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

Sherwin-Williams (NYSE:SHW) released its 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. The business had revenue of $5.37 billion for the quarter, compared to the consensus estimate of $5.50 billion. Sherwin-Williams had a net margin of 10.36% and a return on equity of 74.72%. The company’s quarterly revenue was down 1.4% compared to the same quarter last year. During the same period in the prior year, the company posted $2.04 EPS. 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 Performance

Shares of SHW opened at $309.26 on Tuesday. Sherwin-Williams has a 12 month low of $221.76 and a 12 month high of $348.37. The stock has a fifty day moving average price of $328.50 and a 200-day moving average price of $298.39. The company has a current ratio of 0.83, a quick ratio of 0.48 and a debt-to-equity ratio of 2.25. The firm 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 Dividend Announcement

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. The ex-dividend date is Thursday, May 16th. This represents a $2.86 annualized dividend and a dividend yield of 0.92%. Sherwin-Williams’s dividend payout ratio is presently 30.92%.

Insider Activity

In other news, insider Justin T. Binns sold 1,563 shares of the stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $338.87, for a total transaction of $529,653.81. Following the completion of the sale, the insider now owns 14,564 shares in the company, valued at approximately $4,935,302.68. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, insider Justin T. Binns sold 1,563 shares of the stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $338.87, for a total transaction of $529,653.81. Following the completion of the sale, the insider now owns 14,564 shares in the company, valued at approximately $4,935,302.68. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Todd D. Rea sold 2,449 shares of the stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $313.54, for a total value of $767,859.46. Following the sale, the insider now owns 9,329 shares of the company’s stock, valued at approximately $2,925,014.66. The disclosure for this sale can be found here. In the last quarter, insiders sold 32,050 shares of company stock worth $10,340,237. Insiders own 0.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on SHW shares. Citigroup upped their target price on Sherwin-Williams from $360.00 to $390.00 and gave the company a “buy” rating in a research note on Wednesday, April 10th. Mizuho dropped their price objective on Sherwin-Williams from $352.00 to $340.00 and set a “buy” rating on the stock in a research note on Friday, January 26th. JPMorgan Chase & Co. increased their price objective on Sherwin-Williams from $285.00 to $317.00 and gave the stock an “overweight” rating in a research note on Friday, January 26th. Robert W. Baird reissued a “neutral” rating and issued a $300.00 price objective (up previously from $270.00) on shares of Sherwin-Williams in a research note on Wednesday, January 3rd. Finally, Seaport Res Ptn cut Sherwin-Williams from a “buy” rating to a “neutral” rating in a research note on Monday, January 8th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target 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.