Dow Chemical Co. (NYSE:DOW) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday. The firm currently has a $58.00 target price on the stock. Zacks Investment Research’s price objective would suggest a potential upside of 11.84% from the company’s current price.
According to Zacks, “Dow should benefit from its cost reduction and aggressive portfolio management actions as well as strategic investments in the U.S. Gulf Coast and the Middle East. The company is also moving forward with its planned mega-merger with DuPont, which is expected to create significant synergies. Dow should also gain from cost synergies associated with Dow Corning Silicones business in 2016. Moreover, the company remains committed to boost shareholder returns.”
A number of other research firms have also weighed in on DOW. Vetr lowered Dow Chemical from a “buy” rating to a “sell” rating and set a $46.12 price objective for the company. in a research note on Monday, July 4th. Nomura upped their price objective on Dow Chemical from $59.00 to $62.00 and gave the stock a “buy” rating in a research note on Friday, July 29th. Credit Suisse Group AG reaffirmed a “buy” rating on shares of Dow Chemical in a research note on Monday, June 27th. Citigroup Inc. upgraded Dow Chemical from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $55.00 to $59.00 in a research report on Monday. Finally, JPMorgan Chase & Co. downgraded Dow Chemical from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $57.00 to $50.00 in a research report on Tuesday, June 28th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $60.10.
Shares of Dow Chemical (NYSE:DOW) opened at 51.86 on Wednesday. The stock has a 50 day moving average price of $53.04 and a 200-day moving average price of $52.24. Dow Chemical has a 12 month low of $40.26 and a 12 month high of $57.10. The company has a market capitalization of $58.44 billion, a price-to-earnings ratio of 7.58 and a beta of 1.40.
Dow Chemical (NYSE:DOW) last released its quarterly earnings data on Thursday, July 28th. The company reported $0.95 earnings per share for the quarter, topping analysts’ consensus estimates of $0.86 by $0.09. The firm earned $12 billion during the quarter, compared to analyst estimates of $11.24 billion. Dow Chemical had a return on equity of 18.86% and a net margin of 18.31%. The business’s quarterly revenue was down 7.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.91 earnings per share. Analysts expect that Dow Chemical will post $3.53 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 28th. Investors of record on Friday, September 30th will be issued a $0.46 dividend. This represents a $1.84 annualized dividend and a yield of 3.55%. The ex-dividend date is Wednesday, September 28th. Dow Chemical’s payout ratio is 27.10%.
A number of large investors have recently bought and sold shares of DOW. Vanguard Group Inc. boosted its stake in Dow Chemical by 0.9% in the second quarter. Vanguard Group Inc. now owns 72,495,760 shares of the company’s stock valued at $3,603,764,000 after buying an additional 655,229 shares during the last quarter. State Street Corp boosted its stake in Dow Chemical by 2.5% in the first quarter. State Street Corp now owns 45,145,666 shares of the company’s stock valued at $2,296,103,000 after buying an additional 1,092,573 shares during the last quarter. BlackRock Institutional Trust Company N.A. boosted its stake in Dow Chemical by 0.6% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 29,279,080 shares of the company’s stock valued at $1,489,134,000 after buying an additional 187,202 shares during the last quarter. FMR LLC boosted its stake in Dow Chemical by 48.8% in the second quarter. FMR LLC now owns 21,277,852 shares of the company’s stock valued at $1,057,723,000 after buying an additional 6,974,423 shares during the last quarter. Finally, Franklin Resources Inc. boosted its stake in 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. Institutional investors own 67.52% of the company’s stock.
About Dow Chemical
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