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

The Sherwin-Williams Company (NYSE:SHW) – Equities research analysts at KeyCorp issued their Q2 2024 earnings estimates for shares of 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 target price 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.

A number of other brokerages have also weighed in on SHW. Loop Capital cut their price target on shares of Sherwin-Williams from $395.00 to $380.00 and set a “buy” rating on the stock in a research note on Wednesday, April 24th. UBS Group upgraded shares of Sherwin-Williams from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $312.00 to $402.00 in a report on Thursday, March 7th. Wells Fargo & Company lifted their price objective on shares of Sherwin-Williams from $310.00 to $320.00 and gave the company an “equal weight” rating in a report on Friday, January 26th. JPMorgan Chase & Co. lowered their price objective on shares of Sherwin-Williams from $317.00 to $315.00 and set an “overweight” rating on the stock in a report on Wednesday, April 24th. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $377.00 price objective (down from $385.00) on shares of Sherwin-Williams in a report on Wednesday, April 24th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $341.39.

Sherwin-Williams Stock Performance

Shares of SHW opened at $306.45 on Monday. The company has a debt-to-equity ratio of 2.32, a quick ratio of 0.48 and a current ratio of 0.78. Sherwin-Williams has a twelve month low of $221.76 and a twelve month high of $348.37. The firm’s 50 day moving average price is $328.05 and its two-hundred day moving average price is $299.82. The firm 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 (NYSE:SHW) last issued its quarterly earnings results on Tuesday, April 23rd. The specialty chemicals company reported $2.17 EPS for the quarter, missing the consensus estimate of $2.22 by ($0.05). Sherwin-Williams had a return on equity of 73.74% and a net margin of 10.52%. The business 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 firm earned $2.04 EPS. The firm’s quarterly revenue was down 1.4% compared to the same quarter last year.

Institutional Investors Weigh In On Sherwin-Williams

Several institutional investors and hedge funds have recently bought and sold shares of SHW. Norges Bank bought a new stake in Sherwin-Williams during the fourth quarter worth about $1,176,356,000. FMR LLC lifted its position in Sherwin-Williams by 65.4% during the third quarter. FMR LLC now owns 5,427,014 shares of the specialty chemicals company’s stock worth $1,384,160,000 after purchasing an additional 2,146,102 shares during the period. Alphinity Investment Management Pty Ltd bought a new position in shares of Sherwin-Williams in the fourth quarter worth about $432,737,000. Capital World Investors lifted its holdings in shares of Sherwin-Williams by 38.9% in the fourth quarter. Capital World Investors now owns 3,840,789 shares of the specialty chemicals company’s stock worth $1,197,952,000 after acquiring an additional 1,075,351 shares during the last quarter. Finally, International Assets Investment Management LLC lifted its holdings in shares of Sherwin-Williams by 2,853.9% in the fourth quarter. International Assets Investment Management LLC now owns 650,186 shares of the specialty chemicals company’s stock worth $202,793,000 after acquiring an additional 628,175 shares during the last quarter. Institutional investors own 77.67% of the company’s stock.

Insider Buying and Selling at Sherwin-Williams

In other Sherwin-Williams news, SVP Gregory P. Sofish sold 1,830 shares of the company’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $320.70, for a total value of $586,881.00. Following the transaction, the senior vice president now directly owns 6,329 shares in the company, valued at $2,029,710.30. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, SVP Gregory P. Sofish sold 1,830 shares of the business’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $320.70, for a total value of $586,881.00. Following the completion of the sale, the senior vice president now owns 6,329 shares of the company’s stock, valued at $2,029,710.30. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 approximately $2,925,014.66. The disclosure for this sale can be found here. Insiders have sold a total of 32,050 shares of company stock worth $10,340,237 over the last ninety days. Insiders own 0.60% of the company’s stock.

Sherwin-Williams Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 17th will be issued a $0.715 dividend. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $2.86 annualized dividend and a dividend 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.