Analysts Set Expectations for Mohawk Industries, Inc.’s FY2017 Earnings (MHK)
Mohawk Industries, Inc. (NYSE:MHK) – Research analysts at Northcoast Research cut their FY2017 earnings estimates for Mohawk Industries in a note issued to investors on Tuesday. Northcoast Research analyst K. Hocevar now expects that the company will post earnings per share of $13.51 for the year, down from their previous estimate of $13.55. Northcoast Research has a “Buy” rating and a $295.00 price target on the stock. Northcoast Research also issued estimates for Mohawk Industries’ Q4 2017 earnings at $3.32 EPS and FY2018 earnings at $14.75 EPS.
Mohawk Industries (NYSE:MHK) last issued its earnings results on Thursday, October 26th. The company reported $3.75 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $3.74 by $0.01. Mohawk Industries had a return on equity of 16.03% and a net margin of 10.37%. The firm had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.46 billion. During the same period last year, the company earned $3.50 earnings per share. The firm’s revenue for the quarter was up 6.7% on a year-over-year basis.
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A number of other research firms also recently weighed in on MHK. ValuEngine upgraded Mohawk Industries from a “hold” rating to a “buy” rating in a research report on Friday, September 8th. Royal Bank Of Canada restated a “buy” rating and set a $291.00 target price on shares of Mohawk Industries in a research report on Monday, July 31st. BidaskClub upgraded Mohawk Industries from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, July 12th. Zacks Investment Research upgraded Mohawk Industries from a “hold” rating to a “buy” rating and set a $268.00 target price for the company in a research report on Tuesday, July 4th. Finally, Cleveland Research cut Mohawk Industries from a “buy” rating to a “neutral” rating in a research note on Friday, September 22nd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $279.15.
Mohawk Industries (NYSE:MHK) opened at 261.76 on Wednesday. The company’s market cap is $19.46 billion. Mohawk Industries has a 1-year low of $175.52 and a 1-year high of $268.46. The stock has a 50 day moving average price of $256.12 and a 200 day moving average price of $245.99.
A number of large investors have recently bought and sold shares of MHK. Sun Life Financial INC grew its stake in Mohawk Industries by 5,675.0% in the second quarter. Sun Life Financial INC now owns 462 shares of the company’s stock valued at $112,000 after acquiring an additional 454 shares during the period. First Personal Financial Services grew its stake in Mohawk Industries by 6.6% in the second quarter. First Personal Financial Services now owns 568 shares of the company’s stock valued at $137,000 after acquiring an additional 35 shares during the period. IFP Advisors Inc grew its stake in Mohawk Industries by 18.6% in the second quarter. IFP Advisors Inc now owns 625 shares of the company’s stock valued at $151,000 after acquiring an additional 98 shares during the period. First Manhattan Co. acquired a new position in Mohawk Industries in the second quarter valued at about $160,000. Finally, Bridgewater Wealth & Financial Management LLC acquired a new position in Mohawk Industries in the second quarter valued at about $203,000. 76.91% of the stock is owned by hedge funds and other institutional investors.
In other Mohawk Industries news, Chairman Jeffrey S. Lorberbaum sold 19,700 shares of the business’s stock in a transaction dated 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 completion of the transaction, the chairman now directly owns 21,396 shares of the company’s stock, valued at $5,454,910.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Rodney David Patton sold 137 shares of the business’s stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $246.78, for a total value of $33,808.86. Following the completion of the transaction, the vice president now directly owns 6,924 shares of the company’s stock, valued at $1,708,704.72. The disclosure for this sale can be found here. 17.00% of the stock is currently owned by insiders.
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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