Mohawk Industries (NYSE:MHK) Issues Q2 Earnings Guidance

Mohawk Industries (NYSE:MHK) issued an update on its second quarter earnings guidance on Thursday morning. The company provided EPS guidance of $2.68-2.78 for the period, compared to the consensus EPS estimate of $2.68. Mohawk Industries also updated its Q2 2024 guidance to 2.680-2.780 EPS.

Mohawk Industries Trading Up 4.7 %

Shares of NYSE:MHK traded up $5.18 during trading on Friday, hitting $115.45. The company had a trading volume of 1,100,161 shares, compared to its average volume of 585,017. The company has a fifty day simple moving average of $118.86 and a two-hundred day simple moving average of $103.09. Mohawk Industries has a one year low of $76.02 and a one year high of $131.19. The stock has a market cap of $7.35 billion, a price-to-earnings ratio of -17.65 and a beta of 1.34. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.78 and a quick ratio of 0.97.

Mohawk Industries (NYSE:MHK) last posted its quarterly earnings data on Thursday, April 25th. The company reported $1.86 earnings per share for the quarter, beating analysts’ consensus estimates of $1.70 by $0.16. Mohawk Industries had a negative net margin of 3.77% and a positive return on equity of 7.71%. The company had revenue of $2.68 billion during the quarter, compared to analysts’ expectations of $2.64 billion. During the same period in the prior year, the company posted $1.75 EPS. The firm’s revenue for the quarter was down 4.5% on a year-over-year basis. As a group, equities analysts forecast that Mohawk Industries will post 9.56 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Wells Fargo & Company decreased their price objective 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. Deutsche Bank Aktiengesellschaft raised shares of Mohawk Industries from a hold rating to a buy rating and increased their price objective for the company from $98.00 to $152.00 in a research note on Monday, February 12th. Royal Bank of Canada boosted their price target on shares of Mohawk Industries from $101.00 to $106.00 and gave the stock a sector perform rating in a research note on Monday, February 12th. The Goldman Sachs Group raised their target price on shares of Mohawk Industries from $105.00 to $120.00 and gave the stock a buy rating in a research note on Thursday, January 11th. Finally, StockNews.com upgraded shares of Mohawk Industries from a hold rating to a buy rating in a report on Saturday, February 17th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of Hold and a consensus target price of $118.75.

Insider Buying and Selling at Mohawk Industries

In other Mohawk Industries 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 transaction of $185,360.01. Following the completion of the transaction, the vice president now owns 15,321 shares in the company, valued at approximately $1,831,012.71. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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.