Brokerages Anticipate Mohawk Industries, Inc. (NYSE:MHK) Will Post Quarterly Sales of $3.20 Billion

Wall Street brokerages expect Mohawk Industries, Inc. (NYSE:MHKGet Rating) to announce $3.20 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Four analysts have made estimates for Mohawk Industries’ earnings. The highest sales estimate is $3.34 billion and the lowest is $2.99 billion. Mohawk Industries reported sales of $2.95 billion in the same quarter last year, which would suggest a positive year-over-year growth rate of 8.5%. The company is expected to issue its next quarterly earnings results on Monday, January 1st.

According to Zacks, analysts expect that Mohawk Industries will report full year sales of $12.26 billion for the current fiscal year, with estimates ranging from $12.06 billion to $12.60 billion. For the next fiscal year, analysts expect that the business will post sales of $12.54 billion, with estimates ranging from $12.04 billion to $13.32 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that follow Mohawk Industries.

Mohawk Industries (NYSE:MHKGet Rating) last posted its quarterly earnings results on Thursday, April 28th. The company reported $3.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.89 by $0.89. The business had revenue of $3.02 billion during the quarter, compared to analysts’ expectations of $2.85 billion. Mohawk Industries had a net margin of 9.02% and a return on equity of 12.00%. The business’s quarterly revenue was up 13.0% on a year-over-year basis. During the same quarter last year, the company posted $3.49 earnings per share.

Several equities analysts have issued reports on MHK shares. The Goldman Sachs Group dropped their price objective on shares of Mohawk Industries from $190.00 to $165.00 and set a “buy” rating on the stock in a research note on Tuesday, April 12th. Robert W. Baird cut their price objective on shares of Mohawk Industries from $200.00 to $188.00 in a research note on Monday, February 14th. Credit Suisse Group lifted their target price on Mohawk Industries from $140.00 to $160.00 in a research note on Tuesday, May 3rd. Truist Financial reduced their target price on Mohawk Industries from $200.00 to $175.00 and set a “buy” rating for the company in a report on Wednesday, March 30th. Finally, Bank of America upgraded Mohawk Industries from an “underperform” rating to a “neutral” rating and boosted their price objective for the company from $125.00 to $150.00 in a research report on Monday, May 2nd. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $170.00.

Shares of MHK opened at $135.12 on Monday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.44 and a quick ratio of 0.79. The stock has a market cap of $8.59 billion, a PE ratio of 8.81, a P/E/G ratio of 2.16 and a beta of 1.29. The firm has a 50-day simple moving average of $134.46 and a two-hundred day simple moving average of $153.08. Mohawk Industries has a 1-year low of $117.56 and a 1-year high of $214.32.

In other news, COO Chistopher Wellborn acquired 10,000 shares of the stock in a transaction dated Thursday, February 24th. The shares were acquired at an average cost of $135.76 per share, for a total transaction of $1,357,600.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 18.90% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the business. Amundi Pioneer Asset Management Inc. increased its position in shares of Mohawk Industries by 172.0% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 176,410 shares of the company’s stock valued at $22,252,000 after purchasing an additional 111,552 shares during the last quarter. Morgan Stanley raised its holdings in Mohawk Industries by 54.5% in the 2nd quarter. Morgan Stanley now owns 343,308 shares of the company’s stock worth $65,982,000 after acquiring an additional 121,047 shares during the last quarter. Alliancebernstein L.P. grew its position in Mohawk Industries by 1.7% in the 3rd quarter. Alliancebernstein L.P. now owns 79,019 shares of the company’s stock worth $14,018,000 after purchasing an additional 1,321 shares during the period. Citigroup Inc. grew its position in shares of Mohawk Industries by 4.4% during the 3rd quarter. Citigroup Inc. now owns 61,945 shares of the company’s stock valued at $10,989,000 after acquiring an additional 2,632 shares during the period. Finally, Allianz Asset Management GmbH lifted its stake in Mohawk Industries by 18.8% in the 3rd quarter. Allianz Asset Management GmbH now owns 10,204 shares of the company’s stock worth $1,810,000 after purchasing an additional 1,613 shares in the last quarter. 77.28% of the stock is currently owned by hedge funds and other institutional investors.

About Mohawk Industries (Get Rating)

Mohawk Industries, Inc designs, manufactures, sources, distributes, and markets flooring products for remodeling and new constructions of residential and commercial spaces in the United States, Europe, Russia, and internationally. It operates through three segments: Global Ceramic, Flooring North America (Flooring NA), and Flooring Rest of the World (Flooring ROW).

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