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

Sherwin-Williams (NYSE:SHW) announced its quarterly earnings data on Tuesday. The specialty chemicals company reported $3.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.56 by ($0.19), Yahoo Finance reports. The business had revenue of $6.16 billion during 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 was up .7% on a year-over-year basis. During the same period in the prior year, the company posted $3.20 earnings per share. 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 Stock Down 0.5 %

Shares of NYSE SHW traded down $1.65 during mid-day trading on Thursday, reaching $361.07. 49,651 shares of the company traded hands, compared to its average volume of 1,538,418. The stock has a market cap of $91.55 billion, a PE ratio of 38.49, a price-to-earnings-growth ratio of 2.87 and a beta of 1.17. The company’s fifty day moving average is $371.81 and its two-hundred day moving average is $334.64. The company has a debt-to-equity ratio of 1.97, a quick ratio of 0.50 and a current ratio of 0.83. Sherwin-Williams has a fifty-two week low of $232.06 and a fifty-two week high of $392.57.

Sherwin-Williams Dividend Announcement

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

Insider Buying and Selling at Sherwin-Williams

In other Sherwin-Williams news, CFO Allen J. Mistysyn sold 14,520 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The stock was 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 owns 63,520 shares of the company’s stock, valued at $23,301,041.60. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.60% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. JPMorgan Chase & Co. increased their price objective on Sherwin-Williams from $360.00 to $370.00 and gave the stock an “overweight” rating in a research note on Wednesday. Barclays increased their price objective on Sherwin-Williams from $355.00 to $370.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Robert W. Baird increased their price objective on Sherwin-Williams from $350.00 to $360.00 and gave the stock a “neutral” rating in a research note on Wednesday. BMO Capital Markets increased their price objective on Sherwin-Williams from $400.00 to $425.00 and gave the stock an “outperform” rating in a research note on Monday, September 30th. Finally, Evercore ISI reduced their price objective on Sherwin-Williams from $410.00 to $400.00 and set an “outperform” rating for the company in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, six have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $390.71.

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.