Rhumbline Advisers has reduced its stake in The Sherwin-Williams Company (NYSE: SHW) by 1.2%, according to the latest report from HoldingsChannel. The investment firm now holds 433,816 shares of the specialty chemicals company after selling 5,392 shares during the second quarter. As of the most recent filing with the Securities and Exchange Commission, Rhumbline Advisers’ shares are valued at approximately $148,955,000.
In addition to Rhumbline, several other institutional investors have modified their holdings in Sherwin-Williams. Brighton Jones LLC significantly increased its position by 73.6% during the fourth quarter, bringing its total to 1,545 shares worth about $525,000 after acquiring an additional 655 shares. AE Wealth Management LLC also raised its stake by 9.8% in the first quarter, now owning 8,472 shares valued at $2,959,000.
Cetera Investment Advisers and Assetmark Inc. have also increased their holdings in Sherwin-Williams. Cetera raised its position by 3.6%, now holding 63,898 shares worth approximately $22,313,000. Meanwhile, Assetmark lifted its stake by a remarkable 146.8%, owning 22,525 shares valued at $7,866,000. Caliber Wealth Management LLC KS has acquired a new position in the company valued at around $407,000. Currently, 77.67% of Sherwin-Williams stock is held by institutional investors and hedge funds.
Analyst ratings for Sherwin-Williams have varied recently. Mizuho set a target price of $400.00, while the Royal Bank of Canada has a target of $405.00 and rates the company as “outperform.” Citigroup raised its price target to $392.00 from $380.00 and maintains a “neutral” rating. UBS Group has also reiterated a “buy” rating, increasing its price target to $422.00. Overall, one research analyst rates the stock as a “Strong Buy,” ten others assign a “Buy” rating, and five analysts have issued a “Hold” rating. According to MarketBeat, the average rating for the company is “Moderate Buy,” with a consensus price target of $390.87.
On October 28, 2023, Sherwin-Williams released its quarterly earnings report, indicating earnings per share of $3.59, which surpassed analysts’ expectations of $3.44 by $0.15. The company’s revenue for the quarter was reported at $6.36 billion, exceeding the consensus estimate of $6.21 billion and reflecting a 3.2% increase year-over-year. The firm has set its full-year guidance for fiscal year 2025 at 11.250-11.450 EPS.
Sherwin-Williams has also announced a quarterly dividend of $0.79, which will be paid on December 5, 2023. Shareholders of record as of November 14, 2023 will receive this dividend, representing an annualized total of $3.16 and a dividend yield of 0.9%. The company maintains a payout ratio of 30.83%.
In related insider activity, Justin T. Binns, an insider at Sherwin-Williams, sold 609 shares on August 25, 2023, at an average price of $368.82, totaling approximately $224,611.38. Following this transaction, Binns holds 17,922 shares valued at around $6,609,992.04. Company insiders currently own 0.60% of Sherwin-Williams stock.
The Sherwin-Williams Company, headquartered in Cleveland, Ohio, specializes in the development, manufacture, distribution, and sale of paints, coatings, and related products for various customers, including professional, industrial, commercial, and retail sectors. It operates through three segments: Paint Stores Group, Consumer Brands Group, and Performance Coatings Group.
