$2.48 Billion in Sales Expected for Mohawk Industries, Inc. (MHK) This Quarter
Equities analysts expect that Mohawk Industries, Inc. (NYSE:MHK) will announce $2.48 billion in sales for the current fiscal quarter, according to Zacks. Six analysts have issued 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 in the same quarter last year, which indicates a positive year-over-year growth rate of 8.3%. The company is expected to announce its next quarterly earnings results on Thursday, November 2nd.
On average, analysts expect that Mohawk Industries will report full-year sales of $2.48 billion for the current financial 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 averages are an average based on a survey of analysts that follow Mohawk Industries.
Mohawk Industries (NYSE:MHK) last posted its quarterly earnings data on Thursday, July 27th. The company reported $3.72 EPS for the quarter, beating the Zacks’ consensus estimate of $3.60 by $0.12. The business had revenue of $2.45 billion during the quarter, compared to analysts’ expectations of $2.45 billion. Mohawk Industries had a return on equity of 16.45% and a net margin of 10.54%. The business’s revenue was up 6.2% compared to the same quarter last year. During the same period in the previous year, the business earned $3.47 earnings per share.
Several research firms have recently commented on MHK. ValuEngine raised Mohawk Industries from a “hold” rating to a “buy” rating in a report on Friday. Zacks Investment Research cut Mohawk Industries from a “buy” rating to a “hold” rating in a report on Wednesday, August 2nd. MKM Partners reissued a “buy” rating and issued a $286.00 price target (up from $255.00) on shares of Mohawk Industries in a report on Wednesday, August 2nd. Royal Bank Of Canada reissued a “buy” rating and issued a $291.00 price target on shares of Mohawk Industries in a report on Monday, July 31st. Finally, BidaskClub cut Mohawk Industries from a “buy” rating to a “hold” rating in a report on Sunday, July 30th. Three investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $266.64.
In related news, Director Cock Frans Georges De sold 1,000 shares of Mohawk Industries stock in a transaction on Monday, June 12th. The stock was 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 directly owns 13,016 shares of the company’s stock, valued at $3,101,322.32. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Chairman Jeffrey S. Lorberbaum sold 19,700 shares of Mohawk Industries stock in a transaction on Tuesday, September 5th. The stock was sold at an average price of $254.95, for a total value of $5,022,515.00. Following the transaction, the chairman now directly owns 21,396 shares of the company’s stock, valued at $5,454,910.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 21,224 shares of company stock valued at $5,388,248. 17.00% of the stock is currently owned by insiders.
A number of hedge funds have recently modified their holdings of the stock. Sun Life Financial INC increased its position in Mohawk Industries by 5,675.0% during the second quarter. Sun Life Financial INC now owns 462 shares of the company’s stock worth $112,000 after buying an additional 454 shares in the last quarter. IFP Advisors Inc increased its position in Mohawk Industries by 5.6% during the first quarter. IFP Advisors Inc now owns 527 shares of the company’s stock worth $121,000 after buying an additional 28 shares in the last quarter. First Personal Financial Services increased its position in Mohawk Industries by 6.6% during the second quarter. First Personal Financial Services now owns 568 shares of the company’s stock worth $137,000 after buying an additional 35 shares in the last quarter. First Manhattan Co. purchased a new position in Mohawk Industries during the second quarter worth $160,000. Finally, Meeder Asset Management Inc. purchased a new position in Mohawk Industries during the first quarter worth $179,000. 76.97% of the stock is owned by hedge funds and other institutional investors.
Shares of Mohawk Industries (NYSE MHK) opened at 257.92 on Friday. Mohawk Industries has a 52-week low of $175.52 and a 52-week high of $258.38. The stock’s market capitalization is $19.17 billion. The stock has a 50 day moving average price of $248.93 and a 200-day moving average price of $238.62.
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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