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

Sherwin-Williams (NYSE:SHW) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $10.85-11.35 for the period, compared to the consensus EPS 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.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on SHW shares. Robert W. Baird lifted their price target on shares of Sherwin-Williams from $300.00 to $310.00 and gave the company a neutral rating in a research report on Wednesday. Wolfe Research initiated coverage on shares of Sherwin-Williams in a report on Friday, March 1st. They issued a peer perform rating on the stock. Royal Bank of Canada reduced their price objective on shares of Sherwin-Williams from $346.00 to $341.00 and set an outperform rating for the company in a research report on Friday, January 26th. Northcoast Research raised shares of Sherwin-Williams from a neutral rating to a buy rating and set a $360.00 price target for the company in a research note on Tuesday, February 27th. Finally, Evercore ISI reduced their price target on Sherwin-Williams from $385.00 to $380.00 and set an outperform rating on the stock in a report on Tuesday, April 16th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and thirteen have given 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 $329.11.

Sherwin-Williams Stock Performance

Shares of NYSE:SHW traded down $1.78 during mid-day trading on Wednesday, reaching $300.58. 624,911 shares of the company traded hands, compared to its average volume of 1,433,126. The firm has a market cap of $76.49 billion, a PE ratio of 32.69, a PEG ratio of 2.45 and a beta of 1.15. Sherwin-Williams has a 52 week low of $221.76 and a 52 week high of $348.37. The company’s 50 day moving average price is $328.40 and its 200-day moving average price is $298.73. The company has a debt-to-equity ratio of 2.25, a current ratio of 0.83 and a quick ratio of 0.48.

Sherwin-Williams (NYSE:SHW) last issued its 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). Sherwin-Williams had a net margin of 10.36% and a return on equity of 74.72%. The company had revenue of $5.37 billion during the quarter, compared to analysts’ expectations of $5.50 billion. During the same quarter in the previous year, the company earned $2.04 earnings per share. The firm’s quarterly revenue was down 1.4% compared to the same quarter last year. On average, equities analysts expect that Sherwin-Williams will post 11.46 EPS for the current fiscal year.

Sherwin-Williams Dividend Announcement

The business also recently announced 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. This represents a $2.86 annualized dividend and a dividend yield of 0.95%. The ex-dividend date of this dividend is Thursday, May 16th. Sherwin-Williams’s dividend payout ratio (DPR) is presently 30.92%.

Insider Activity

In other Sherwin-Williams news, insider Justin T. Binns sold 1,563 shares of Sherwin-Williams stock in a transaction on Wednesday, March 13th. The shares were 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 owns 14,564 shares of the company’s stock, valued at approximately $4,935,302.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Sherwin-Williams news, insider Justin T. Binns sold 1,563 shares of the firm’s stock in a transaction that occurred 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 sale, the insider now owns 14,564 shares in the company, valued at $4,935,302.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Todd D. Rea sold 2,449 shares of the firm’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $313.54, for a total transaction of $767,859.46. Following the transaction, the insider now directly owns 9,329 shares of the company’s stock, valued at approximately $2,925,014.66. The disclosure for this sale can be found here. Insiders sold 32,050 shares of company stock worth $10,340,237 over the last quarter. Corporate 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.