Mohawk Industries (NYSE:MHK) Updates Q2 Earnings Guidance

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

Mohawk Industries Stock Down 1.0 %

Shares of NYSE:MHK traded down $1.13 during midday trading on Thursday, reaching $110.27. The company had a trading volume of 818,880 shares, compared to its average volume of 705,598. 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 one year low of $76.02 and a one year high of $131.19. The stock’s fifty day moving average price is $118.99 and its 200-day moving average price is $102.80. The stock has a market capitalization of $7.02 billion, a P/E ratio of -15.68 and a beta of 1.34.

Mohawk Industries (NYSE:MHK) last released its quarterly earnings results on Friday, February 9th. The company reported $1.96 EPS for the quarter, topping the consensus estimate of $1.86 by $0.10. The business had revenue of $2.61 billion during the quarter, compared to analyst estimates of $2.56 billion. Mohawk Industries had a negative net margin of 3.95% and a positive return on equity of 7.52%. The company’s quarterly revenue was down 1.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.32 earnings per share. Equities research analysts expect that Mohawk Industries will post 9.56 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

MHK has been the subject of several recent analyst reports. The Goldman Sachs Group raised their target price on shares of Mohawk Industries from $105.00 to $120.00 and gave the stock a buy rating in a report on Thursday, January 11th. StockNews.com upgraded shares of Mohawk Industries from a hold rating to a buy rating in a research note on Saturday, February 17th. Barclays lifted their price target on shares of Mohawk Industries from $100.00 to $122.00 and gave the stock an equal weight rating in a research note on Monday, February 12th. Deutsche Bank Aktiengesellschaft upgraded shares of Mohawk Industries from a hold rating to a buy rating and lifted their price target for the stock from $98.00 to $152.00 in a research note on Monday, February 12th. Finally, Wells Fargo & Company cut their price objective 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 research analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of Hold and a consensus target price of $118.75.

Insider Activity at Mohawk Industries

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 shares were sold at an average price of $119.51, for a total value of $185,360.01. Following the transaction, the vice president now directly 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 Securities & Exchange Commission, which can be accessed through this link. 17.10% of the stock is owned by corporate insiders.

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.