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

Sherwin-Williams (NYSE:SHW) updated its FY24 earnings guidance on Tuesday. 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.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on SHW shares. Northcoast Research upgraded Sherwin-Williams from a neutral rating to a buy rating and set a $360.00 price objective for the company in a report on Tuesday, February 27th. Mizuho dropped their price target on shares of Sherwin-Williams from $352.00 to $340.00 and set a buy rating for the company in a research report on Friday, January 26th. Citigroup lifted their price objective on shares of Sherwin-Williams from $360.00 to $390.00 and gave the company a buy rating in a research note on Wednesday, April 10th. Wolfe Research initiated coverage on shares of Sherwin-Williams in a research note on Friday, March 1st. They issued a peer perform rating on the stock. Finally, Robert W. Baird reaffirmed a neutral rating and set a $300.00 target price (up previously from $270.00) on shares of Sherwin-Williams in a research note on Wednesday, January 3rd. One analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average price target of $325.94.

Sherwin-Williams Price Performance

SHW stock opened at $296.56 on Tuesday. The firm has a market cap of $75.46 billion, a price-to-earnings ratio of 33.43, a PEG ratio of 2.42 and a beta of 1.15. The company has a quick ratio of 0.48, a current ratio of 0.83 and a debt-to-equity ratio of 2.25. Sherwin-Williams has a 12-month low of $221.76 and a 12-month high of $348.37. The company’s fifty day simple moving average is $328.50 and its 200 day simple moving average is $298.39.

Sherwin-Williams (NYSE:SHW) last announced its quarterly earnings data on Tuesday, April 23rd. The specialty chemicals company reported $2.17 earnings per share 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 for the quarter, compared to analyst estimates of $5.50 billion. During the same quarter in the prior year, the company posted $2.04 EPS. Sherwin-Williams’s revenue for the quarter was down 1.4% on a year-over-year basis. On average, analysts expect that Sherwin-Williams will post 11.46 earnings per share for the current year.

Sherwin-Williams Dividend Announcement

The business also recently disclosed 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. The ex-dividend date is Thursday, May 16th. This represents a $2.86 annualized dividend and a dividend yield of 0.96%. Sherwin-Williams’s dividend payout ratio is currently 30.92%.

Insider Activity

In other news, insider Todd D. Rea sold 2,449 shares of the business’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $313.54, for a total transaction of $767,859.46. Following the completion of the sale, the insider now directly owns 9,329 shares of the company’s stock, valued at $2,925,014.66. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, insider Todd D. Rea sold 2,449 shares of Sherwin-Williams stock in a transaction that occurred on Wednesday, February 21st. The shares were 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Justin T. Binns sold 1,563 shares of the firm’s 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 transaction, the insider now directly owns 14,564 shares of the company’s stock, valued at $4,935,302.68. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 32,050 shares of company stock worth $10,340,237. Company 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.