Sherwin-Williams (NYSE:SHW) Posts Earnings Results, Misses Estimates By $0.19 EPS

Sherwin-Williams (NYSE:SHW) issued its earnings results on Tuesday. The specialty chemicals company reported $3.37 EPS for the quarter, missing the consensus estimate of $3.56 by ($0.19), Yahoo Finance reports. Sherwin-Williams had a net margin of 10.92% and a return on equity of 75.58%. The firm had revenue of $6.16 billion during the quarter, compared to analyst estimates of $6.20 billion. During the same quarter in the prior year, the business earned $3.20 earnings per share. The business’s quarterly revenue was up .7% on a year-over-year basis. Sherwin-Williams updated its FY 2024 guidance to 11.100-11.400 EPS and its FY24 guidance to $11.10-11.40 EPS.

Sherwin-Williams Price Performance

NYSE:SHW traded up $2.91 during trading hours on Wednesday, hitting $364.29. 332,486 shares of the company’s stock traded hands, compared to its average volume of 1,538,325. The firm has a market cap of $91.90 billion, a P/E ratio of 36.84, a P/E/G ratio of 3.04 and a beta of 1.17. The company has a quick ratio of 0.50, a current ratio of 0.81 and a debt-to-equity ratio of 2.17. The business’s fifty day simple moving average is $371.59 and its two-hundred day simple moving average is $334.45. Sherwin-Williams has a 52 week low of $232.06 and a 52 week high of $392.57.

Sherwin-Williams Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 15th will be given a $0.715 dividend. The ex-dividend date is Friday, November 15th. This represents a $2.86 dividend on an annualized basis and a dividend yield of 0.79%. Sherwin-Williams’s dividend payout ratio (DPR) is presently 29.15%.

Insider Transactions at Sherwin-Williams

In related news, CFO Allen J. Mistysyn sold 14,520 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $366.83, for a total value of $5,326,371.60. Following the sale, the chief financial officer now directly owns 63,520 shares of the company’s stock, valued at $23,301,041.60. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.60% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. BMO Capital Markets boosted their price objective on Sherwin-Williams from $400.00 to $425.00 and gave the company an “outperform” rating in a report on Monday, September 30th. Morgan Stanley upped their price objective on shares of Sherwin-Williams from $375.00 to $450.00 and gave the stock an “overweight” rating in a report on Friday, October 18th. Jefferies Financial Group lifted their price objective on shares of Sherwin-Williams from $392.00 to $415.00 and gave the company a “buy” rating in a report on Monday, August 26th. StockNews.com raised Sherwin-Williams from a “hold” rating to a “buy” rating in a report on Tuesday. Finally, Evercore ISI raised their target price on Sherwin-Williams from $365.00 to $380.00 and gave the company an “outperform” rating in a report on Friday, August 30th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $386.29.

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.