Mohawk Industries, Inc. (MHK) Announces Earnings Results
Mohawk Industries, Inc. (NYSE:MHK) announced its quarterly earnings results on Thursday. The company reported $3.72 earnings per share for the quarter, beating the Zacks’ consensus estimate of $3.60 by $0.12, Bloomberg Earnings reports. Mohawk Industries had a net margin of 10.65% and a return on equity of 16.88%. The firm had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.45 billion. During the same quarter in the previous year, the firm posted $3.47 earnings per share. The business’s revenue was up 6.2% on a year-over-year basis. Mohawk Industries updated its Q3 guidance to $3.70-3.79 EPS.
Shares of Mohawk Industries (NYSE:MHK) traded down 0.75% during mid-day trading on Thursday, hitting $238.34. 882,429 shares of the stock were exchanged. The stock’s 50 day moving average price is $243.63 and its 200-day moving average price is $230.77. The stock’s market capitalization is $17.71 billion. Mohawk Industries has a 12-month low of $175.52 and a 12-month high of $249.61.
MHK has been the topic of a number of research reports. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $267.00 price target on shares of Mohawk Industries in a research note on Monday, May 1st. MKM Partners reaffirmed a “buy” rating and issued a $255.00 price target on shares of Mohawk Industries in a research note on Tuesday, April 18th. BidaskClub lowered shares of Mohawk Industries from a “strong-buy” rating to a “buy” rating in a research note on Monday. Zacks Investment Research raised shares of Mohawk Industries from a “hold” rating to a “buy” rating and set a $268.00 price target on the stock in a research note on Tuesday, July 4th. Finally, Instinet reaffirmed a “buy” rating and issued a $280.00 price target on shares of Mohawk Industries in a research note on Friday, April 14th. One equities research analyst has rated the stock with a hold rating and fourteen have assigned a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $260.67.
In other news, insider Suzanne L. Helen sold 6,200 shares of the firm’s stock in a transaction that occurred on Friday, June 9th. The shares were sold at an average price of $240.62, for a total transaction of $1,491,844.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Rodney David Patton sold 387 shares of the firm’s stock in a transaction that occurred on Friday, June 16th. The stock was sold at an average price of $242.00, for a total transaction of $93,654.00. Following the sale, the vice president now directly 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 ninety days, insiders have sold 7,587 shares of company stock valued at $1,823,768. Insiders own 17.10% of the company’s stock.
Mohawk Industries Company Profile
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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