Sherwin-Williams (NYSE:SHW) Posts Quarterly Earnings Results, Misses Estimates By $0.05 EPS

Sherwin-Williams (NYSE:SHW) issued its quarterly earnings results on Tuesday. The specialty chemicals company reported $2.17 EPS for the quarter, missing analysts’ consensus estimates of $2.22 by ($0.05), Briefing.com reports. Sherwin-Williams had a return on equity of 73.74% and a net margin of 10.52%. The company had revenue of $5.37 billion during the quarter, compared to the consensus estimate of $5.50 billion. During the same period in the prior year, the firm earned $2.04 earnings per share. The business’s revenue for the quarter 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 Stock Up 1.1 %

NYSE SHW traded up $3.24 on Friday, reaching $308.05. 265,430 shares of the stock traded hands, compared to its average volume of 1,446,329. The company has a debt-to-equity ratio of 2.32, a quick ratio of 0.48 and a current ratio of 0.78. The company has a fifty day moving average price of $328.10 and a 200-day moving average price of $298.81. The company has a market cap of $78.39 billion, a price-to-earnings ratio of 32.49, a PEG ratio of 2.41 and a beta of 1.15. Sherwin-Williams has a 12 month low of $221.76 and a 12 month high of $348.37.

Sherwin-Williams Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 17th will be paid a $0.715 dividend. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $2.86 annualized dividend and a yield of 0.93%. Sherwin-Williams’s dividend payout ratio (DPR) is currently 30.49%.

Insider Buying and Selling

In other news, SVP Mary L. Garceau sold 23,518 shares of the business’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $322.66, for a total value of $7,588,317.88. Following the completion of the sale, the senior vice president now owns 28,475 shares in the company, valued at approximately $9,187,743.50. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, SVP Mary L. Garceau sold 23,518 shares of the firm’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $322.66, for a total transaction of $7,588,317.88. Following the sale, the senior vice president now owns 28,475 shares of the company’s stock, valued at $9,187,743.50. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Gregory P. Sofish sold 1,830 shares of Sherwin-Williams stock in a transaction on Friday, February 23rd. The stock was 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 in the company, valued at $2,029,710.30. The disclosure for this sale can be found here. Insiders sold a total of 32,050 shares of company stock valued at $10,340,237 over the last three months. 0.60% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. KeyCorp upgraded shares of Sherwin-Williams from a “sector weight” rating to an “overweight” rating and set a $400.00 price objective for the company in a research note on Thursday. StockNews.com downgraded Sherwin-Williams from a “buy” rating to a “hold” rating in a research note on Thursday. Loop Capital lowered their price target on Sherwin-Williams from $395.00 to $380.00 and set a “buy” rating on the stock in a report on Wednesday. Royal Bank of Canada reduced their price objective on Sherwin-Williams from $380.00 to $370.00 and set an “outperform” rating for the company in a report on Thursday. Finally, Robert W. Baird lifted their price target on shares of Sherwin-Williams from $300.00 to $310.00 and gave the stock a “neutral” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $337.37.

About Sherwin-Williams

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.