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 $999.77 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.
Currently, there are 704.88M common shares owned by the public and among those 699.71M shares have been available to trade.
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Insiders at the company have transacted a total of 65 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 37 of these insider trades were purchases, accounting for 417,400 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 SPDR S&P 500 ETF Trust. Vanguard Total Stock Market ETF owns 22.04 million shares of the company’s stock, all valued at over $1.21 billion. The company bought an additional 17784.0 shares recently to bring their total holdings to about 3.14% of the shares outstanding. Vanguard 500 Index Fund sold 11051.0 shares to see its total holdings shrink to 17.13 million shares valued at over $939.2 million and representing 2.44% of the shares outstanding. SPDR S&P 500 ETF Trust sold 47008.0 shares to bring its total holdings to over 8.61 million shares at a value of $472.16 million. SPDR S&P 500 ETF Trust now owns shares totaling to 1.23% of the shares outstanding.
However, the script later moved the day high at 54.46, up 0.65%. The company’s stock has a 5-day price change of 1.53% and 10.04% over the past three months. DOW shares are trading -1.70% year to date (YTD), with the 12-month market performance down to -6.15% lower. 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 4.21 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 -0.58%, 2.37%, and 2.30% respectively.
Institutional ownership of Dow Inc (NYSE: DOW) shares accounts for 65.81% of the company’s 704.88M shares outstanding. Mutual fund holders own 33.03%, while other institutional holders and individual stakeholders account for 33.08% and 0.27% respectively.
It has a market capitalization of $37.81B and a beta (3y monthly) value of 1.32. The stock’s trailing 12-month PE ratio is 29.57, 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 1.47% over the week and 1.56% over the month.
Analysts forecast that Dow Inc (DOW) will achieve an EPS of $0.4 for the current quarter, $0.52 for the next quarter and $3.18 for 2024. The lowest estimate earnings-per-share for the quarter is $0.35 while analysts give the company a high EPS estimate of $0.46. Comparatively, EPS for the current quarter was $0.46 a year ago. Earnings per share for the fiscal year are expected to decrease by -64.63%, and 43.15% over the next financial year.
Looking at the support for the DOW, a number of firms have released research notes about the stock. BofA Securities stated their Buy rating for the stock in a research note on January 16, 2024, with the firm’s price target at $57-$60.
