KeyCorp Weighs in on The Sherwin-Williams Company’s Q2 2024 Earnings (NYSE:SHW)

The Sherwin-Williams Company (NYSE:SHW) – Analysts at KeyCorp issued their Q2 2024 earnings estimates for Sherwin-Williams in a note issued to investors on Wednesday, April 24th. KeyCorp analyst A. Yefremov expects that the specialty chemicals company will post earnings of $3.48 per share for the quarter. KeyCorp currently has a “Overweight” rating and a $400.00 price objective on the stock. The consensus estimate for Sherwin-Williams’ current full-year earnings is $11.43 per share. KeyCorp also issued estimates for Sherwin-Williams’ Q3 2024 earnings at $3.70 EPS, Q4 2024 earnings at $2.23 EPS, FY2024 earnings at $11.58 EPS and FY2025 earnings at $13.44 EPS.

Sherwin-Williams (NYSE:SHW) last issued its earnings results on Tuesday, April 23rd. The specialty chemicals company reported $2.17 EPS for the quarter, missing analysts’ consensus estimates of $2.22 by ($0.05). The firm had revenue of $5.37 billion for the quarter, compared to analyst estimates of $5.50 billion. Sherwin-Williams had a return on equity of 73.74% and a net margin of 10.52%. The business’s revenue for the quarter was down 1.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.04 EPS.

Other equities analysts also recently issued research reports about the stock. Barclays boosted their target price on shares of Sherwin-Williams from $285.00 to $315.00 and gave the stock an “equal weight” rating in a research note on Monday, January 29th. Evercore ISI decreased their price objective on shares of Sherwin-Williams from $385.00 to $380.00 and set an “outperform” rating for the company in a research note on Tuesday, April 16th. Northcoast Research upgraded shares of Sherwin-Williams from a “neutral” rating to a “buy” rating and set a $360.00 price objective for the company in a research note on Tuesday, February 27th. Robert W. Baird upped their price objective on shares of Sherwin-Williams from $300.00 to $310.00 and gave the company a “neutral” rating in a research note on Wednesday, April 24th. Finally, Citigroup decreased their price objective on shares of Sherwin-Williams from $390.00 to $370.00 and set a “buy” rating for the company in a research note on Thursday. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $341.39.

Sherwin-Williams Stock Performance

Shares of SHW stock opened at $306.45 on Monday. The company has a current ratio of 0.78, a quick ratio of 0.48 and a debt-to-equity ratio of 2.32. The firm has a fifty day moving average price of $328.05 and a 200 day moving average price of $299.82. The company has a market cap of $77.98 billion, a P/E ratio of 32.67, a PEG ratio of 2.47 and a beta of 1.15. Sherwin-Williams has a 12 month low of $221.76 and a 12 month high of $348.37.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. First Hawaiian Bank increased its holdings in Sherwin-Williams by 0.5% in the fourth quarter. First Hawaiian Bank now owns 7,559 shares of the specialty chemicals company’s stock valued at $2,358,000 after buying an additional 34 shares in the last quarter. Tsfg LLC increased its holdings in Sherwin-Williams by 4.7% in the fourth quarter. Tsfg LLC now owns 754 shares of the specialty chemicals company’s stock valued at $235,000 after buying an additional 34 shares in the last quarter. Manchester Capital Management LLC increased its holdings in Sherwin-Williams by 5.5% in the fourth quarter. Manchester Capital Management LLC now owns 666 shares of the specialty chemicals company’s stock valued at $208,000 after buying an additional 35 shares in the last quarter. Tealwood Asset Management Inc. increased its holdings in Sherwin-Williams by 0.7% in the first quarter. Tealwood Asset Management Inc. now owns 4,913 shares of the specialty chemicals company’s stock valued at $1,706,000 after buying an additional 35 shares in the last quarter. Finally, Ellsworth Advisors LLC increased its holdings in Sherwin-Williams by 0.9% in the fourth quarter. Ellsworth Advisors LLC now owns 4,108 shares of the specialty chemicals company’s stock valued at $1,281,000 after buying an additional 36 shares in the last quarter. 77.67% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Justin T. Binns sold 1,563 shares of the stock in a transaction dated 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Todd D. Rea sold 2,449 shares of the 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 transaction, 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 filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Justin T. Binns sold 1,563 shares of the stock in a transaction dated 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. Insiders sold 32,050 shares of company stock valued at $10,340,237 over the last ninety days. Corporate insiders own 0.60% of the company’s stock.

Sherwin-Williams Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Investors 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 yield of 0.93%. Sherwin-Williams’s dividend payout ratio is currently 30.49%.

Sherwin-Williams Company Profile

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.