Mohawk Industries (NYSE:MHK) Updates Q3 2024 Earnings Guidance

Mohawk Industries (NYSE:MHK) issued an update on its third quarter 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 2.800-2.900 for the period, compared to the consensus earnings per share estimate of 2.710. The company issued revenue guidance of -. Mohawk Industries also updated its Q3 guidance to $2.80-2.90 EPS.

Mohawk Industries Trading Up 6.1 %

Mohawk Industries stock traded up $7.79 during mid-day trading on Thursday, reaching $134.97. 1,458,610 shares of the company traded hands, compared to its average volume of 699,980. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.83 and a quick ratio of 1.02. The firm’s 50 day moving average price is $116.95 and its 200 day moving average price is $115.45. The firm has a market capitalization of $8.62 billion, a price-to-earnings ratio of -20.57, a P/E/G ratio of 1.29 and a beta of 1.38. Mohawk Industries has a 52-week low of $76.02 and a 52-week high of $136.75.

Mohawk Industries (NYSE:MHK) last announced its earnings results on Thursday, April 25th. The company reported $1.86 EPS for the quarter, beating analysts’ consensus estimates of $1.70 by $0.16. Mohawk Industries had a negative net margin of 3.77% and a positive return on equity of 7.72%. The firm had revenue of $2.68 billion for the quarter, compared to analysts’ expectations of $2.64 billion. During the same quarter in the previous year, the business posted $1.75 EPS. The company’s quarterly revenue was down 4.5% on a year-over-year basis. On average, analysts anticipate that Mohawk Industries will post 9.51 earnings per share for the current fiscal year.

Analysts Set New Price Targets

MHK has been the topic of a number of research reports. JPMorgan Chase & Co. boosted their target price on shares of Mohawk Industries from $122.00 to $124.00 and gave the company a neutral rating in a report on Friday, May 3rd. Barclays dropped their price target on shares of Mohawk Industries from $120.00 to $118.00 and set an equal weight rating on the stock in a research note on Friday, July 12th. Truist Financial dropped their price target on shares of Mohawk Industries from $140.00 to $135.00 and set a buy rating on the stock in a research note on Wednesday, July 10th. Raymond James upgraded shares of Mohawk Industries from a market perform rating to a strong-buy rating and set a $140.00 price target on the stock in a research note on Monday, June 10th. Finally, Loop Capital dropped their price target on shares of Mohawk Industries from $140.00 to $135.00 and set a buy rating on the stock in a research note on Monday, April 29th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Mohawk Industries has a consensus rating of Moderate Buy and a consensus target price of $122.50.

Insider Activity

In other news, insider Suzanne L. Helen sold 1,800 shares of the company’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $111.74, for a total transaction of $201,132.00. Following the completion of the sale, the insider now owns 122,369 shares of the company’s stock, valued at approximately $13,673,512.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 17.10% 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.