Analysts Issue Forecasts for Mohawk Industries, Inc.’s Q3 2017 Earnings (MHK)
Mohawk Industries, Inc. (NYSE:MHK) – Stock analysts at SunTrust Banks raised their Q3 2017 EPS estimates for Mohawk Industries in a research report issued to clients and investors on Friday. SunTrust Banks analyst K. Hughes now expects that the company will post earnings of $3.78 per share for the quarter, up from their prior forecast of $3.67. SunTrust Banks also issued estimates for Mohawk Industries’ Q4 2017 earnings at $3.36 EPS.
Mohawk Industries (NYSE:MHK) last announced its earnings results on Thursday, April 27th. The company reported $2.72 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.71 by $0.01. Mohawk Industries had a return on equity of 16.88% and a net margin of 10.65%. The business had revenue of $2.22 billion during the quarter, compared to analyst estimates of $2.27 billion. During the same quarter in the previous year, the business earned $2.38 earnings per share. The company’s revenue for the quarter was up 2.2% compared to the same quarter last year.
A number of other equities research analysts have also weighed in on MHK. BidaskClub upgraded shares of Mohawk Industries from a “buy” rating to a “strong-buy” rating in a report on Wednesday, June 14th. Credit Suisse Group assumed coverage on shares of Mohawk Industries in a report on Thursday. They issued an “outperform” rating and a $274.00 price objective on the stock. Barclays PLC raised their price objective on shares of Mohawk Industries from $251.00 to $272.00 and gave the company an “overweight” rating in a report on Monday, March 20th. Stifel Nicolaus raised their price objective on shares of Mohawk Industries from $250.00 to $260.00 and gave the company a “buy” rating in a report on Monday, May 1st. Finally, Royal Bank Of Canada restated a “buy” rating and issued a $267.00 price objective on shares of Mohawk Industries in a report on Monday, May 1st. Two research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $258.09.
Mohawk Industries (NYSE:MHK) opened at 246.50 on Monday. Mohawk Industries has a 12 month low of $175.52 and a 12 month high of $246.74. The stock’s market cap is $18.32 billion. The firm’s 50 day moving average price is $236.25 and its 200 day moving average price is $223.14.
In other Mohawk Industries news, Director Cock Frans Georges De sold 1,000 shares of the firm’s stock in a transaction on Monday, June 12th. The shares were sold at an average price of $238.27, for a total transaction of $238,270.00. Following the transaction, the director now directly owns 13,016 shares of the company’s stock, valued at approximately $3,101,322.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Suzanne L. Helen sold 6,200 shares of the firm’s stock in a transaction on Friday, June 9th. The stock was sold at an average price of $240.62, for a total transaction of $1,491,844.00. The disclosure for this sale can be found here. Insiders have sold a total of 7,587 shares of company stock worth $1,823,768 over the last three months. 17.10% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Mohawk Industries by 3.2% in the first quarter. Vanguard Group Inc. now owns 5,987,177 shares of the company’s stock valued at $1,373,997,000 after buying an additional 185,698 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Mohawk Industries by 3.6% in the first quarter. JPMorgan Chase & Co. now owns 4,616,502 shares of the company’s stock valued at $1,059,441,000 after buying an additional 159,231 shares during the last quarter. BlackRock Inc. increased its position in shares of Mohawk Industries by 3,286.0% in the first quarter. BlackRock Inc. now owns 4,324,509 shares of the company’s stock valued at $992,431,000 after buying an additional 4,196,790 shares during the last quarter. FMR LLC increased its position in shares of Mohawk Industries by 5.5% in the first quarter. FMR LLC now owns 2,690,837 shares of the company’s stock valued at $617,520,000 after buying an additional 139,080 shares during the last quarter. Finally, Egerton Capital UK LLP increased its position in shares of Mohawk Industries by 3.1% in the first quarter. Egerton Capital UK LLP now owns 1,432,719 shares of the company’s stock valued at $328,795,000 after buying an additional 42,925 shares during the last quarter. 77.54% of the stock is currently owned by institutional investors.
About Mohawk Industries
Mohawk Industries, Inc is a flooring manufacturer that creates products for residential and commercial spaces around the world. The Company’ segments include Global Ceramic, Flooring North America (Flooring NA) and Flooring Rest of the World (Flooring ROW). Its manufacturing and distribution processes provide carpet, rugs, ceramic tile, laminate, wood, stone, luxury vinyl tile and vinyl flooring.
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