Sherwin-Williams (NYSE:SHW) Releases 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

Several equities analysts have recently commented on the company. JPMorgan Chase & Co. decreased their target price on Sherwin-Williams from $317.00 to $315.00 and set an overweight rating on the stock in a research report on Wednesday. UBS Group raised Sherwin-Williams from a neutral rating to a buy rating and upped their target price for the company from $312.00 to $402.00 in a research report on Thursday, March 7th. Wolfe Research assumed coverage on Sherwin-Williams in a research report on Friday, March 1st. They issued a peer perform rating on the stock. Loop Capital decreased their target price on Sherwin-Williams from $395.00 to $380.00 and set a buy rating on the stock in a research report on Wednesday. Finally, Mizuho reduced their price target on Sherwin-Williams from $340.00 to $334.00 and set a buy rating on the stock in a research report on Wednesday. One analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus price target of $337.37.

Sherwin-Williams Price Performance

NYSE SHW traded up $1.07 on Thursday, hitting $304.80. 2,004,847 shares of the company’s stock were exchanged, compared to its average volume of 1,461,671. Sherwin-Williams has a 52 week low of $221.76 and a 52 week high of $348.37. The stock has a market cap of $77.56 billion, a price-to-earnings ratio of 32.49, a P/E/G ratio of 2.39 and a beta of 1.15. The company has a current ratio of 0.78, a quick ratio of 0.48 and a debt-to-equity ratio of 2.32. The stock has a 50-day moving average of $328.10 and a 200-day 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 EPS for the quarter, missing analysts’ consensus estimates of $2.22 by ($0.05). Sherwin-Williams had a net margin of 10.52% and a return on equity of 73.74%. The firm had revenue of $5.37 billion during the quarter, compared to the consensus estimate of $5.50 billion. During the same quarter in the previous year, the company posted $2.04 earnings per share. The firm’s revenue was down 1.4% on a year-over-year basis. Analysts expect that Sherwin-Williams will post 11.46 earnings per share for the current year.

Sherwin-Williams Announces Dividend

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 paid a $0.715 dividend. This represents a $2.86 dividend on an annualized basis and a dividend yield of 0.94%. The ex-dividend date of this dividend is Thursday, May 16th. Sherwin-Williams’s payout ratio is 30.49%.

Insider Activity

In other news, insider Todd D. Rea sold 2,449 shares of the stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $313.54, for a total value of $767,859.46. Following the completion of the transaction, the insider now directly owns 9,329 shares in the company, valued at approximately $2,925,014.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Justin T. Binns sold 1,563 shares of the firm’s stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $338.87, for a total transaction of $529,653.81. Following the completion of the transaction, the insider now directly owns 14,564 shares of the company’s stock, valued at approximately $4,935,302.68. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Todd D. Rea sold 2,449 shares of the firm’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $313.54, for a total value of $767,859.46. Following the transaction, the insider now directly owns 9,329 shares of the company’s stock, valued at $2,925,014.66. The disclosure for this sale can be found here. In the last ninety days, insiders sold 32,050 shares of company stock worth $10,340,237. 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.