Sherwin-Williams reported second-quarter earnings of $2.65 per share
Sherwin-Williams Co (NYSE:SHW) announced an earnings miss this morning, with second-quarter profits of $2.65 per share just three cents shy of the $2.68 anticipated by analysts. The company's revenue of $5.38 billion was in line with estimates. At last check, SHW was down 1.9% to trade at $280.00.
Sherwin-Williams stock cooled off after its May record high of $293.05, however, the $265 level caught the pullback in mid-June, and the equity has climbed on the charts ever since. Today's price action has SHW on track to snap a five-week winning streak. SHW could already have been due for a short-term breather, as the stock's Relative Strength Index (RSI) of 65 is nearing "overbought" territory.
The majority of analysts are bullish on the equity. Of the 16 in coverage, 13 sport a "buy" or better rating, with the remaining three a tepid "hold." Meanwhile, short interest has been rising, up 12.6% during the most recent reporting period. Now, it would take three days to buy back these bearish bets, at SHW's average pace of trading.