Brokerages predict that Mohawk Industries, Inc. (NYSE:MHK) will post $2.61 billion in sales for the current quarter, Zacks reports. Seven analysts have issued estimates for Mohawk Industries’ earnings. The lowest sales estimate is $2.57 billion and the highest is $2.66 billion. Mohawk Industries reported sales of $2.45 billion in the same quarter last year, which indicates a positive year over year growth rate of 6.5%. The company is scheduled to report its next quarterly earnings report after the market closes on Thursday, October 25th.
According to Zacks, analysts expect that Mohawk Industries will report full-year sales of $10.15 billion for the current financial year, with estimates ranging from $10.05 billion to $10.24 billion. For the next financial year, analysts forecast that the firm will report sales of $10.76 billion, with estimates ranging from $10.49 billion to $11.07 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Mohawk Industries.
Mohawk Industries (NYSE:MHK) last issued its earnings results on Wednesday, July 25th. The company reported $3.51 earnings per share for the quarter, missing the Zacks’ consensus estimate of $3.90 by ($0.39). The business had revenue of $2.58 billion for the quarter, compared to the consensus estimate of $2.59 billion. Mohawk Industries had a return on equity of 14.35% and a net margin of 9.34%. The company’s quarterly revenue was up 5.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $3.72 earnings per share.
A number of brokerages recently weighed in on MHK. Credit Suisse Group set a $180.00 target price on shares of Mohawk Industries and gave the stock a “buy” rating in a report on Wednesday. Robert W. Baird set a $192.00 target price on shares of Mohawk Industries and gave the stock a “buy” rating in a report on Tuesday. Loop Capital reduced their target price on shares of Mohawk Industries to $165.00 and set a “hold” rating for the company in a report on Tuesday. They noted that the move was a valuation call. Royal Bank of Canada cut shares of Mohawk Industries from an “outperform” rating to a “sector perform” rating and set a $190.00 target price for the company. in a report on Monday, October 15th. Finally, Bank of America set a $210.00 target price on shares of Mohawk Industries and gave the stock a “buy” rating in a report on Thursday, October 11th. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and twelve have assigned a buy rating to the stock. Mohawk Industries has an average rating of “Hold” and an average target price of $225.07.
In related news, Chairman Jeffrey S. Lorberbaum sold 13,400 shares of the firm’s stock in a transaction that occurred on Friday, September 14th. The shares were sold at an average price of $186.74, for a total value of $2,502,316.00. Following the completion of the transaction, the chairman now owns 45,187 shares of the company’s stock, valued at approximately $8,438,220.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Bernard Thiers sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 11th. The stock was sold at an average price of $190.00, for a total transaction of $950,000.00. Following the completion of the transaction, the insider now directly owns 40,156 shares of the company’s stock, valued at approximately $7,629,640. The disclosure for this sale can be found here. Insiders purchased a total of 110,000 shares of company stock valued at $20,167,250 in the last ninety days. Company insiders own 16.80% of the company’s stock.
Institutional investors have recently bought and sold shares of the stock. Qube Research & Technologies Ltd acquired a new position in Mohawk Industries in the 2nd quarter worth approximately $110,000. Captrust Financial Advisors lifted its position in Mohawk Industries by 2,250.0% in the 2nd quarter. Captrust Financial Advisors now owns 705 shares of the company’s stock worth $151,000 after buying an additional 675 shares in the last quarter. Piedmont Investment Advisors LLC purchased a new stake in Mohawk Industries in the 2nd quarter worth approximately $159,000. NuWave Investment Management LLC lifted its position in Mohawk Industries by 686.4% in the 2nd quarter. NuWave Investment Management LLC now owns 810 shares of the company’s stock worth $173,000 after buying an additional 707 shares in the last quarter. Finally, Cerebellum GP LLC lifted its position in Mohawk Industries by 292.6% in the 2nd quarter. Cerebellum GP LLC now owns 844 shares of the company’s stock worth $181,000 after buying an additional 629 shares in the last quarter. 81.43% of the stock is owned by hedge funds and other institutional investors.
NYSE:MHK traded down $1.98 during trading hours on Wednesday, reaching $150.31. 802,158 shares of the company’s stock were exchanged, compared to its average volume of 1,052,804. The stock has a market capitalization of $11.36 billion, a price-to-earnings ratio of 11.04, a PEG ratio of 1.61 and a beta of 1.29. Mohawk Industries has a 12 month low of $148.47 and a 12 month high of $286.85. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.99 and a current ratio of 1.74.
About Mohawk Industries
Mohawk Industries, Inc designs, manufactures, sources, distributes, and markets flooring products for remodeling and new constructions of residential and commercial spaces worldwide. It operates through three segments: Global Ceramic, Flooring North America (Flooring NA), and Flooring Rest of the World (Flooring ROW).
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