SunTrust Banks Weighs in on Mohawk Industries, Inc.’s Q3 2017 Earnings (MHK)
Mohawk Industries, Inc. (NYSE:MHK) – Analysts at SunTrust Banks cut their Q3 2017 earnings per share estimates for shares of Mohawk Industries in a research note issued on Monday. SunTrust Banks analyst K. Hughes now anticipates that the company will post earnings of $3.73 per share for the quarter, down from their prior estimate of $3.78.
Mohawk Industries (NYSE:MHK) last announced its quarterly earnings results on Thursday, July 27th. The company reported $3.72 earnings per share for the quarter, topping analysts’ consensus estimates of $3.60 by $0.12. Mohawk Industries had a net margin of 10.54% and a return on equity of 16.45%. The company had revenue of $2.45 billion for the quarter, compared to analysts’ expectations of $2.45 billion. During the same period last year, the firm posted $3.47 earnings per share. The business’s quarterly revenue was up 6.2% compared to the same quarter last year.
A number of other equities research analysts have also commented on the stock. BidaskClub lowered shares of Mohawk Industries from a “buy” rating to a “hold” rating in a research note on Sunday, July 30th. Instinet reissued a “buy” rating and set a $288.00 target price (up previously from $280.00) on shares of Mohawk Industries in a research note on Saturday. Cleveland Research downgraded shares of Mohawk Industries from a “buy” rating to a “neutral” rating in a research note on Friday, September 22nd. Zacks Investment Research lowered shares of Mohawk Industries from a “buy” rating to a “hold” rating in a report on Wednesday, August 2nd. Finally, Nomura restated a “buy” rating and issued a $288.00 target price (up previously from $280.00) on shares of Mohawk Industries in a report on Thursday, September 28th. Three research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $268.09.
Shares of Mohawk Industries (MHK) opened at 249.04 on Tuesday. Mohawk Industries has a 52-week low of $175.52 and a 52-week high of $259.91. The company has a 50 day moving average of $251.08 and a 200-day moving average of $241.45. The company’s market cap is $18.51 billion.
In related news, Chairman Jeffrey S. Lorberbaum sold 19,700 shares of the stock in a transaction on Tuesday, September 5th. The stock was sold at an average price of $254.95, for a total value of $5,022,515.00. Following the transaction, the chairman now directly owns 21,396 shares in the company, valued at approximately $5,454,910.20. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Rodney David Patton sold 137 shares of the stock in a transaction on Friday, August 11th. The stock was sold at an average price of $246.78, for a total value of $33,808.86. Following the completion of the transaction, the vice president now owns 6,924 shares in the company, valued at $1,708,704.72. The disclosure for this sale can be found here. Company insiders own 17.00% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in Mohawk Industries by 3.3% during the second quarter. Vanguard Group Inc. now owns 6,184,173 shares of the company’s stock worth $1,494,654,000 after buying an additional 196,996 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Mohawk Industries by 8.9% in the second quarter. JPMorgan Chase & Co. now owns 5,029,444 shares of the company’s stock valued at $1,215,567,000 after buying an additional 412,942 shares in the last quarter. BlackRock Inc. lifted its stake in shares of Mohawk Industries by 5.8% in the second quarter. BlackRock Inc. now owns 4,575,453 shares of the company’s stock valued at $1,105,842,000 after buying an additional 250,944 shares in the last quarter. FMR LLC lifted its stake in shares of Mohawk Industries by 3.9% in the second quarter. FMR LLC now owns 2,796,757 shares of the company’s stock valued at $675,948,000 after buying an additional 105,920 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its stake in shares of Mohawk Industries by 0.3% in the second quarter. Principal Financial Group Inc. now owns 1,211,095 shares of the company’s stock valued at $292,710,000 after buying an additional 4,001 shares in the last quarter. 76.93% of the stock is owned by institutional investors and hedge funds.
About Mohawk Industries
Mohawk Industries, Inc is a flooring manufacturer that creates products for residential and commercial spaces around the world. The Company’ segments include Global Ceramic, Flooring North America (Flooring NA) and Flooring Rest of the World (Flooring ROW). Its manufacturing and distribution processes provide carpet, rugs, ceramic tile, laminate, wood, stone, luxury vinyl tile and vinyl flooring.
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