Following these sales, Helen's indirect ownership of Mohawk Industries (NYSE:MHK), held by the PASTrust for her benefit, stands at 104,084 shares. Additionally, she has an indirect holding of 141,646 shares through a Family Limited Partnership, where she shares equal control with other family members. Helen disclaims beneficial ownership of shares held by the partnership to the extent that she does not have a pecuniary interest. InvestingPro analysis reveals the company remains profitable with positive earnings expectations, with additional insights available in the comprehensive Pro Research Report covering 1,400+ US equities. InvestingPro analysis reveals the company remains profitable with positive earnings expectations, with additional insights available in the comprehensive Pro Research Report covering 1,400+ US equities.
Following these sales, Helen's indirect ownership of Mohawk Industries, held by the PASTrust for her benefit, stands at 104,084 shares. Additionally, she has an indirect holding of 141,646 shares through a Family Limited Partnership, where she shares equal control with other family members. Helen disclaims beneficial ownership of shares held by the partnership to the extent that she does not have a pecuniary interest.
In other recent news, Mohawk Industries has reported mixed financial results for the third quarter of 2024. Despite challenging market conditions, the company posted a 7% increase in earnings per share to $2.90, while net sales saw a marginal 2% decline, totaling $2.7 billion. Loop Capital adjusted its price target on Mohawk Industries shares, reducing it to $180 from the previous $185, while maintaining a Buy rating. This adjustment was influenced by mixed feedback from market checks and discussions with management.
Mohawk Industries also reported a free cash flow of $204 million for the quarter, contributing to a year-to-date total of $443 million. In response to improving conditions in European and Latin American markets, the company plans to invest $450 million in capital projects for growth and cost reduction. A new production line is also expected to commence in 2024.
Loop Capital's projections for Mohawk's 2024 sales remain at a 4% year-over-year decline, with their adjusted EPS estimate being slightly above the consensus by two cents. The fourth-quarter adjusted EPS is projected to be between $1.77 and $1.87, accounting for the impact of recent hurricanes. These recent developments highlight the company's resilience and strategic initiatives to adapt to the current economic climate.
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