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

Sherwin-Williams (NYSE:SHW) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $11.10-11.40 for the period, compared to the consensus estimate of $11.51. Sherwin-Williams also updated its FY 2024 guidance to 11.100-11.400 EPS.

Analyst Ratings Changes

Several research firms have commented on SHW. StockNews.com raised shares of Sherwin-Williams from a “hold” rating to a “buy” rating in a research note on Tuesday. Barclays raised their target price on shares of Sherwin-Williams from $355.00 to $370.00 and gave the stock an “equal weight” rating in a report on Wednesday. UBS Group reiterated an “underperform” rating on shares of Sherwin-Williams in a report on Friday, October 18th. Morgan Stanley raised their price objective on shares of Sherwin-Williams from $375.00 to $450.00 and gave the stock an “overweight” rating in a research note on Friday, October 18th. Finally, Royal Bank of Canada cut their target price on Sherwin-Williams from $455.00 to $446.00 and set an “outperform” rating on the stock in a research note on Thursday. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Sherwin-Williams presently has a consensus rating of “Moderate Buy” and an average target price of $395.29.

Sherwin-Williams Stock Performance

Shares of SHW stock opened at $361.59 on Friday. The company has a current ratio of 0.83, a quick ratio of 0.50 and a debt-to-equity ratio of 1.97. The company has a market cap of $91.68 billion, a PE ratio of 38.55, a PEG ratio of 2.87 and a beta of 1.17. Sherwin-Williams has a 12-month low of $232.06 and a 12-month high of $392.57. The business’s fifty day simple moving average is $371.81 and its 200-day simple moving average is $334.64.

Sherwin-Williams (NYSE:SHW) last announced its earnings results on Tuesday, October 22nd. The specialty chemicals company reported $3.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.56 by ($0.19). The business had revenue of $6.16 billion for the quarter, compared to analyst estimates of $6.20 billion. Sherwin-Williams had a net margin of 11.09% and a return on equity of 74.45%. The company’s quarterly revenue was up .7% on a year-over-year basis. During the same period in the prior year, the company earned $3.20 earnings per share. Analysts expect that Sherwin-Williams will post 11.31 earnings per share for the current fiscal year.

Sherwin-Williams Announces Dividend

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

Insiders Place Their Bets

In other news, CFO Allen J. Mistysyn sold 14,520 shares of the business’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $366.83, for a total transaction of $5,326,371.60. Following the sale, the chief financial officer now directly owns 63,520 shares of the company’s stock, valued at $23,301,041.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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.