.51, for a total value of $185,360.01. Following the completion of the transaction, the vice president now directly owns 15,321 shares of the company’s stock, valued at $1,831,012.71. The sale was disclosed in a document filed with the SEC, which can be accessed 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.