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

Sherwin-Williams (NYSE:SHW) announced its quarterly earnings results 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 net margin of 10.52% and a return on equity of 73.74%. The company had revenue of $5.37 billion during the quarter, compared to the consensus estimate of $5.50 billion. During the same quarter last year, the company earned $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 Stock Performance

Shares of SHW traded up $3.24 during mid-day trading on Friday, reaching $308.05. The company’s stock had a trading volume of 265,430 shares, compared to its average volume of 1,446,329. The company has a current ratio of 0.78, a quick ratio of 0.48 and a debt-to-equity ratio of 2.32. Sherwin-Williams has a 1-year low of $221.76 and a 1-year high of $348.37. The business has a 50-day simple moving average of $328.10 and a two-hundred day simple moving average of $298.81. The stock has a market cap of $78.39 billion, a P/E ratio of 32.49, a PEG ratio of 2.41 and a beta of 1.15.

Sherwin-Williams Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 17th will be given a dividend of $0.715 per share. This represents a $2.86 dividend on an annualized basis and a yield of 0.93%. The ex-dividend date is Thursday, May 16th. Sherwin-Williams’s dividend payout ratio (DPR) is presently 30.49%.

Insider Buying and Selling

In other Sherwin-Williams news, insider Justin T. Binns sold 1,563 shares of the company’s stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $338.87, for a total value of $529,653.81. Following the transaction, the insider now directly owns 14,564 shares in the company, valued at $4,935,302.68. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, SVP Mary L. Garceau sold 23,518 shares of the business’s stock in a transaction on 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 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 legal filing with the SEC, which is accessible through the SEC website. Also, insider Justin T. Binns sold 1,563 shares of the firm’s stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $338.87, for a total value of $529,653.81. Following the transaction, the insider now directly owns 14,564 shares of the company’s stock, valued at $4,935,302.68. The disclosure for this sale can be found here. In the last three months, insiders have sold 32,050 shares of company stock valued at $10,340,237. 0.60% of the stock is owned by insiders.

Analysts Set New Price Targets

SHW has been the subject of several analyst reports. Loop Capital cut their price target on shares of Sherwin-Williams from $395.00 to $380.00 and set a “buy” rating for the company in a report on Wednesday. Robert W. Baird raised their price target on Sherwin-Williams from $300.00 to $310.00 and gave the company a “neutral” rating 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 on the stock in a research note on Thursday. JPMorgan Chase & Co. lowered their target price on Sherwin-Williams from $317.00 to $315.00 and set an “overweight” rating for the company in a research note on Wednesday. Finally, Northcoast Research upgraded Sherwin-Williams from a “neutral” rating to a “buy” rating and set a $360.00 price target on the stock in a report on Tuesday, February 27th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $337.37.

Sherwin-Williams Company Profile

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.