Sherwin-Williams (NYSE:SHW) Updates FY 2024 Earnings Guidance

Sherwin-Williams (NYSE:SHW - Get Free Report) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 10.850-11.350 for the period, compared to the consensus earnings per share estimate of 11.440. The company issued revenue guidance of -. Sherwin-Williams also updated its FY24 guidance to $10.85-11.35 EPS.

Sherwin-Williams Trading Down 2.2 %

Shares of Sherwin-Williams stock traded down $6.92 during trading on Tuesday, reaching $302.34. 4,426,466 shares of the company were exchanged, compared to its average volume of 1,441,146. 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 twelve month low of $221.76 and a twelve month high of $348.37. The business has a 50-day moving average price of $328.50 and a 200-day moving average price of $298.39. The firm has a market capitalization of $76.93 billion, a price-to-earnings ratio of 33.43, a P/E/G ratio of 2.42 and a beta of 1.15.

Sherwin-Williams (NYSE:SHW - Get Free Report) last posted its earnings results on Tuesday, April 23rd. The specialty chemicals company reported $2.17 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.22 by ($0.05). Sherwin-Williams had a net margin of 10.36% and a return on equity of 74.72%. The business had revenue of $5.37 billion during the quarter, compared to analyst estimates of $5.50 billion. During the same period in the previous year, the firm posted $2.04 earnings per share. The firm's revenue was down 1.4% on a year-over-year basis. Sell-side analysts anticipate that Sherwin-Williams will post 11.46 EPS for the current fiscal year.

Sherwin-Williams Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 17th will be paid a $0.715 dividend. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $2.86 dividend on an annualized basis and a yield of 0.95%. Sherwin-Williams's payout ratio is 30.92%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on SHW. Seaport Res Ptn lowered Sherwin-Williams from a buy rating to a neutral rating in a report on Monday, January 8th. StockNews.com upgraded Sherwin-Williams from a hold rating to a buy rating in a report on Friday, March 8th. Northcoast Research upgraded Sherwin-Williams from a neutral rating to a buy rating and set a $360.00 price target on the stock in a report on Tuesday, February 27th. Royal Bank of Canada dropped their target price on Sherwin-Williams from $346.00 to $341.00 and set an outperform rating on the stock in a report on Friday, January 26th. Finally, UBS Group upgraded Sherwin-Williams from a neutral rating to a buy rating and upped their target price for the stock from $312.00 to $402.00 in a report on Thursday, March 7th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, Sherwin-Williams presently has a consensus rating of Moderate Buy and a consensus target price of $325.94.

Insiders Place Their Bets

In other Sherwin-Williams news, insider Justin T. Binns sold 1,563 shares of the company's stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $338.87, for a total transaction of $529,653.81. Following the completion of the sale, the insider now directly owns 14,564 shares in the company, valued at $4,935,302.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Justin T. Binns sold 1,563 shares of the stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $338.87, for a total value of $529,653.81. Following the completion of the transaction, the insider now directly owns 14,564 shares in the company, valued at approximately $4,935,302.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Todd D. Rea sold 2,449 shares of the stock in a transaction 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 owns 9,329 shares of the company's stock, valued at $2,925,014.66. The disclosure for this sale can be found here. Insiders sold 32,050 shares of company stock worth $10,340,237 over the last three months. 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.