As of June 30, Sherwin-Williams reported only having 130.8 million shares outstanding. This translates into Sherwin-Williams buying back 23% of its outstanding stock. During the past three years, Sherwin has annually repurchased approximately $230 million worth of stock. The firm will be able to complete the buyback without becoming overburdened with debt. Sherwin-Williams’ long term debt has fallen from $506 million in 2002 to $292 million as of June 2007. It trades at 9 times cash flows, a PEG of less than 1, and achieves a ROE of 29%. It also beat second quarter consensus estimates and guided higher for the third quarter. UBS initiated coverage on Sherwin-Williams with a Buy rating and $85 price target earlier this month. Also, Sherwin-Williams continues to receive buyout chatter.

I wanted to write a quick note on Sharper Image (SHRP). On Thursday, shares of Sharper Image surged after the SEC reported that many of Sharper Image’s top brass including Chairman Jerry Levin and Chief Executive Officer Steven Lightman purchased $400,000 worth of shares in the company. Sharper Image has dropped from a 52-week high of $14.16 and is now trading at $2.63. I know I stress to follow the smart money or insiders’ lead, but continued deterioration in a company’s operations always raises a red flag. Lastly, a cultural shift has occurred and people no longer have to go to the gadget store to get their favorite products. Although, there was a decent insider buyback, I would wait to see if the company performs before jumping onto a potentially sinking ship

Tempur Pedic International recently beat Q3 earnings estimates and guided higher for next quarter. Revenues for the quarter were $294.1 million, versus the consensus of $277.59 million. StreetInsider.com reports that Tempur Pedic announced it has completed its prior buyback and authorized a new $300 million repurchase program. Tempur-Pedic International Inc. is a manufacturer, marketer and distributor of mattresses and pillows, which it sells globally in over 70 countries under the TEMPUR and Tempur-Pedic brands.

Hartmarx today announced a 3 million share repurchase program. At September 30, 2007, there were 36,701,750 common shares outstanding. This new buyback program will be adding onto a 2 million share repurchase program that was approved in October of 2005.