$2.46 Billion in Sales Expected for Mohawk Industries, Inc. (MHK) This Quarter
Wall Street brokerages predict that Mohawk Industries, Inc. (NYSE:MHK) will report sales of $2.46 billion for the current fiscal quarter, according to Zacks Investment Research. Six analysts have made estimates for Mohawk Industries’ earnings. The lowest sales estimate is $2.43 billion and the highest is $2.49 billion. Mohawk Industries posted sales of $2.31 billion in the same quarter last year, which suggests a positive year-over-year growth rate of 6.5%. The business is scheduled to issue its next earnings results after the market closes on Thursday, July 27th.
On average, analysts expect that Mohawk Industries will report full-year sales of $2.46 billion for the current year, with estimates ranging from $9.39 billion to $9.62 billion. For the next fiscal year, analysts expect that the business will post sales of $9.94 billion per share, with estimates ranging from $9.86 billion to $10.04 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that follow Mohawk Industries.
Mohawk Industries (NYSE:MHK) last issued its earnings results on Thursday, April 27th. The company reported $2.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.71 by $0.01. The business had revenue of $2.22 billion during the quarter, compared to the consensus estimate of $2.27 billion. Mohawk Industries had a return on equity of 16.88% and a net margin of 10.65%. The company’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same period in the prior year, the business posted $2.38 EPS.
Several research firms recently issued reports on MHK. BidaskClub raised shares of Mohawk Industries from a “buy” rating to a “strong-buy” rating in a research note on Wednesday. Stifel Nicolaus upped their price objective on shares of Mohawk Industries from $250.00 to $260.00 and gave the stock a “buy” rating in a research note on Monday, May 1st. Nomura started coverage on shares of Mohawk Industries in a research report on Wednesday, April 12th. They set a “buy” rating and a $280.00 target price on the stock. Credit Suisse Group started coverage on shares of Mohawk Industries in a report on Thursday, June 22nd. They issued an “outperform” rating and a $274.00 price objective on the stock. Finally, Instinet restated a “buy” rating and issued a $280.00 price objective on shares of Mohawk Industries in a report on Friday, April 14th. One analyst has rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $261.64.
Shares of Mohawk Industries (MHK) opened at 246.53 on Wednesday. The company has a 50 day moving average price of $238.46 and a 200-day moving average price of $225.09. Mohawk Industries has a 12-month low of $175.52 and a 12-month high of $248.24. The firm’s market cap is $18.32 billion.
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In related news, Director Cock Frans Georges De sold 1,000 shares of the stock in a transaction dated Monday, June 12th. The shares were sold at an average price of $238.27, for a total transaction of $238,270.00. Following the completion of the transaction, the director now owns 13,016 shares in the company, valued at $3,101,322.32. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, VP Rodney David Patton sold 387 shares of the stock in a transaction dated Friday, June 16th. The shares were sold at an average price of $242.00, for a total transaction of $93,654.00. Following the transaction, the vice president now owns 7,061 shares of the company’s stock, valued at approximately $1,708,762. The disclosure for this sale can be found here. In the last quarter, insiders sold 7,587 shares of company stock valued at $1,823,768. Company insiders own 17.10% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in 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 period. JPMorgan Chase & Co. increased its stake 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 worth $1,059,441,000 after buying an additional 159,231 shares during the last quarter. BlackRock Inc. increased its stake 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 worth $992,431,000 after buying an additional 4,196,790 shares during the last quarter. FMR LLC increased its stake 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 worth $617,520,000 after buying an additional 139,080 shares during the last quarter. Finally, Egerton Capital UK LLP increased its stake 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 worth $328,795,000 after buying an additional 42,925 shares during the last quarter. 77.05% of the stock is currently owned by institutional investors and hedge funds.
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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