Mohawk Industries (NYSE:MHK) Releases Q2 2024 Earnings Guidance

Mohawk Industries (NYSE:MHK) issued an update on its second quarter 2024 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of 2.680-2.780 for the period, compared to the consensus estimate of 2.680. The company issued revenue guidance of -. Mohawk Industries also updated its Q2 guidance to $2.68-2.78 EPS.

Mohawk Industries Price Performance

MHK stock traded down $1.13 during mid-day trading on Thursday, reaching $110.27. 818,742 shares of the company’s stock were exchanged, compared to its average volume of 705,769. The company has a market cap of $7.02 billion, a price-to-earnings ratio of -15.68 and a beta of 1.34. The stock’s 50 day moving average is $118.99 and its 200 day moving average is $102.80. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.78 and a quick ratio of 0.97. Mohawk Industries has a 12-month low of $76.02 and a 12-month high of $131.19.

Mohawk Industries (NYSE:MHK) last issued its quarterly earnings results on Thursday, April 25th. The company reported $1.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.68 by $0.18. The company had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.64 billion. Mohawk Industries had a positive return on equity of 7.52% and a negative net margin of 3.95%. Mohawk Industries’s revenue for the quarter was down 4.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.75 earnings per share. On average, research analysts expect that Mohawk Industries will post 9.56 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Truist Financial increased their target price on Mohawk Industries from $98.00 to $127.00 and gave the company a buy rating in a report on Tuesday, February 13th. Deutsche Bank Aktiengesellschaft raised Mohawk Industries from a hold rating to a buy rating and increased their target price for the company from $98.00 to $152.00 in a report on Monday, February 12th. Barclays increased their target price on Mohawk Industries from $100.00 to $122.00 and gave the company an equal weight rating in a report on Monday, February 12th. The Goldman Sachs Group increased their target price on Mohawk Industries from $105.00 to $120.00 and gave the company a buy rating in a report on Thursday, January 11th. Finally, Wells Fargo & Company reduced their target price on Mohawk Industries from $105.00 to $100.00 and set an underweight rating for the company in a report on Monday, January 22nd. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of Hold and a consensus price target of $118.75.

Insiders Place Their Bets

In other Mohawk Industries news, VP Rodney David Patton sold 1,551 shares of the firm’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $119.51, for a total transaction of $185,360.01. Following the completion of the sale, the vice president now owns 15,321 shares of the company’s stock, valued at $1,831,012.71. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 17.10% of the stock is owned by insiders.

Mohawk Industries Company Profile

Mohawk Industries, Inc designs, manufactures, sources, distributes, and markets flooring products for residential and commercial remodeling, and new construction channels in the United States, Europe, Latin America, and internationally. It operates through three segments: Global Ceramic, Flooring North America, and Flooring Rest of the World.