Provenance Wealth Advisors LLC Acquires 2,903 Shares of The Sherwin-Williams Company $SHW

Key Points

• Provenance Wealth Advisors increased its Sherwin-Williams stake by 348.1% in the third quarter, adding 2,903 shares to hold 3,737 shares worth about $1.21 million.
• Analysts’ consensus rating is “Moderate Buy,” with an average price target of $377.29; 15 analysts rate the stock Buy and 12 rate it Hold.
• Sherwin-Williams reported quarterly EPS of $3.63, below the $3.69 estimate, while revenue of $6.86 billion topped forecasts and rose 7.9% year over year. The company also announced a quarterly dividend of $0.80 per share.

Provenance Wealth Advisors LLC lifted its holdings in The Sherwin-Williams Company (NYSE:SHW - Free Report) by 348.1% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,737 shares of the specialty chemicals company's stock after buying an additional 2,903 shares during the period. Provenance Wealth Advisors LLC's holdings in Sherwin-Williams were worth $1,208,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. GK Wealth Management LLC purchased a new position in Sherwin-Williams in the third quarter worth about $25,000. Wilkerson Advisory Group LLC increased its stake in Sherwin-Williams by 172.4% during the first quarter. Wilkerson Advisory Group LLC now owns 79 shares of the specialty chemicals company's stock worth $25,000 after acquiring an additional 50 shares during the last quarter. Montgomery Financial Services LLC purchased a new stake in Sherwin-Williams during the second quarter valued at approximately $29,000. Whipplewood Advisors LLC purchased a new stake in Sherwin-Williams during the first quarter valued at approximately $28,000. Finally, Tacita Capital Inc purchased a new stake in Sherwin-Williams during the second quarter valued at approximately $30,000. 77.67% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on SHW shares. Deutsche Bank Aktiengesellschaft raised their price objective on Sherwin-Williams from $355.00 to $375.00 and gave the company a "hold" rating in a research note on Wednesday, July 29th. Berenberg Bank boosted their target price on Sherwin-Williams from $380.00 to $400.00 and gave the company a "buy" rating in a research report on Wednesday, July 29th. BNP Paribas Exane increased their price target on Sherwin-Williams from $345.00 to $360.00 and gave the company a "neutral" rating in a report on Thursday, July 30th. Argus raised their price target on Sherwin-Williams from $355.00 to $380.00 in a research report on Thursday, August 27th. Finally, Morgan Stanley reaffirmed an "overweight" rating and set a $395.00 price objective (up from $385.00) on shares of Sherwin-Williams in a research note on Wednesday, July 29th. Fifteen investment analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $377.29.

Insider Buying and Selling at Sherwin-Williams

In other Sherwin-Williams news, SVP Mary Garceau sold 3,891 shares of the company's stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $350.42, for a total value of $1,363,484.22. Following the transaction, the senior vice president owned 31,466 shares of the company's stock, valued at $11,026,315.72. This represents a 11.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Karl Jorgenrud sold 7,886 shares of the stock in a transaction on Friday, August 7th. The stock was sold at an average price of $368.30, for a total value of $2,904,413.80. Following the completion of the sale, the insider owned 11,944 shares in the company, valued at approximately $4,398,975.20. The trade was a 39.77% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 25,277 shares of company stock valued at $9,029,348 in the last quarter. 0.23% of the stock is owned by insiders.

Sherwin-Williams Stock Up 6.7%

Shares of NYSE SHW opened at $363.70 on Thursday. The company has a debt-to-equity ratio of 2.00, a current ratio of 0.71 and a quick ratio of 0.45. The company has a market cap of $87.87 billion, a P/E ratio of 33.43, a PEG ratio of 2.84 and a beta of 1.05. The Sherwin-Williams Company has a 1 year low of $289.86 and a 1 year high of $377.77. The firm has a 50-day simple moving average of $329.67 and a two-hundred day simple moving average of $333.09.

Sherwin-Williams (NYSE:SHW - Get Free Report) last announced its earnings results on Tuesday, October 27th. The specialty chemicals company reported $3.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.69 by ($0.06). The business had revenue of $6.86 billion for the quarter, compared to analysts' expectations of $6.78 billion. Sherwin-Williams had a net margin of 10.74% and a return on equity of 69.51%. The firm's quarterly revenue was up 7.9% on a year-over-year basis. During the same quarter last year, the firm earned $3.59 EPS. Research analysts anticipate that The Sherwin-Williams Company will post 12.02 earnings per share for the current year.

Sherwin-Williams Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 4th. Investors of record on Friday, November 13th will be issued a dividend of $0.80 per share. The ex-dividend date is Friday, November 13th. This represents a $3.20 dividend on an annualized basis and a yield of 0.9%. Sherwin-Williams's payout ratio is presently 29.41%.

About Sherwin-Williams

The Sherwin-Williams Company NYSE: SHW develops, manufactures, distributes and sells paints, coatings and related products. Its offerings include architectural paints, industrial coatings, wood finishes, protective coatings, automotive refinishing products, floor coatings and related supplies marketed under brands such as Sherwin-Williams, Valspar, Minwax, Krylon and Dutch Boy.

Founded in 1866 and headquartered in Cleveland, Ohio, Sherwin-Williams serves professional contractors, do-it-yourself consumers, industrial manufacturers, commercial businesses and other customers.

Want to see what other hedge funds are holding SHW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Sherwin-Williams Company (NYSE:SHW - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.