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

Mohawk Industries (NYSE:MHK) posted its quarterly earnings data on Thursday. The company reported $1.86 EPS for the quarter, beating analysts’ consensus estimates of $1.68 by $0.18, Briefing.com reports. Mohawk Industries had a negative net margin of 3.95% and a positive return on equity of 7.52%. The company had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.64 billion. During the same quarter in the prior year, the company posted $1.75 EPS. The company’s quarterly revenue 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 traded down $1.13 during mid-day trading on Thursday, hitting $110.27. The company’s stock had a trading volume of 818,742 shares, compared to its average volume of 705,769. Mohawk Industries has a one year low of $76.02 and a one year high of $131.19. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.97 and a current ratio of 1.78. The firm has a market capitalization of $7.02 billion, a PE ratio of -15.68 and a beta of 1.34. The stock’s 50-day moving average is $118.99 and its two-hundred day moving average is $102.80.

Insider Activity

In related news, VP Rodney David Patton sold 1,551 shares of the firm’s stock in a transaction on 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 of the company’s stock, valued at $1,831,012.71. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 17.10% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. TheStreet upgraded Mohawk Industries from a “d+” rating to a “c-” rating in a report on Monday, March 4th. 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 report on Monday, February 12th. Wells Fargo & Company dropped their price target on Mohawk Industries from $105.00 to $100.00 and set an “underweight” rating on the stock in a research report on Monday, January 22nd. Deutsche Bank Aktiengesellschaft raised Mohawk Industries from a “hold” rating to a “buy” rating and increased their target price for the stock from $98.00 to $152.00 in a research report on Monday, February 12th. Finally, StockNews.com raised Mohawk Industries from a “hold” rating to a “buy” rating in a research report on Saturday, February 17th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus 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.