The Sherwin-Williams Company $SHW Stock Sold by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments cut its Sherwin-Williams stake by 3.5% in the third quarter, selling 7,680 shares; it held 212,473 shares valued at about $68.2 million at quarter-end.
• Sherwin-Williams reported quarterly revenue of $6.86 billion, up 7.9% year over year and above estimates, but earnings per share of $3.63 fell short of the $3.69 consensus.
• Company insiders sold 22,315 shares worth about $7.85 million during the quarter. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $377.29.

Allspring Global Investments Holdings LLC decreased its stake in The Sherwin-Williams Company (NYSE:SHW - Free Report) by 3.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 212,473 shares of the specialty chemicals company's stock after selling 7,680 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.09% of Sherwin-Williams worth $68,157,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Milestone Asset Management LLC bought a new stake in Sherwin-Williams in the 3rd quarter valued at $3,153,000. Caisse de depot et placement du Quebec bought a new position in shares of Sherwin-Williams during the 2nd quarter worth about $5,473,000. William John Sempolinski bought a new position in shares of Sherwin-Williams during the 2nd quarter worth about $2,456,000. BlackRock Inc. bought a new position in shares of Sherwin-Williams during the 2nd quarter worth about $6,100,083,000. Finally, First Citizens Bank & Trust Co. boosted its position in shares of Sherwin-Williams by 421.7% during the 3rd quarter. First Citizens Bank & Trust Co. now owns 4,309 shares of the specialty chemicals company's stock valued at $1,393,000 after acquiring an additional 3,483 shares in the last quarter. Institutional investors own 77.67% of the company's stock.

Insider Buying and Selling

In other news, SVP Bryan Young sold 1,314 shares of the business's stock in a transaction on Tuesday, November 3rd. The shares were sold at an average price of $345.71, for a total value of $454,262.94. Following the completion of the transaction, the senior vice president owned 10,045 shares of the company's stock, valued at $3,472,656.95. The trade was a 11.57% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP James R. Jaye sold 2,301 shares of the company's stock in a transaction on Tuesday, November 3rd. The shares were sold at an average price of $345.56, for a total transaction of $795,133.56. Following the completion of the sale, the senior vice president owned 6,936 shares of the company's stock, valued at approximately $2,396,804.16. This represents a 24.91% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 22,315 shares of company stock valued at $7,848,071. 0.23% of the stock is owned by company insiders.

Sherwin-Williams Price Performance

Sherwin-Williams stock opened at $357.67 on Tuesday. The business's fifty day moving average is $329.92 and its two-hundred day moving average is $333.04. The company has a debt-to-equity ratio of 2.00, a quick ratio of 0.45 and a current ratio of 0.71. The firm has a market cap of $86.41 billion, a P/E ratio of 30.52, a P/E/G ratio of 3.03 and a beta of 1.05. The Sherwin-Williams Company has a 52 week low of $289.86 and a 52 week high of $377.77.

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

Sherwin-Williams Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 4th. Shareholders of record on Friday, November 13th will be paid a $0.80 dividend. This represents a $3.20 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Friday, November 13th. Sherwin-Williams's dividend payout ratio is presently 29.41%.

Analysts Set New Price Targets

A number of analysts recently weighed in on SHW shares. Wells Fargo & Company set a $340.00 target price on shares of Sherwin-Williams and gave the company an "equal weight" rating in a research note on Friday, September 25th. Morgan Stanley restated an "overweight" rating and set a $395.00 price target (up from $385.00) on shares of Sherwin-Williams in a research note on Wednesday, July 29th. KeyCorp initiated coverage on Sherwin-Williams in a report on Thursday, September 10th. They set a "sector weight" rating on the stock. Guggenheim reiterated a "buy" rating and issued a $375.00 price objective (down from $400.00) on shares of Sherwin-Williams in a research note on Wednesday, October 28th. Finally, Bank of America increased their target price on Sherwin-Williams from $369.00 to $383.00 and gave the stock a "neutral" rating in a report on Friday, July 17th. Fifteen analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. Based on data from MarketBeat, Sherwin-Williams has an average rating of "Moderate Buy" and a consensus price target of $377.29.

About Sherwin-Williams

The Sherwin-Williams Company is a global manufacturer, retailer and distributor of paints and coatings. Founded in 1866 and headquartered in Cleveland, Ohio, the company serves customers through company-operated paint stores, home improvement retailers, distributors and other channels.

Its products include paints, stains and related supplies for homes and commercial buildings, as well as coatings for industrial, automotive, protective and marine applications. The company markets products under brands including Sherwin-Williams and Valspar.

Sherwin-Williams serves customers in North America and markets around the world.

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