Penobscot Investment Management Company Inc. Boosts Position in Sherwin-Williams Co. (SHW)
Penobscot Investment Management Company Inc. boosted its position in Sherwin-Williams Co. (NYSE:SHW) by 8.4% during the second quarter, Holdings Channel reports. The institutional investor owned 12,399 shares of the company’s stock after buying an additional 959 shares during the period. Sherwin-Williams comprises about 1.3% of Penobscot Investment Management Company Inc.’s investment portfolio, making the stock its 21st largest position. Penobscot Investment Management Company Inc.’s holdings in Sherwin-Williams were worth $3,641,000 as of its most recent SEC filing.
Other hedge funds have also recently modified their holdings of the company. Chicago Equity Partners LLC boosted its stake in shares of Sherwin-Williams by 0.6% in the second quarter. Chicago Equity Partners LLC now owns 2,430 shares of the company’s stock worth $714,000 after buying an additional 15 shares in the last quarter. Sumitomo Mitsui Asset Management Company LTD boosted its stake in shares of Sherwin-Williams by 142.1% in the second quarter. Sumitomo Mitsui Asset Management Company LTD now owns 14,225 shares of the company’s stock worth $4,177,000 after buying an additional 8,349 shares in the last quarter. First Citizens Bank & Trust Co. purchased a new stake in shares of Sherwin-Williams during the second quarter worth approximately $253,000. Quantitative Systematic Strategies LLC boosted its stake in shares of Sherwin-Williams by 7.8% in the second quarter. Quantitative Systematic Strategies LLC now owns 5,407 shares of the company’s stock worth $1,570,000 after buying an additional 389 shares in the last quarter. Finally, First Business Financial Services Inc. purchased a new stake in shares of Sherwin-Williams during the second quarter worth approximately $372,000. 74.62% of the stock is owned by institutional investors.
Sherwin-Williams Co. (NYSE:SHW) traded up 0.47% during midday trading on Tuesday, reaching $270.85. The company’s stock had a trading volume of 419,245 shares. The company’s 50-day moving average is $277.21 and its 200 day moving average is $289.92. The firm has a market capitalization of $24.86 billion, a P/E ratio of 22.84 and a beta of 0.92. Sherwin-Williams Co. has a 52 week low of $234.96 and a 52 week high of $312.48.
Sherwin-Williams (NYSE:SHW) last announced its earnings results on Thursday, July 21st. The company reported $4.06 earnings per share for the quarter, missing the consensus estimate of $4.16 by $0.10. Sherwin-Williams had a return on equity of 110.16% and a net margin of 9.50%. The business had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.28 billion. During the same quarter last year, the company posted $3.70 EPS. Sherwin-Williams’s quarterly revenue was up 2.8% on a year-over-year basis. Analysts expect that Sherwin-Williams Co. will post $12.64 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 2nd. Stockholders of record on Friday, November 18th will be paid a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a dividend yield of 1.24%. Sherwin-Williams’s dividend payout ratio (DPR) is 28.84%.
Several equities analysts have recently issued reports on the company. Argus raised Sherwin-Williams from a “hold” rating to a “buy” rating and set a $300.00 price objective for the company in a report on Monday, October 10th. Wells Fargo & Co. assumed coverage on Sherwin-Williams in a report on Wednesday, September 28th. They issued a “market perform” rating for the company. Zacks Investment Research raised Sherwin-Williams from a “hold” rating to a “buy” rating and set a $317.00 price objective for the company in a report on Monday, September 26th. Credit Agricole SA reissued a “buy” rating and issued a $350.00 price objective on shares of Sherwin-Williams in a report on Wednesday, September 14th. Finally, Sterne Agee CRT raised Sherwin-Williams from a “neutral” rating to a “buy” rating in a report on Thursday, August 25th. Three analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $324.85.
In other news, insider Joel D. Baxter sold 3,853 shares of the stock in a transaction dated Friday, August 5th. The shares were sold at an average price of $300.16, for a total transaction of $1,156,516.48. Following the completion of the sale, the insider now owns 8,347 shares in the company, valued at $2,505,435.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO John G. Morikis sold 30,353 shares of the stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $298.75, for a total transaction of $9,067,958.75. Following the sale, the chief executive officer now owns 119,804 shares of the company’s stock, valued at approximately $35,791,445. The disclosure for this sale can be found here. Insiders own 1.89% of the company’s stock.
Sherwin-Williams Company Profile
The Sherwin-Williams Company is engaged in the development, manufacture, distribution and sale of paint, coatings and related products. The Company has four operating segments: Paint Stores Group, Consumer Group, Global Finishes Group and Latin America Coatings Group. The Paint Stores Group markets and sells architectural paint and coatings, protective and marine products, original equipment manufacturer (OEM) product finishes and related items.
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