Mohawk Industries (NYSE:MHK) Issues Earnings Results, Beats Estimates By $0.01 EPS

Mohawk Industries (NYSE:MHK) issued its quarterly earnings data on Thursday. The company reported $2.90 EPS for the quarter, topping analysts’ consensus estimates of $2.89 by $0.01, reports. The firm had revenue of $2.72 billion during the quarter, compared to the consensus estimate of $2.71 billion. Mohawk Industries had a positive return on equity of 8.07% and a negative net margin of 3.30%. Mohawk Industries updated its Q4 guidance to $1.77-1.87 EPS and its Q4 2024 guidance to 1.770-1.870 EPS.

Mohawk Industries Trading Down 13.8 %

MHK stock traded down $20.99 during mid-day trading on Friday, reaching $130.88. 3,197,985 shares of the stock traded hands, compared to its average volume of 709,862. Mohawk Industries has a 52-week low of $76.02 and a 52-week high of $164.29. The stock’s fifty day moving average is $154.55 and its 200-day moving average is $133.66. The company has a market cap of $8.26 billion, a P/E ratio of -23.12, a P/E/G ratio of 1.11 and a beta of 1.37. The company has a current ratio of 1.92, a quick ratio of 1.04 and a debt-to-equity ratio of 0.22.

Insider Transactions at Mohawk Industries

In related news, VP Rodney David Patton sold 755 shares of the company’s stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $162.78, for a total value of $122,898.90. Following the completion of the sale, the vice president now owns 12,299 shares in the company, valued at approximately $2,002,031.22. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Mohawk Industries news, VP Rodney David Patton sold 755 shares of Mohawk Industries stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $162.78, for a total transaction of $122,898.90. Following the transaction, the vice president now owns 12,299 shares of the company’s stock, valued at $2,002,031.22. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Suzanne L. Helen sold 660 shares of the stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $151.46, for a total transaction of $99,963.60. Following the completion of the sale, the insider now directly owns 118,709 shares of the company’s stock, valued at $17,979,665.14. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 4,415 shares of company stock valued at $673,387 over the last ninety days. Corporate insiders own 17.10% of the company’s stock.

Institutional Investors Weigh In On Mohawk Industries

A number of institutional investors have recently modified their holdings of the stock. Signaturefd LLC grew its stake in Mohawk Industries by 12.5% in the third quarter. Signaturefd LLC now owns 683 shares of the company’s stock valued at $110,000 after purchasing an additional 76 shares in the last quarter. Quest Partners LLC grew its stake in shares of Mohawk Industries by 40.0% in the 2nd quarter. Quest Partners LLC now owns 294 shares of the company’s stock valued at $33,000 after buying an additional 84 shares in the last quarter. Texas Permanent School Fund Corp increased its holdings in Mohawk Industries by 0.9% in the first quarter. Texas Permanent School Fund Corp now owns 10,927 shares of the company’s stock worth $1,430,000 after buying an additional 98 shares during the last quarter. State of Michigan Retirement System raised its position in Mohawk Industries by 0.7% during the second quarter. State of Michigan Retirement System now owns 14,545 shares of the company’s stock valued at $1,652,000 after acquiring an additional 100 shares in the last quarter. Finally, Quent Capital LLC lifted its stake in Mohawk Industries by 27.2% in the first quarter. Quent Capital LLC now owns 496 shares of the company’s stock valued at $65,000 after acquiring an additional 106 shares during the last quarter. Institutional investors and hedge funds own 78.98% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Baird R W upgraded shares of Mohawk Industries from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 21st. Jefferies Financial Group raised their price target on shares of Mohawk Industries from $150.00 to $160.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Loop Capital lifted their price target on Mohawk Industries from $145.00 to $185.00 and gave the company a “buy” rating in a report on Monday, July 29th. Royal Bank of Canada increased their price objective on Mohawk Industries from $108.00 to $140.00 and gave the stock a “sector perform” rating in a report on Monday, July 29th. Finally, Barclays lifted their target price on Mohawk Industries from $118.00 to $161.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. Five research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Mohawk Industries presently has a consensus rating of “Moderate Buy” and an average target price of $166.25.

About Mohawk Industries

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.