Bristol Gate Capital Partners Inc. acquired a new position in shares of Dow Chemical Co. (NYSE:DOW) during the second quarter, Holdings Channel reports. The firm acquired 499,597 shares of the company’s stock, valued at approximately $24,835,000. Dow Chemical accounts for 4.4% of Bristol Gate Capital Partners Inc.’s investment portfolio, making the stock its 20th largest position.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Livingston Group Asset Management CO operating as Southport Capital Management acquired a new position in Dow Chemical during the second quarter worth $111,000. Americafirst Capital Management LLC purchased a new position in Dow Chemical during the second quarter worth $112,000. Smith Asset Management Group LP raised its position in Dow Chemical by 23.7% in the second quarter. Smith Asset Management Group LP now owns 2,350 shares of the company’s stock worth $117,000 after buying an additional 450 shares during the last quarter. Cribstone Capital Management LLC purchased a new position in Dow Chemical during the second quarter worth $120,000. Finally, Vigilant Capital Management LLC raised its position in Dow Chemical by 10.0% in the second quarter. Vigilant Capital Management LLC now owns 2,474 shares of the company’s stock worth $123,000 after buying an additional 224 shares during the last quarter. 67.43% of the stock is currently owned by hedge funds and other institutional investors.
Dow Chemical Co. (NYSE:DOW) traded up 0.45% during trading on Wednesday, hitting $53.93. 6,423,226 shares of the stock were exchanged. The firm has a market capitalization of $60.77 billion, a price-to-earnings ratio of 7.88 and a beta of 1.40. The company has a 50-day moving average price of $52.99 and a 200 day moving average price of $52.37. Dow Chemical Co. has a 1-year low of $40.26 and a 1-year high of $57.10.
Dow Chemical (NYSE:DOW) last announced its quarterly earnings results on Thursday, July 28th. The company reported $0.95 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.86 by $0.09. The company had revenue of $12 billion for the quarter, compared to analysts’ expectations of $11.24 billion. Dow Chemical had a net margin of 18.31% and a return on equity of 18.86%. Dow Chemical’s revenue was down 7.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.91 EPS. Equities analysts predict that Dow Chemical Co. will post $3.53 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 28th. Investors of record on Friday, September 30th will be paid a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a yield of 3.41%. The ex-dividend date is Wednesday, September 28th. Dow Chemical’s payout ratio is 27.10%.
A number of research firms recently weighed in on DOW. Credit Suisse Group AG reissued a “buy” rating and set a $61.00 price target on shares of Dow Chemical in a research report on Friday, July 29th. Vetr lowered shares of Dow Chemical from a “sell” rating to a “strong sell” rating and set a $46.12 price target on the stock. in a research report on Monday, July 18th. Nomura reissued a “buy” rating on shares of Dow Chemical in a research report on Tuesday, July 12th. RBC Capital Markets set a $65.00 price target on shares of Dow Chemical and gave the company a “buy” rating in a research report on Tuesday, September 20th. Finally, JPMorgan Chase & Co. raised shares of Dow Chemical from a “neutral” rating to an “overweight” rating and raised their price target for the company from $50.00 to $60.00 in a research report on Friday, July 29th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $60.10.
About Dow Chemical
Want to see what other hedge funds are holding DOW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Dow Chemical Co. (NYSE:DOW).
Receive News & Ratings for Dow Chemical Co. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Dow Chemical Co. and related companies with MarketBeat.com's FREE daily email newsletter.