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

Sherwin-Williams (NYSE:SHW) posted its 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 return on equity of 74.72% and a net margin of 10.36%. The business had revenue of $5.37 billion during the quarter, compared to analyst estimates of $5.50 billion. During the same quarter in the prior year, the company earned $2.04 EPS. The company’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 NYSE:SHW opened at $309.26 on Tuesday. The stock has a market cap of $78.69 billion, a PE ratio of 33.43, a PEG ratio of 2.42 and a beta of 1.15. The company’s fifty day moving average is $328.50 and its 200 day moving average is $298.39. Sherwin-Williams has a 52 week low of $221.76 and a 52 week 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 Announces Dividend

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

Analyst Upgrades and Downgrades

SHW has been the subject of a number of recent analyst reports. StockNews.com raised shares of Sherwin-Williams from a “hold” rating to a “buy” rating in a research report on Friday, March 8th. JPMorgan Chase & Co. increased their target price on shares of Sherwin-Williams from $285.00 to $317.00 and gave the company an “overweight” rating in a research report on Friday, January 26th. Mizuho cut their price objective on shares of Sherwin-Williams from $352.00 to $340.00 and set a “buy” rating for the company in a report on Friday, January 26th. Royal Bank of Canada cut their price objective on shares of Sherwin-Williams from $346.00 to $341.00 and set an “outperform” rating for the company in a report on Friday, January 26th. Finally, Seaport Res Ptn cut shares of Sherwin-Williams from a “buy” rating to a “neutral” rating in a research note on Monday, January 8th. One research 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’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $325.94.

Insiders Place Their Bets

In other Sherwin-Williams news, SVP Gregory P. Sofish sold 1,830 shares of the firm’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $320.70, for a total value of $586,881.00. Following the sale, the senior vice president now owns 6,329 shares of the company’s stock, valued at approximately $2,029,710.30. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Sherwin-Williams news, SVP Gregory P. Sofish sold 1,830 shares of the firm’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $320.70, for a total value of $586,881.00. Following the sale, the senior vice president now owns 6,329 shares of the company’s stock, valued at approximately $2,029,710.30. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 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 transaction of $529,653.81. Following the completion of the sale, the insider now directly owns 14,564 shares in the company, valued at approximately $4,935,302.68. The disclosure for this sale can be found here. Insiders have sold a total of 32,050 shares of company stock valued at $10,340,237 in the last quarter. 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.