Sherwin-Williams (NYSE:SHW) Announces Quarterly Earnings Results

Sherwin-Williams (NYSE:SHW) released its earnings results on Tuesday. The specialty chemicals company reported $2.17 earnings per share for the quarter, missing the consensus estimate of $2.22 by ($0.05), Briefing.com reports. Sherwin-Williams had a net margin of 10.52% and a return on equity of 73.74%. The business had revenue of $5.37 billion for the quarter, compared to analysts’ expectations of $5.50 billion. During the same period last year, the firm earned $2.04 EPS. The company’s revenue was down 1.4% compared to the same quarter last year. Sherwin-Williams updated its FY24 guidance to $10.85-11.35 EPS and its FY 2024 guidance to 10.850-11.350 EPS.

Sherwin-Williams Price Performance

NYSE:SHW opened at $303.74 on Thursday. The company has a 50-day moving average of $328.26 and a 200-day moving average of $298.77. The company has a market capitalization of $77.29 billion, a price-to-earnings ratio of 32.38, a PEG ratio of 2.39 and a beta of 1.15. Sherwin-Williams has a 52 week low of $221.76 and a 52 week high of $348.37. The company has a debt-to-equity ratio of 2.32, a quick ratio of 0.48 and a current ratio of 0.78.

Sherwin-Williams Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 17th will be issued a dividend of $0.715 per share. This represents a $2.86 dividend on an annualized basis and a dividend yield of 0.94%. The ex-dividend date of this dividend is Thursday, May 16th. Sherwin-Williams’s payout ratio is 30.49%.

Insider Transactions at Sherwin-Williams

In other news, SVP Gregory P. Sofish sold 1,830 shares of the firm’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $320.70, for a total transaction of $586,881.00. Following the completion of the transaction, the senior vice president now directly owns 6,329 shares of the company’s stock, valued at approximately $2,029,710.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, SVP Gregory P. Sofish sold 1,830 shares of the stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $320.70, for a total transaction of $586,881.00. Following the completion of the sale, the senior vice president now owns 6,329 shares in the company, valued at approximately $2,029,710.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Justin T. Binns sold 1,563 shares of the stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $338.87, for a total transaction of $529,653.81. Following the sale, the insider now owns 14,564 shares of the company’s stock, valued at approximately $4,935,302.68. The disclosure for this sale can be found here. In the last three months, insiders sold 32,050 shares of company stock valued at $10,340,237. Company insiders own 0.60% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. BMO Capital Markets reaffirmed an “outperform” rating and set a $377.00 target price (down previously from $385.00) on shares of Sherwin-Williams in a research note on Wednesday. Barclays lifted their target price on Sherwin-Williams from $285.00 to $315.00 and gave the company an “equal weight” rating in a research note on Monday, January 29th. Royal Bank of Canada lowered their target price on Sherwin-Williams from $346.00 to $341.00 and set an “outperform” rating on the stock in a research note on Friday, January 26th. Wolfe Research initiated coverage on Sherwin-Williams in a research note on Friday, March 1st. They set a “peer perform” rating on the stock. Finally, KeyCorp upgraded Sherwin-Williams from a “sector weight” rating to an “overweight” rating and set a $400.00 price target for the company in a report on Thursday. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $336.89.

Sherwin-Williams Company Profile

The Sherwin-Williams Company engages in the development, manufacture, distribution, and sale of paints, coating, and related products to professional, industrial, commercial, and retail customers. It operates through three segments: Paint Stores Group, Consumer Brands Group, and Performance Coatings Group.