Morgan Stanley reaffirmed their overweight rating on shares of Sherwin-Williams Co (NYSE:SHW) in a report released on Wednesday morning. They currently have a $375.00 price objective on the specialty chemicals company’s stock, up from their prior price objective of $335.00.
A number of other brokerages have also commented on SHW. KeyCorp upgraded Sherwin-Williams from a sector weight rating to an overweight rating and set a $375.00 price objective for the company in a research report on Tuesday, April 4th. Zacks Investment Research upgraded Sherwin-Williams from a hold rating to a buy rating and set a $347.00 price objective for the company in a research report on Tuesday, March 28th. Royal Bank of Canada restated a buy rating and set a $350.00 price objective on shares of Sherwin-Williams in a research report on Tuesday, March 28th. Barclays PLC raised their price objective on Sherwin-Williams from $310.00 to $335.00 and gave the stock an equal weight rating in a research report on Monday, April 24th. Finally, Vetr lowered Sherwin-Williams from a buy rating to a hold rating and set a $313.74 price objective for the company. in a research report on Thursday, January 26th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and ten have issued a buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus price target of $340.73.
Shares of Sherwin-Williams (NYSE:SHW) opened at 331.45 on Wednesday. Sherwin-Williams has a 52-week low of $239.48 and a 52-week high of $339.62. The company has a 50 day moving average of $325.51 and a 200 day moving average of $297.96. The stock has a market capitalization of $30.68 billion, a price-to-earnings ratio of 25.97 and a beta of 1.00.
Sherwin-Williams (NYSE:SHW) last released its quarterly earnings results on Thursday, April 20th. The specialty chemicals company reported $2.27 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.07 by $0.20. Sherwin-Williams had a return on equity of 82.20% and a net margin of 9.40%. The business had revenue of $2.76 billion during the quarter, compared to analyst estimates of $2.72 billion. During the same quarter last year, the company posted $1.81 EPS. Sherwin-Williams’s revenue for the quarter was up 7.3% on a year-over-year basis. Analysts predict that Sherwin-Williams will post $14.19 EPS for the current fiscal year.
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The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 2nd. Investors of record on Friday, May 19th will be paid a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a dividend yield of 1.03%. The ex-dividend date is Wednesday, May 17th. Sherwin-Williams’s payout ratio is 28.50%.
In related news, Director Susan J. Kropf sold 2,000 shares of the firm’s stock in a transaction that occurred on Friday, May 5th. The stock was sold at an average price of $338.93, for a total value of $677,860.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Catherine M. Kilbane sold 22,635 shares of the firm’s stock in a transaction that occurred on Friday, April 21st. The shares were sold at an average price of $324.47, for a total value of $7,344,378.45. Following the completion of the transaction, the senior vice president now directly owns 16,635 shares in the company, valued at $5,397,558.45. The disclosure for this sale can be found here. Insiders sold a total of 46,955 shares of company stock worth $15,525,668 over the last three months. 1.89% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. increased its position in shares of Sherwin-Williams by 1,591.2% in the first quarter. BlackRock Inc. now owns 5,267,993 shares of the specialty chemicals company’s stock worth $1,634,079,000 after buying an additional 4,956,505 shares during the last quarter. Norges Bank bought a new position in shares of Sherwin-Williams during the fourth quarter worth $178,773,000. Jana Partners LLC bought a new position in shares of Sherwin-Williams during the first quarter worth $203,163,000. Renaissance Technologies LLC increased its position in shares of Sherwin-Williams by 195.1% in the first quarter. Renaissance Technologies LLC now owns 961,900 shares of the specialty chemicals company’s stock worth $298,372,000 after buying an additional 635,900 shares during the last quarter. Finally, Scharf Investments LLC bought a new position in shares of Sherwin-Williams during the fourth quarter worth $100,881,000. 72.94% of the stock is currently owned by institutional investors and hedge funds.
The Sherwin-Williams Company (Sherwin-Williams) is engaged in the development, manufacture, distribution and sale of paint, coatings and related products. The Company’s segments are Paint Stores Group, Consumer Group, Global Finishes Group, Latin America Coatings Group and Administrative. The Paint Stores Group markets and sells Sherwin-Williams branded architectural paint and coatings, protective and marine products, original equipment manufacturer (OEM) product finishes and related items.
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