Mohawk Industries (NYSE:MHK) Posts Quarterly Earnings Results, Beats Expectations By $0.10 EPS

Mohawk Industries (NYSE:MHKGet Free Report) announced its quarterly earnings data on Thursday. The company reported $1.96 earnings per share for the quarter, beating analysts’ consensus estimates of $1.86 by $0.10, Briefing.com reports. Mohawk Industries had a negative net margin of 3.95% and a positive return on equity of 7.47%. The business had revenue of $2.61 billion during the quarter, compared to the consensus estimate of $2.56 billion. During the same quarter in the prior year, the firm earned $1.32 EPS. The company’s revenue for the quarter was down 1.4% compared to the same quarter last year. Mohawk Industries updated its Q1 guidance to $1.60-$1.70 EPS and its Q1 2024 guidance to 1.600-1.700 EPS.

Mohawk Industries Trading Up 0.4 %

Mohawk Industries stock opened at $110.01 on Friday. The firm has a 50 day simple moving average of $101.95 and a 200-day simple moving average of $94.49. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.73 and a quick ratio of 0.94. The stock has a market capitalization of $7.01 billion, a PE ratio of -15.90 and a beta of 1.31. Mohawk Industries has a 12-month low of $76.02 and a 12-month high of $123.54.

Insider Activity

In other news, insider Suzanne L. Helen sold 5,500 shares of the stock in a transaction that occurred on Wednesday, December 13th. The shares were sold at an average price of $94.09, for a total value of $517,495.00. Following the completion of the transaction, the insider now directly owns 8,953 shares in the company, valued at $842,387.77. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Jeffrey S. Lorberbaum sold 25,000 shares of the stock in a transaction that occurred on Tuesday, November 14th. The shares were sold at an average price of $86.34, for a total transaction of $2,158,500.00. Following the completion of the sale, the chief executive officer now directly owns 14,200 shares of the company’s stock, valued at $1,226,028. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Suzanne L. Helen sold 5,500 shares of the stock in a transaction that occurred on Wednesday, December 13th. The shares were sold at an average price of $94.09, for a total transaction of $517,495.00. Following the sale, the insider now directly owns 8,953 shares of the company’s stock, valued at $842,387.77. The disclosure for this sale can be found here. Insiders sold 30,779 shares of company stock worth $2,699,406 over the last three months. Corporate insiders own 17.20% of the company’s stock.

Institutional Trading of Mohawk Industries

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Shapiro Capital Management LLC purchased a new stake in shares of Mohawk Industries in the 1st quarter valued at approximately $96,936,000. Norges Bank purchased a new stake in shares of Mohawk Industries in the 4th quarter valued at approximately $49,448,000. Ariel Investments LLC lifted its position in shares of Mohawk Industries by 26.8% in the 1st quarter. Ariel Investments LLC now owns 1,723,343 shares of the company’s stock valued at $214,040,000 after acquiring an additional 364,085 shares in the last quarter. Invesco Ltd. lifted its position in shares of Mohawk Industries by 26.6% in the 1st quarter. Invesco Ltd. now owns 1,039,949 shares of the company’s stock valued at $129,161,000 after acquiring an additional 218,505 shares in the last quarter. Finally, BlackRock Inc. lifted its position in shares of Mohawk Industries by 4.9% in the 1st quarter. BlackRock Inc. now owns 4,248,268 shares of the company’s stock valued at $425,761,000 after acquiring an additional 199,275 shares in the last quarter. 77.04% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on MHK. Royal Bank of Canada raised shares of Mohawk Industries from an “underperform” rating to a “sector perform” rating and boosted their price objective for the company from $80.00 to $101.00 in a research report on Friday, January 12th. Wells Fargo & Company decreased their target price on shares of Mohawk Industries from $105.00 to $100.00 and set an “underweight” rating for the company in a research report on Monday, January 22nd. Barclays upgraded shares of Mohawk Industries from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $80.00 to $100.00 in a research report on Wednesday, December 13th. StockNews.com cut shares of Mohawk Industries from a “buy” rating to a “hold” rating in a research report on Friday. Finally, The Goldman Sachs Group upped their target price on shares of Mohawk Industries from $105.00 to $120.00 and gave the stock a “buy” rating in a research report on Thursday, January 11th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $106.67.

Get Our Latest Report on MHK

Mohawk Industries Company Profile

(Get Free Report)

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, Russia, and internationally. It operates through three segments: Global Ceramic, Flooring North America (Flooring NA), and Flooring Rest of the World (Flooring ROW).

See Also

Earnings History for Mohawk Industries (NYSE:MHK)

Receive News & Ratings for Mohawk Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Mohawk Industries and related companies with MarketBeat.com's FREE daily email newsletter.