The Sherwin-Williams Company (NYSE:SHW) Stake Cut by Prestige Wealth Management Group LLC

Prestige Wealth Management Group LLC lessened its holdings in shares of The Sherwin-Williams Company (NYSE:SHW) by 12.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 953 shares of the specialty chemicals company’s stock after selling 137 shares during the quarter. Prestige Wealth Management Group LLC’s holdings in Sherwin-Williams were worth $284,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the business. Norges Bank acquired a new stake in shares of Sherwin-Williams during the 4th quarter valued at $1,176,356,000. Capital World Investors boosted its position in Sherwin-Williams by 38.9% during the fourth quarter. Capital World Investors now owns 3,840,789 shares of the specialty chemicals company’s stock valued at $1,197,952,000 after purchasing an additional 1,075,351 shares during the last quarter. PineStone Asset Management Inc. grew its stake in Sherwin-Williams by 132.8% in the second quarter. PineStone Asset Management Inc. now owns 1,609,392 shares of the specialty chemicals company’s stock valued at $480,291,000 after purchasing an additional 917,979 shares in the last quarter. Assenagon Asset Management S.A. increased its position in Sherwin-Williams by 610.0% in the 2nd quarter. Assenagon Asset Management S.A. now owns 1,045,374 shares of the specialty chemicals company’s stock worth $311,971,000 after purchasing an additional 898,143 shares during the last quarter. Finally, Jensen Investment Management Inc. purchased a new stake in shares of Sherwin-Williams during the 2nd quarter worth about $169,770,000. Institutional investors and hedge funds own 77.67% of the company’s stock.

Sherwin-Williams Stock Performance

NYSE:SHW traded up $0.75 during trading hours on Friday, hitting $360.83. 1,171,249 shares of the company traded hands, compared to its average volume of 1,364,089. The company has a current ratio of 0.81, a quick ratio of 0.50 and a debt-to-equity ratio of 2.17. The Sherwin-Williams Company has a twelve month low of $232.06 and a twelve month high of $371.19. The firm has a 50-day moving average of $339.22 and a 200 day moving average of $324.97. The stock has a market capitalization of $91.49 billion, a price-to-earnings ratio of 38.47, a P/E/G ratio of 2.85 and a beta of 1.17.

Sherwin-Williams (NYSE:SHW) last announced its quarterly earnings data on Tuesday, July 23rd. The specialty chemicals company reported $3.70 EPS for the quarter, beating analysts’ consensus estimates of $3.51 by $0.19. Sherwin-Williams had a net margin of 10.92% and a return on equity of 75.58%. The business had revenue of $6.27 billion during the quarter, compared to analyst estimates of $6.33 billion. During the same quarter in the prior year, the business earned $3.29 earnings per share. The firm’s revenue for the quarter was up .5% on a year-over-year basis. On average, analysts forecast that The Sherwin-Williams Company will post 11.47 EPS for the current year.

Sherwin-Williams Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Friday, August 16th were issued a dividend of $0.715 per share. This represents a $2.86 annualized dividend and a dividend yield of 0.79%. The ex-dividend date was Friday, August 16th. Sherwin-Williams’s payout ratio is presently 30.49%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. BMO Capital Markets reissued an “outperform” rating and issued a $400.00 price target (up previously from $386.00) on shares of Sherwin-Williams in a research note on Wednesday. Morgan Stanley increased their price target on shares of Sherwin-Williams from $338.00 to $375.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. Wells Fargo & Company lifted their price objective on shares of Sherwin-Williams from $320.00 to $350.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 24th. The Goldman Sachs Group increased their target price on shares of Sherwin-Williams from $344.00 to $390.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Finally, Redburn Atlantic raised Sherwin-Williams to a “strong-buy” rating in a research report on Thursday, July 18th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $362.68.

Insider Activity

In related news, CFO Allen J. Mistysyn sold 14,520 shares of the firm’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $366.83, for a total value of $5,326,371.60. Following the completion of the transaction, the chief financial officer now directly owns 63,520 shares of the company’s stock, valued at $23,301,041.60. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.60% of the stock is currently owned by company insiders.

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.