Mohawk Industries (NYSE:MHK) Releases Quarterly Earnings Results, Beats Expectations By $0.16 EPS

Mohawk Industries (NYSE:MHK) posted its quarterly earnings results on Thursday. The company reported $1.86 earnings per share for the quarter, topping analysts’ consensus estimates of $1.70 by $0.16, Briefing.com reports. Mohawk Industries had a negative net margin of 3.77% and a positive return on equity of 7.71%. The business had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.64 billion. During the same period in the previous year, the firm posted $1.75 earnings per share. Mohawk Industries’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 Up 4.7 %

MHK stock traded up $5.18 during trading hours on Friday, reaching $115.45. 1,100,161 shares of the stock were exchanged, compared to its average volume of 585,017. The firm’s 50-day moving average is $118.86 and its 200-day moving average is $103.23. Mohawk Industries has a 12 month low of $76.02 and a 12 month high of $131.19. The company 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.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Truist Financial increased their price target on Mohawk Industries from $98.00 to $127.00 and gave the company a “buy” rating in a research note on Tuesday, February 13th. Barclays upped their price target on Mohawk Industries from $100.00 to $122.00 and gave the company an “equal weight” rating in a research note on Monday, February 12th. Wells Fargo & Company reduced their price objective on shares of Mohawk Industries from $105.00 to $100.00 and set an “underweight” rating on the stock in a research note on Monday, January 22nd. The Goldman Sachs Group upped their target price on shares of Mohawk Industries from $105.00 to $120.00 and gave the company a “buy” rating in a research note on Thursday, January 11th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Mohawk Industries from a “hold” rating to a “buy” rating and lifted their price target for the stock from $98.00 to $152.00 in a research report on Monday, February 12th. 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 data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $118.75.

Insider Activity

In related news, VP Rodney David Patton sold 1,551 shares of the stock in a transaction dated Tuesday, March 12th. The stock was 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 directly owns 15,321 shares in the company, valued at $1,831,012.71. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 17.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Caxton Associates LP acquired a new position in shares of Mohawk Industries during the 3rd quarter worth about $1,170,000. Northern Trust Corp boosted its position in Mohawk Industries by 4.0% during the third quarter. Northern Trust Corp now owns 597,546 shares of the company’s stock valued at $51,275,000 after purchasing an additional 23,070 shares during the last quarter. Dark Forest Capital Management LP bought a new position in Mohawk Industries in the third quarter valued at approximately $397,000. JPMorgan Chase & Co. increased its position in shares of Mohawk Industries by 4.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,435,283 shares of the company’s stock worth $208,972,000 after purchasing an additional 103,813 shares during the last quarter. Finally, Rafferty Asset Management LLC raised its stake in shares of Mohawk Industries by 35.4% during the 3rd quarter. Rafferty Asset Management LLC now owns 21,209 shares of the company’s stock worth $1,820,000 after purchasing an additional 5,547 shares in the last quarter. Institutional investors own 78.98% 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.