Pzena Investment Management LLC recently announced the acquisition of new stake in Dow Inc (NYSE:DOW). The institutional investor has increased its shareholding in the Basic Materials company by 22.49% to 18.23 million shares with purchase of 3.35 million shares. This fresh investment now brings its stake to 2.60% valued currently at $881.27 million. In addition, Geode Capital Management LLC raised its holdings by 0.21 million to 13.4 million shares. And JPMorgan Investment Management, I has lifted its position by 9.57% or 1.03 million shares – to 11.84 million shares.
With over 6.01 million Dow Inc (DOW) shares trading Monday and a closing price of $52.10 on the day, the dollar volume was approximately $313.05 million. The shares have shown a positive half year performance of 1.17% and its price on 12/04/23 lost nearly -0.38%. Currently, there are 704.88M common shares owned by the public and among those 699.76M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 23 analysts who have offered their price forecasts for DOW have a consensus price objective of $55.05. The analysts have set the share’s price value over the next 12 months at a high of $62.00 and a low of $49.00. The average price target is 5.36% above its recent price level and a downside to the estimated low will see the stock lose -6.33% over that period. But an upside of 15.97% will see the stock hit the forecast high price target while median target price for the stock is $54.50.
Insiders at the company have transacted a total of 64 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 36 of these insider trades were purchases, accounting for 412,400 shares. Insider sales of the common stock occurred on 28 occasions, with total insider shares sold totaling 311,902 shares.
The top 3 mutual fund holders in Dow Inc are Vanguard Total Stock Market ETF, Vanguard 500 Index Fund, and Fidelity 500 Index Fund. Vanguard Total Stock Market ETF owns 21.99 million shares of the company’s stock, all valued at over $1.06 billion. The company bought an additional 0.12 million shares recently to bring their total holdings to about 3.14% of the shares outstanding. Vanguard 500 Index Fund bought 93964.0 shares to see its total holdings expand to 16.99 million shares valued at over $821.33 million and representing 2.42% of the shares outstanding. Fidelity 500 Index Fund sold 27280.0 shares to bring its total holdings to over 8.08 million shares at a value of $390.38 million. Fidelity 500 Index Fund now owns shares totaling to 1.15% of the shares outstanding.
Shares of Dow Inc (NYSE: DOW) opened at $52.27, down -$0.03 from a prior closing price of $52.30. However, the script later moved the day high at 52.77, down -0.38%. The company’s stock has a 5-day price change of 1.92% and -3.86% over the past three months. DOW shares are trading 3.39% year to date (YTD), with the 12-month market performance up to 2.02% higher. It has a 12-month low price of $47.26 and touched a high of $60.88 over the same period. DOW has an average intraday trading volume of 4.09 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 2.83%, 3.80%, and -1.48% respectively.
Institutional ownership of Dow Inc (NYSE: DOW) shares accounts for 65.76% of the company’s 704.88M shares outstanding. Mutual fund holders own 32.99%, while other institutional holders and individual stakeholders account for 33.02% and 0.26% respectively.
It has a market capitalization of $36.54B and a beta (3y monthly) value of 1.32. The stock’s trailing 12-month PE ratio is 28.58, while the earnings-per-share (ttm) stands at $1.82. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.90% over the week and 1.58% over the month.
Analysts forecast that Dow Inc (DOW) will achieve an EPS of $0.4 for the current quarter, $0.56 for the next quarter and $3.38 for 2024. The lowest estimate earnings-per-share for the quarter is $0.33 while analysts give the company a high EPS estimate of $0.48. Comparatively, EPS for the current quarter was $0.46 a year ago. Earnings per share for the fiscal year are expected to decrease by -64.58%, and 49.88% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 23 brokerage firm advisors rate Dow Inc (DOW) as a “Moderate Buy” at a consensus score of 2.61. Specifically, 4 Wall Street analysts polled rate the stock as a buy, while 18 of the 23 advise that investors “hold,” and 0 rated it as a “Sell.”
