Conning Inc. cut its stake in Dow Chemical Co. (NYSE:DOW) by 2.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 576,035 shares of the company’s stock after selling 17,434 shares during the period. Dow Chemical makes up about 1.2% of Conning Inc.’s investment portfolio, making the stock its 25th largest position. Conning Inc.’s holdings in Dow Chemical were worth $28,635,000 at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. Franklin Resources Inc. increased its stake in shares of Dow Chemical by 17.9% in the first quarter. Franklin Resources Inc. now owns 16,565,479 shares of the company’s stock valued at $842,520,000 after buying an additional 2,517,977 shares during the last quarter. Investec Asset Management LTD increased its stake in shares of Dow Chemical by 7,832.3% in the first quarter. Investec Asset Management LTD now owns 2,161,396 shares of the company’s stock valued at $109,929,000 after buying an additional 2,134,148 shares during the last quarter. Bank of Montreal Can bought a new stake in shares of Dow Chemical during the second quarter valued at $95,854,000. Nordea Investment Management AB increased its stake in shares of Dow Chemical by 223.1% in the second quarter. Nordea Investment Management AB now owns 2,588,422 shares of the company’s stock valued at $128,670,000 after buying an additional 1,787,393 shares during the last quarter. Finally, Wellington Management Group LLP increased its stake in shares of Dow Chemical by 11.8% in the first quarter. Wellington Management Group LLP now owns 15,291,852 shares of the company’s stock valued at $777,743,000 after buying an additional 1,616,491 shares during the last quarter. 67.52% of the stock is owned by institutional investors.
Shares of Dow Chemical Co. (NYSE:DOW) traded up 0.84% during mid-day trading on Tuesday, hitting $52.57. The stock had a trading volume of 4,002,333 shares. The firm has a 50 day moving average of $53.19 and a 200 day moving average of $52.20. The stock has a market cap of $59.24 billion, a price-to-earnings ratio of 7.68 and a beta of 1.52. Dow Chemical Co. has a one year low of $40.26 and a one year high of $57.10.
Dow Chemical (NYSE:DOW) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.95 EPS for the quarter, topping the Zacks’ consensus estimate of $0.86 by $0.09. Dow Chemical had a net margin of 18.31% and a return on equity of 18.86%. The company earned $12 billion during the quarter, compared to the consensus estimate of $11.24 billion. During the same period in the prior year, the business posted $0.91 EPS. The company’s quarterly revenue was down 7.4% on a year-over-year basis. On average, analysts forecast that Dow Chemical Co. will post $3.53 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 28th. Stockholders of record on Friday, September 30th will be paid a dividend of $0.46 per share. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 3.50%. Dow Chemical’s dividend payout ratio is 27.10%.
DOW has been the subject of several analyst reports. Credit Agricole SA downgraded Dow Chemical from an “outperform” rating to an “underperform” rating in a research report on Wednesday, July 6th. Vetr downgraded Dow Chemical from a “buy” rating to a “sell” rating and set a $46.12 target price for the company. in a research report on Monday, July 4th. Nomura reissued a “buy” rating on shares of Dow Chemical in a report on Tuesday, July 12th. RBC Capital Markets set a $65.00 price target on Dow Chemical and gave the company a “buy” rating in a report on Tuesday, September 20th. Finally, JPMorgan Chase & Co. downgraded Dow Chemical from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $57.00 to $50.00 in a report on Tuesday, June 28th. One analyst has rated the stock with a sell rating, five have issued a hold rating and ten have assigned a buy rating to the company. Dow Chemical presently has a consensus rating of “Buy” and a consensus target price of $59.83.
Dow Chemical Company Profile
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