Sherwin-Williams (NYSE:SHW) Updates FY24 Earnings Guidance

Sherwin-Williams (NYSE:SHW) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $10.85-11.35 for the period, compared to the consensus earnings per share estimate of $11.46. The company issued revenue guidance of ~$23.28-24.20 billion, compared to the consensus revenue estimate of $23.79 billion. Sherwin-Williams also updated its FY 2024 guidance to 10.850-11.350 EPS.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on SHW shares. BMO Capital Markets reaffirmed an outperform rating and set a $377.00 target price (down from $385.00) on shares of Sherwin-Williams in a report on Wednesday. Evercore ISI lowered their target price on Sherwin-Williams from $385.00 to $380.00 and set an outperform rating on the stock in a report on Tuesday, April 16th. KeyCorp raised Sherwin-Williams from a sector weight rating to an overweight rating and set a $400.00 target price on the stock in a report on Thursday. Robert W. Baird lifted their target price on Sherwin-Williams from $300.00 to $310.00 and gave the stock a neutral rating in a report on Wednesday. Finally, Barclays lifted their price target on Sherwin-Williams from $285.00 to $315.00 and gave the stock an equal weight rating in a research note on Monday, January 29th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of Moderate Buy and an average target price of $337.37.

Sherwin-Williams Stock Up 0.4 %

Shares of Sherwin-Williams stock opened at $304.80 on Friday. The firm has a market cap of $77.56 billion, a price-to-earnings ratio of 32.49, a P/E/G ratio of 2.41 and a beta of 1.15. The company has a debt-to-equity ratio of 2.32, a current ratio of 0.78 and a quick ratio of 0.48. Sherwin-Williams has a 52-week low of $221.76 and a 52-week high of $348.37. The stock has a 50-day simple moving average of $328.10 and a 200-day simple moving average of $298.81.

Sherwin-Williams (NYSE:SHW) last announced its quarterly earnings results on Tuesday, April 23rd. The specialty chemicals company reported $2.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.22 by ($0.05). The firm had revenue of $5.37 billion for the quarter, compared to analyst estimates of $5.50 billion. Sherwin-Williams had a net margin of 10.52% and a return on equity of 73.74%. The firm’s quarterly revenue was down 1.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.04 earnings per share. On average, equities research analysts expect that Sherwin-Williams will post 11.44 earnings per share for the current fiscal year.

Sherwin-Williams Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 17th will be issued a dividend of $0.715 per share. The ex-dividend date is Thursday, May 16th. This represents a $2.86 annualized dividend and a dividend yield of 0.94%. Sherwin-Williams’s dividend payout ratio is 30.49%.

Insider Activity

In other news, SVP Gregory P. Sofish sold 1,830 shares of Sherwin-Williams stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $320.70, for a total transaction of $586,881.00. Following the completion of the sale, the senior vice president now directly owns 6,329 shares in the company, valued at approximately $2,029,710.30. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, SVP Gregory P. Sofish sold 1,830 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $320.70, for a total value of $586,881.00. Following the completion of the sale, the senior vice president now directly owns 6,329 shares in the company, valued at approximately $2,029,710.30. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Justin T. Binns sold 1,563 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the insider now owns 14,564 shares of the company’s stock, valued at $4,935,302.68. The disclosure for this sale can be found here. Insiders sold a total of 32,050 shares of company stock worth $10,340,237 in the last three months. 0.60% of the stock is owned by insiders.

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.