Geode Capital 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 0.95% to 13.23 million shares with purchase of 0.12 million shares. This fresh investment now brings its stake to 1.88% valued currently at $618.3 million. In addition, Morgan Stanley Smith Barney LLC raised its holdings by 0.19 million to 9.36 million shares. And Dimensional Fund Advisors LP has lifted its position by 13.17% or 1.0 million shares – to 8.59 million shares.
With over 4.9 million Dow Inc. (DOW) shares trading Tuesday and a closing price of $50.65 on the day, the dollar volume was approximately $248.31 million. The shares have shown a negative half year performance of -25.49% and its price on 11/29/22 gained nearly 0.90%. Currently, there are 714.30M common shares owned by the public and among those 702.78M shares have been available to trade.
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The analysts have set the share’s price value over the next 12 months at a high of $62.00 and a low of $39.00. The average price target is -2.47% below its recent price level and a downside to the estimated low will see the stock lose -29.87% over that period. But an upside of 18.31% will see the stock hit the forecast high price target while median target price for the stock is $48.00.
Insiders at the company have transacted a total of 82 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 45 of these insider trades were purchases, accounting for 493,657 shares. Insider sales of the common stock occurred on 37 occasions, with total insider shares sold totaling 356,300 shares.
The top 3 mutual fund holders in Dow Inc. are Vanguard Total Stock Market Index, Vanguard 500 Index Fund, and American Funds Income Fund of Ame. Vanguard Total Stock Market Index owns 21.54 million shares of the company’s stock, all valued at over $1.01 billion. The company bought an additional 0.1 million shares recently to bring their total holdings to about 3.06% of the shares outstanding. Vanguard 500 Index Fund bought 0.16 million shares to see its total holdings expand to 16.43 million shares valued at over $768.03 million and representing 2.34% of the shares outstanding. American Funds Income Fund of Ame sold -0.4 million shares to bring its total holdings to over 11.47 million shares at a value of $536.11 million. American Funds Income Fund of Ame now owns shares totaling to 1.63% of the shares outstanding.
Shares of Dow Inc. (NYSE: DOW) opened at $50.25, up $0.05 from a prior closing price of $50.20. However, the script later moved the day high at 50.83, up 0.90%. The company’s stock has a 5-day price change of 0.96% and -1.42% over the past three months. DOW shares are trading -10.70% year to date (YTD), with the 12-month market performance down to -10.92% lower. It has a 12-month low price of $42.91 and touched a high of $71.86 over the same period. DOW has an average intraday trading volume of 6.18 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 1.77%, 7.30%, and -9.60% respectively.
Institutional ownership of Dow Inc. (NYSE: DOW) shares accounts for 65.70% of the company’s 714.30M shares outstanding. Mutual fund holders own 31.23%, while other institutional holders and individual stakeholders account for 34.23% and 0.24% respectively.
It has a market capitalization of $35.66B and a beta (3y monthly) value of 1.34. The stock’s trailing 12-month PE ratio is 6.57, while the earnings-per-share (ttm) stands at $7.71. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.61% over the week and 2.51% over the month.
Analysts forecast that Dow Inc. (DOW) will achieve an EPS of $0.57 for the current quarter, $0.75 for the next quarter and $4.41 for 2023. The lowest estimate earnings-per-share for the quarter is $0.45 while analysts give the company a high EPS estimate of $0.72. Comparatively, EPS for the current quarter was $2.15 a year ago. Earnings per share for the fiscal year are expected to increase by 411.70%, and -32.01% over the next financial year. EPS should shrink at an annualized rate of -7.20% over the next five years, compared to 7.80% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 26 brokerage firm advisors rate Dow Inc. (DOW) as a “Moderate Buy” at a consensus score of 2.90. Specifically, 3 Wall Street analysts polled rate the stock as a buy, while 19 of the 26 advise that investors “hold,” and 2 rated it as a “Sell.”
Looking at the support for the DOW, a number of firms have released research notes about the stock. Goldman stated their Neutral rating for the stock in a research note on October 13, 2022, with the firm’s price target at $50. Jefferies coverage for the Dow Inc. (DOW) stock in a research note released on September 13, 2022 offered a Hold rating with a price target of $45. JP Morgan was of a view on September 02, 2022 that the stock is Neutral, while KeyBanc Capital Markets gave the stock Underweight rating on August 29, 2022, issuing a price target of $45. Credit Suisse on their part issued Underperform rating on June 22, 2022.
