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

Sherwin-Williams (NYSE:SHW) released its earnings results on Tuesday. The specialty chemicals company reported $3.37 earnings per share for the quarter, missing the consensus estimate of $3.56 by ($0.19), Yahoo Finance reports. The company had revenue of $6.16 billion for the quarter, compared to analysts’ expectations of $6.20 billion. Sherwin-Williams had a return on equity of 74.45% and a net margin of 11.09%. The firm’s revenue for the quarter was up .7% on a year-over-year basis. During the same period in the prior year, the firm posted $3.20 EPS. 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 down $1.13 on Thursday, hitting $361.59. The company had a trading volume of 1,379,724 shares, compared to its average volume of 1,544,942. The company has a debt-to-equity ratio of 1.97, a current ratio of 0.83 and a quick ratio of 0.50. The company has a market capitalization of $91.68 billion, a PE ratio of 38.55, a PEG ratio of 2.87 and a beta of 1.17. Sherwin-Williams has a 12-month low of $232.06 and a 12-month high of $392.57. The company’s fifty day moving average price is $371.81 and its 200-day moving average price is $334.64.

Sherwin-Williams Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 15th will be paid a $0.715 dividend. The ex-dividend date is Friday, November 15th. This represents a $2.86 dividend on an annualized basis and a yield of 0.79%. Sherwin-Williams’s dividend payout ratio is currently 30.49%.

Analyst Upgrades and Downgrades

SHW has been the topic of several research reports. Morgan Stanley upped their target price on Sherwin-Williams from $375.00 to $450.00 and gave the company an “overweight” rating in a research report on Friday, October 18th. KeyCorp restated a “sector weight” rating on shares of Sherwin-Williams in a research note on Monday, October 7th. Robert W. Baird upped their target price on Sherwin-Williams from $350.00 to $360.00 and gave the company a “neutral” rating in a research report on Wednesday. UBS Group reissued an “underperform” rating on shares of Sherwin-Williams in a research report on Friday, October 18th. Finally, Citigroup dropped their price objective on shares of Sherwin-Williams from $430.00 to $420.00 and set a “buy” rating on the stock in a report on Thursday. One research analyst has rated the stock with a sell rating, six have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Sherwin-Williams currently has an average rating of “Moderate Buy” and a consensus price target of $395.29.

Insider Buying and Selling at Sherwin-Williams

In related news, CFO Allen J. Mistysyn sold 14,520 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $366.83, for a total transaction of $5,326,371.60. Following the completion of the transaction, the chief financial officer now owns 63,520 shares in the company, valued at $23,301,041.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.60% of the company’s stock.

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.