Provenance Wealth Advisors expands Sherwin-Williams stake in third-quarter filing

Provenance increases its holding

Provenance Wealth Advisors LLC increased its position in The Sherwin-Williams Company shares by 348.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The advisory firm acquired 2,903 additional shares and ended the reporting period with 3,737 shares valued at $1,208,000.

The filing documents a historical investment rather than a new transaction on November 5, when the position was reported. The available coverage does not identify the purchase prices paid for the additional shares or establish that the stake reflects a current change in Provenance's outlook.

Other reported position changes

Several other investment firms disclosed changes to their Sherwin-Williams holdings during earlier reporting periods. Wellington Management Group LLP increased its position by 133.7% in the second quarter, adding 1,593,009 shares and ending with 2,784,679 shares valued at $958,821,000.

Amundi increased its stake by 20.6% in the first quarter, buying 376,505 shares and reporting 2,200,895 shares worth $705,497,000. Dimensional Fund Advisors LP raised its holdings by 2.9% in the first quarter, acquiring 39,853 shares and ending with 1,417,166 shares valued at $454,226,000.

BlackRock Inc. and Bank of New York Mellon Corp established new reported positions in the second quarter worth $6,100,083,000 and $547,097,000, respectively. Smaller new positions were reported for GK Wealth Management LLC, Montgomery Financial Services LLC, Whipplewood Advisors LLC and Tacita Capital Inc.

Ratings and price objectives remained divided

Analyst views cited in the November 5 reports were mixed. Guggenheim reaffirmed a “buy” rating and set a $375 price objective on October 28, while Barclays assigned an “equal weight” rating and a $329 target on the same date. Jefferies Financial Group restated a “hold” rating with a $353 target on October 27.

Earlier targets included $340 from Wells Fargo & Company with an “equal weight” rating on September 25 and a $400 “buy” target from Berenberg Bank on July 29. The reports said 15 analysts had assigned Buy ratings and 12 had assigned Hold ratings, while MarketBeat.com listed an average rating of “Moderate Buy” and a $377.29 consensus target. These figures describe analyst positions and do not establish a company forecast or a guaranteed share value.

Insider sales were also disclosed

Senior vice president Mary Garceau sold 3,891 Sherwin-Williams shares on November 2 at an average price of $350.42, totaling $1,363,484.22. She then held 31,466 shares valued at $11,026,315.72, representing an 11% reduction in her position.

The reports also listed an August 7 sale of 7,886 shares by Karl Jorgenrud at an average price of $368.30, totaling $2,904,413.80. His remaining holding was 11,944 shares worth approximately $4,398,975.20, a 39.77% reduction. These disclosed sales are separate from the third-quarter institutional position increase.