Wells Fargo & Co Boosts Sherwin-Williams (NYSE:SHW) Price Target to $700.00

Sherwin-Williams (NYSE:SHW) had its target price lifted by Wells Fargo & Co from $675.00 to $700.00 in a research note published on Wednesday morning, The Fly reports. Wells Fargo & Co currently has an overweight rating on the specialty chemicals company’s stock.

A number of other equities analysts have also recently commented on the company. Royal Bank of Canada raised their target price on Sherwin-Williams from $655.00 to $700.00 and gave the company an outperform rating in a report on Wednesday. Morgan Stanley raised their target price on Sherwin-Williams from $625.00 to $700.00 and gave the company an overweight rating in a report on Wednesday. Deutsche Bank raised their target price on Sherwin-Williams from $675.00 to $700.00 and gave the company a buy rating in a report on Wednesday. BMO Capital Markets lifted their price objective on Sherwin-Williams from $550.00 to $590.00 and gave the company a market perform rating in a research note on Tuesday, June 23rd. They noted that the move was a valuation call. Finally, Jefferies Financial Group lifted their price objective on Sherwin-Williams from $570.00 to $650.00 and gave the company a hold rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, eleven have given a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the stock. The stock presently has an average rating of Buy and an average target price of $641.95.

Shares of Sherwin-Williams stock opened at $647.92 on Wednesday. The business has a 50-day moving average of $588.73 and a 200 day moving average of $550.00. Sherwin-Williams has a 12 month low of $325.43 and a 12 month high of $659.87. The stock has a market capitalization of $58.99 billion, a price-to-earnings ratio of 34.54, a price-to-earnings-growth ratio of 3.10 and a beta of 1.22. The company has a debt-to-equity ratio of 2.50, a current ratio of 1.10 and a quick ratio of 0.57.

Sherwin-Williams (NYSE:SHW) last announced its earnings results on Tuesday, July 28th. The specialty chemicals company reported $7.10 EPS for the quarter, beating analysts’ consensus estimates of $5.69 by $1.41. Sherwin-Williams had a return on equity of 53.67% and a net margin of 9.83%. The company had revenue of $4.60 billion during the quarter, compared to analysts’ expectations of $4.55 billion. During the same period last year, the business posted $6.57 EPS. Sherwin-Williams’s revenue for the quarter was down 5.7% on a year-over-year basis. Equities research analysts anticipate that Sherwin-Williams will post 22.66 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 11th. Investors of record on Friday, August 21st will be paid a dividend of $1.34 per share. This represents a $5.36 annualized dividend and a yield of 0.83%. The ex-dividend date is Thursday, August 20th. Sherwin-Williams’s payout ratio is 25.38%.

In other Sherwin-Williams news, SVP Thomas P. Gilligan sold 4,964 shares of Sherwin-Williams stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $642.70, for a total transaction of $3,190,362.80. Following the transaction, the senior vice president now owns 8,751 shares of the company’s stock, valued at $5,624,267.70. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, COO David B. Sewell sold 5,752 shares of Sherwin-Williams stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $571.13, for a total value of $3,285,139.76. Following the transaction, the chief operating officer now directly owns 14,100 shares in the company, valued at approximately $8,052,933. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 19,481 shares of company stock valued at $11,529,647. 0.55% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SHW. Norges Bank purchased a new stake in Sherwin-Williams during the fourth quarter worth $456,140,000. Vontobel Asset Management Inc. boosted its holdings in Sherwin-Williams by 291.4% in the first quarter. Vontobel Asset Management Inc. now owns 485,080 shares of the specialty chemicals company’s stock valued at $240,025,000 after purchasing an additional 361,140 shares during the last quarter. Capital Research Global Investors boosted its holdings in Sherwin-Williams by 70.7% in the first quarter. Capital Research Global Investors now owns 869,620 shares of the specialty chemicals company’s stock valued at $399,608,000 after purchasing an additional 360,086 shares during the last quarter. Diamond Hill Capital Management Inc. boosted its holdings in Sherwin-Williams by 1,708.5% in the first quarter. Diamond Hill Capital Management Inc. now owns 309,967 shares of the specialty chemicals company’s stock valued at $142,436,000 after purchasing an additional 292,828 shares during the last quarter. Finally, Morgan Stanley boosted its holdings in Sherwin-Williams by 46.8% in the first quarter. Morgan Stanley now owns 870,538 shares of the specialty chemicals company’s stock valued at $400,031,000 after purchasing an additional 277,410 shares during the last quarter. 76.25% of the stock is currently owned by institutional investors.

About Sherwin-Williams

The Sherwin-Williams Company develops, manufactures, distributes, and sells paints, coatings, and related products to professional, industrial, commercial, and retail customers. It operates in three segments: The Americas Group, Consumer Brands Group, and Performance Coatings Group. The Americas Group segment offers architectural paints and coatings, and protective and marine products, as well as OEM product finishes and related products for architectural and industrial paint contractors and do-it-yourself homeowners.

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