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

Mohawk Industries (NYSE:MHK) released its quarterly earnings results on Thursday. The company reported $1.86 EPS for the quarter, topping the consensus estimate of $1.68 by $0.18, Briefing.com reports. Mohawk Industries had a positive return on equity of 7.52% and a negative net margin of 3.95%. The firm had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.64 billion. During the same period in the previous year, the company posted $1.75 EPS. The business’s revenue for the quarter was down 4.5% compared to the same quarter last year. 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

Shares of MHK opened at $110.27 on Friday. 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 stock has a 50-day moving average of $118.99 and a two-hundred day moving average of $102.80. Mohawk Industries has a one year low of $76.02 and a one year high of $131.19.

Insider Activity

In other news, VP Rodney David Patton sold 1,551 shares of the firm’s stock in a transaction dated 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 in the company, valued at $1,831,012.71. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 17.10% of the company’s stock.

Wall Street Analysts Forecast Growth

MHK has been the subject of a number of recent research reports. TheStreet upgraded shares of Mohawk Industries from a “d+” rating to a “c-” rating in a report on Monday, March 4th. Wells Fargo & Company reduced their price objective on shares of Mohawk Industries from $105.00 to $100.00 and set an “underweight” rating for the company in a research note on Monday, January 22nd. Royal Bank of Canada increased their target price on shares of Mohawk Industries from $101.00 to $106.00 and gave the company a “sector perform” rating in a research report on Monday, February 12th. Barclays lifted their price target on shares of Mohawk Industries from $100.00 to $122.00 and gave the stock an “equal weight” rating in a report on Monday, February 12th. Finally, The Goldman Sachs Group increased their price objective on Mohawk Industries from $105.00 to $120.00 and gave the company a “buy” rating in a report on Thursday, January 11th. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $118.75.

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.