Equities research analysts expect Mohawk Industries, Inc. (NYSE:MHK) to post $2.45 billion in sales for the current quarter, Zacks reports. Seven analysts have provided estimates for Mohawk Industries’ earnings. The highest sales estimate is $2.49 billion and the lowest is $2.41 billion. Mohawk Industries posted sales of $2.37 billion in the same quarter last year, which would indicate a positive year-over-year growth rate of 3.4%. The company is expected to report its next quarterly earnings results on Thursday, February 14th.
According to Zacks, analysts expect that Mohawk Industries will report full-year sales of $9.98 billion for the current financial year, with estimates ranging from $9.91 billion to $10.02 billion. For the next financial year, analysts anticipate that the company will post sales of $10.41 billion, with estimates ranging from $10.17 billion to $10.67 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover Mohawk Industries.
Mohawk Industries (NYSE:MHK) last issued its earnings results on Thursday, October 25th. The company reported $3.29 EPS for the quarter, missing analysts’ consensus estimates of $3.58 by ($0.29). The firm had revenue of $2.55 billion for the quarter, compared to analyst estimates of $2.61 billion. Mohawk Industries had a return on equity of 13.49% and a net margin of 8.81%.
In other Mohawk Industries news, Chairman Jeffrey S. Lorberbaum sold 13,400 shares of the company’s stock in a transaction on Friday, September 14th. The shares were sold at an average price of $186.74, for a total value of $2,502,316.00. Following the completion of the transaction, the chairman now owns 45,187 shares in the company, valued at $8,438,220.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Bernard Thiers sold 5,000 shares of the company’s stock in a transaction on Tuesday, September 11th. The shares were sold at an average price of $190.00, for a total transaction of $950,000.00. Following the completion of the transaction, the insider now owns 40,156 shares of the company’s stock, valued at approximately $7,629,640. The disclosure for this sale can be found here. Corporate insiders own 16.80% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. boosted its stake in shares of Mohawk Industries by 2.2% during the second quarter. BlackRock Inc. now owns 6,257,455 shares of the company’s stock worth $1,340,786,000 after buying an additional 134,039 shares during the period. Select Equity Group L.P. boosted its stake in shares of Mohawk Industries by 20.6% during the second quarter. Select Equity Group L.P. now owns 1,959,024 shares of the company’s stock worth $419,760,000 after buying an additional 334,869 shares during the period. First Pacific Advisors LP acquired a new stake in shares of Mohawk Industries during the third quarter worth about $277,086,000. Wells Fargo & Company MN boosted its stake in shares of Mohawk Industries by 16.2% during the third quarter. Wells Fargo & Company MN now owns 1,273,539 shares of the company’s stock worth $223,315,000 after buying an additional 177,109 shares during the period. Finally, Principal Financial Group Inc. boosted its stake in shares of Mohawk Industries by 0.3% during the first quarter. Principal Financial Group Inc. now owns 1,199,943 shares of the company’s stock worth $278,651,000 after buying an additional 3,493 shares during the period. Institutional investors own 81.91% of the company’s stock.
Shares of MHK stock traded up $2.32 on Friday, reaching $123.73. 1,221,067 shares of the stock were exchanged, compared to its average volume of 1,019,032. The company has a current ratio of 1.54, a quick ratio of 0.79 and a debt-to-equity ratio of 0.20. The company has a market cap of $9.02 billion, a P/E ratio of 9.09, a PEG ratio of 1.46 and a beta of 1.62. Mohawk Industries has a twelve month low of $113.45 and a twelve month high of $286.85.
Mohawk Industries declared that its board has initiated a stock repurchase plan on Thursday, October 25th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 4.5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
About Mohawk Industries
Mohawk Industries, Inc designs, manufactures, sources, distributes, and markets flooring products for remodeling and new constructions of residential and commercial spaces worldwide. It operates through three segments: Global Ceramic, Flooring North America (Flooring NA), and Flooring Rest of the World (Flooring ROW).
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