Sherwin-Williams (NYSE:SHW) Releases FY24 Earnings Guidance

Sherwin-Williams (NYSE:SHW) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $10.85-11.35 for the period, compared to the consensus earnings per share estimate of $11.46. The company issued revenue guidance of ~$23.28-24.20 billion, compared to the consensus revenue estimate of $23.79 billion. Sherwin-Williams also updated its FY 2024 guidance to 10.850-11.350 EPS.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on SHW shares. UBS Group upgraded shares of Sherwin-Williams from a neutral rating to a buy rating and boosted their target price for the company from $312.00 to $402.00 in a research report on Thursday, March 7th. Robert W. Baird restated a neutral rating and set a $300.00 price objective (up previously from $270.00) on shares of Sherwin-Williams in a report on Wednesday, January 3rd. Wolfe Research started coverage on shares of Sherwin-Williams in a report on Friday, March 1st. They set a peer perform rating on the stock. Royal Bank of Canada lowered their price objective on shares of Sherwin-Williams from $346.00 to $341.00 and set an outperform rating on the stock in a report on Friday, January 26th. Finally, Northcoast Research upgraded shares of Sherwin-Williams from a neutral rating to a buy rating and set a $360.00 target price for the company in a report on Tuesday, February 27th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, Sherwin-Williams has an average rating of Moderate Buy and a consensus target price of $325.94.

Sherwin-Williams Price Performance

SHW opened at $296.56 on Tuesday. The firm has a 50-day moving average price of $328.50 and a 200-day moving average price of $298.39. The company has a market capitalization of $75.46 billion, a price-to-earnings ratio of 33.43, a PEG ratio of 2.42 and a beta of 1.15. Sherwin-Williams has a twelve month low of $221.76 and a twelve month high of $348.37. The company has a quick ratio of 0.48, a current ratio of 0.83 and a debt-to-equity ratio of 2.25.

Sherwin-Williams (NYSE:SHW) last issued its quarterly earnings data on Tuesday, April 23rd. The specialty chemicals company reported $2.17 EPS for the quarter, missing the consensus estimate of $2.22 by ($0.05). The firm had revenue of $5.37 billion for the quarter, compared to analysts’ expectations of $5.50 billion. Sherwin-Williams had a net margin of 10.36% and a return on equity of 74.72%. Sherwin-Williams’s revenue was down 1.4% on a year-over-year basis. During the same period in the prior year, the firm posted $2.04 EPS. Equities analysts expect that Sherwin-Williams will post 11.46 EPS for the current year.

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 dividend of $0.715 per share. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $2.86 annualized dividend and a yield of 0.96%. Sherwin-Williams’s dividend payout ratio is currently 30.92%.

Insider Activity at Sherwin-Williams

In other Sherwin-Williams news, insider Todd D. Rea sold 2,449 shares of Sherwin-Williams stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $313.54, for a total transaction of $767,859.46. Following the completion of the sale, the insider now directly owns 9,329 shares in the company, valued at $2,925,014.66. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Sherwin-Williams news, insider Todd D. Rea sold 2,449 shares of Sherwin-Williams stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $313.54, for a total transaction of $767,859.46. Following the completion of the sale, the insider now directly owns 9,329 shares in the company, valued at $2,925,014.66. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Gregory P. Sofish sold 1,830 shares of Sherwin-Williams 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 sale, the senior vice president now owns 6,329 shares of the company’s stock, valued at $2,029,710.30. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 32,050 shares of company stock valued at $10,340,237. Corporate insiders own 0.60% of the company’s stock.

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.