Mohawk Industries, Inc. (NYSE:MHK) Forecasted to Post Q3 2024 Earnings of $2.87 Per Share

Mohawk Industries, Inc. (NYSE:MHK) – Zacks Research raised their Q3 2024 earnings per share estimates for Mohawk Industries in a research report issued on Wednesday, August 14th. Zacks Research analyst R. Department now forecasts that the company will post earnings of $2.87 per share for the quarter, up from their previous estimate of $2.86. The consensus estimate for Mohawk Industries’ current full-year earnings is $9.90 per share. Zacks Research also issued estimates for Mohawk Industries’ Q4 2024 earnings at $2.19 EPS, Q3 2025 earnings at $3.17 EPS, FY2025 earnings at $10.92 EPS and Q1 2026 earnings at $2.84 EPS.

Mohawk Industries (NYSE:MHK) last announced its quarterly earnings data on Thursday, July 25th. The company reported $3.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.75 by $0.25. Mohawk Industries had a negative net margin of 3.30% and a positive return on equity of 8.07%. The firm had revenue of $2.80 billion during the quarter, compared to analysts’ expectations of $2.84 billion. During the same period in the prior year, the company posted $2.76 earnings per share. The company’s revenue for the quarter was down 5.1% compared to the same quarter last year.

Several other research analysts also recently commented on the stock. Loop Capital increased their price objective on shares of Mohawk Industries from $145.00 to $185.00 and gave the company a “buy” rating in a report on Monday, July 29th. Bank of America upgraded Mohawk Industries from an “underperform” rating to a “buy” rating and raised their price target for the company from $120.00 to $177.00 in a report on Friday, July 26th. Royal Bank of Canada upped their price objective on Mohawk Industries from $108.00 to $140.00 and gave the stock a “sector perform” rating in a report on Monday, July 29th. Wells Fargo & Company raised their target price on shares of Mohawk Industries from $110.00 to $140.00 and gave the company an “underweight” rating in a report on Monday, July 29th. Finally, Barclays boosted their price target on shares of Mohawk Industries from $118.00 to $161.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $156.00.

Mohawk Industries Stock Performance

NYSE:MHK opened at $146.42 on Monday. The stock has a 50-day moving average price of $127.86 and a 200 day moving average price of $121.16. The stock has a market capitalization of $9.35 billion, a P/E ratio of -22.39, a P/E/G ratio of 1.23 and a beta of 1.38. Mohawk Industries has a 12-month low of $76.02 and a 12-month high of $164.05. The company has a current ratio of 1.92, a quick ratio of 1.04 and a debt-to-equity ratio of 0.22.

Insider Buying and Selling at Mohawk Industries

In other news, insider Suzanne L. Helen sold 1,800 shares of the company’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $111.74, for a total value of $201,132.00. Following the transaction, the insider now directly owns 122,369 shares in the company, valued at $13,673,512.06. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Mohawk Industries news, insider Suzanne L. Helen sold 700 shares of Mohawk Industries stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $146.97, for a total transaction of $102,879.00. Following the completion of the sale, the insider now directly owns 121,669 shares of the company’s stock, valued at approximately $17,881,692.93. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Suzanne L. Helen sold 1,800 shares of the firm’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $111.74, for a total value of $201,132.00. Following the transaction, the insider now owns 122,369 shares in the company, valued at approximately $13,673,512.06. The disclosure for this sale can be found here. Insiders have sold 3,255 shares of company stock valued at $426,910 in the last quarter. 17.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MHK. Quest Partners LLC raised its holdings in shares of Mohawk Industries by 40.0% in the 2nd quarter. Quest Partners LLC now owns 294 shares of the company’s stock valued at $33,000 after purchasing an additional 84 shares in the last quarter. Texas Permanent School Fund Corp increased its holdings in Mohawk Industries by 0.9% during the first quarter. Texas Permanent School Fund Corp now owns 10,927 shares of the company’s stock valued at $1,430,000 after buying an additional 98 shares during the period. State of Michigan Retirement System raised its stake in Mohawk Industries by 0.7% in the second quarter. State of Michigan Retirement System now owns 14,545 shares of the company’s stock worth $1,652,000 after buying an additional 100 shares in the last quarter. Quent Capital LLC lifted its holdings in Mohawk Industries by 27.2% during the first quarter. Quent Capital LLC now owns 496 shares of the company’s stock worth $65,000 after buying an additional 106 shares during the period. Finally, Signaturefd LLC boosted its position in Mohawk Industries by 29.4% during the 4th quarter. Signaturefd LLC now owns 563 shares of the company’s stock valued at $58,000 after acquiring an additional 128 shares in the last quarter. 78.98% of the stock is currently owned by institutional investors.

About Mohawk Industries

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.