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

Sherwin-Williams (NYSE:SHW) posted its quarterly earnings data on Tuesday. The specialty chemicals company reported $2.17 earnings per share for the quarter, missing analysts’ consensus estimates of $2.22 by ($0.05), Briefing.com reports. Sherwin-Williams had a return on equity of 74.72% and a net margin of 10.36%. The company had revenue of $5.37 billion for the quarter, compared to analyst estimates of $5.50 billion. During the same quarter in the prior year, the company posted $2.04 earnings per share. The business’s revenue was down 1.4% on a year-over-year basis. 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

Shares of SHW opened at $309.26 on Tuesday. The firm has a 50-day simple moving average of $328.50 and a two-hundred day simple moving average of $298.39. The company has a debt-to-equity ratio of 2.25, a current ratio of 0.83 and a quick ratio of 0.48. Sherwin-Williams has a 1-year low of $221.76 and a 1-year high of $348.37. The stock has a market cap of $78.69 billion, a PE ratio of 33.43, a P/E/G ratio of 2.42 and a beta of 1.15.

Sherwin-Williams Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 17th will be given a $0.715 dividend. The ex-dividend date is Thursday, May 16th. This represents a $2.86 dividend on an annualized basis and a yield of 0.92%. Sherwin-Williams’s payout ratio is currently 30.92%.

Insider Buying and Selling

In other news, SVP Gregory P. Sofish sold 1,830 shares of the firm’s 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 transaction was disclosed in a document filed with the SEC, which is available at this link. In other Sherwin-Williams 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 transaction of $7,588,317.88. Following the sale, the senior vice president now directly owns 28,475 shares in the company, valued at $9,187,743.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Gregory P. Sofish sold 1,830 shares of the firm’s stock in a transaction that occurred on 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 disclosure for this sale can be found here. In the last quarter, insiders sold 32,050 shares of company stock valued at $10,340,237. Company insiders own 0.60% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Northcoast Research upgraded Sherwin-Williams from a “neutral” rating to a “buy” rating and set a $360.00 price objective on the stock in a report on Tuesday, February 27th. Royal Bank of Canada lowered their target price on shares of Sherwin-Williams from $346.00 to $341.00 and set an “outperform” rating on the stock in a research note on Friday, January 26th. Wells Fargo & Company boosted their price target on shares of Sherwin-Williams from $310.00 to $320.00 and gave the stock an “equal weight” rating in a research report on Friday, January 26th. Citigroup upped their price objective on shares of Sherwin-Williams from $360.00 to $390.00 and gave the company a “buy” rating in a research note on Wednesday, April 10th. Finally, Wolfe Research started coverage on shares of Sherwin-Williams in a research note on Friday, March 1st. They issued a “peer perform” rating on the stock. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $325.94.

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.