$2.48 Billion in Sales Expected for Mohawk Industries, Inc. (MHK) This Quarter
Brokerages predict that Mohawk Industries, Inc. (NYSE:MHK) will announce $2.48 billion in sales for the current fiscal quarter, according to Zacks. Six analysts have made estimates for Mohawk Industries’ earnings. The highest sales estimate is $2.51 billion and the lowest is $2.45 billion. Mohawk Industries reported sales of $2.29 billion during the same quarter last year, which indicates a positive year-over-year growth rate of 8.3%. The firm is scheduled to report its next earnings report on Thursday, November 2nd.
On average, analysts expect that Mohawk Industries will report full year sales of $2.48 billion for the current fiscal year, with estimates ranging from $9.43 billion to $9.65 billion. For the next year, analysts anticipate that the business will post sales of $10.06 billion per share, with estimates ranging from $9.92 billion to $10.18 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Mohawk Industries.
Mohawk Industries (NYSE:MHK) last released its quarterly earnings data on Thursday, July 27th. The company reported $3.72 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $3.60 by $0.12. Mohawk Industries had a net margin of 10.54% and a return on equity of 16.45%. 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 prior year, the business earned $3.47 EPS. The company’s revenue for the quarter was up 6.2% compared to the same quarter last year.
A number of analysts have recently issued reports on the stock. MKM Partners reiterated a “buy” rating and issued a $286.00 price objective (up from $255.00) on shares of Mohawk Industries in a report on Wednesday, August 2nd. BidaskClub downgraded shares of Mohawk Industries from a “buy” rating to a “hold” rating in a report on Sunday, July 30th. Credit Suisse Group began 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. Stifel Nicolaus upped 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, Zacks Investment Research cut shares of Mohawk Industries from a “buy” rating to a “hold” rating in a research report on Wednesday, August 2nd. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $266.64.
In related news, insider Suzanne L. Helen sold 6,200 shares of Mohawk Industries stock in a transaction dated Friday, June 9th. The stock was sold at an average price of $240.62, for a total value of $1,491,844.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Cock Frans Georges De sold 1,000 shares of Mohawk Industries stock in a transaction dated Monday, June 12th. The stock was sold at an average price of $238.27, for a total value of $238,270.00. Following the completion of the sale, the director now directly owns 13,016 shares of the company’s stock, valued at approximately $3,101,322.32. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 7,724 shares of company stock valued at $1,857,577. Insiders own 17.10% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. Oppenheimer Asset Management Inc. bought a new position in shares of Mohawk Industries during the first quarter valued at approximately $1,278,000. Mn Services Vermogensbeheer B.V. increased its stake in shares of Mohawk Industries by 3.0% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 1,663 shares of the company’s stock worth $357,000 after buying an additional 49 shares during the period. Bank of Nova Scotia increased its stake in shares of Mohawk Industries by 23.2% in the first quarter. Bank of Nova Scotia now owns 21,824 shares of the company’s stock worth $5,009,000 after buying an additional 4,108 shares during the period. Creative Planning increased its stake in shares of Mohawk Industries by 12.6% in the second quarter. Creative Planning now owns 2,800 shares of the company’s stock worth $677,000 after buying an additional 313 shares during the period. Finally, Bluestein R H & Co. increased its stake in shares of Mohawk Industries by 48.7% in the first quarter. Bluestein R H & Co. now owns 1,527 shares of the company’s stock worth $350,000 after buying an additional 500 shares during the period. Institutional investors and hedge funds own 76.50% of the company’s stock.
Shares of Mohawk Industries (MHK) traded up 1.19% on Tuesday, hitting $249.86. 110,575 shares of the stock traded hands. The firm’s market capitalization is $18.57 billion. The firm’s 50 day moving average is $246.89 and its 200 day moving average is $235.86. Mohawk Industries has a 52 week low of $175.52 and a 52 week high of $252.89.
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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