Convergence Investment Partners LLC Lowers Position in Dow Chemical Co. (DOW)
Convergence Investment Partners LLC lowered its stake in shares of Dow Chemical Co. (NYSE:DOW) by 59.1% during the second quarter, Holdings Channel reports. The fund owned 35,262 shares of the company’s stock after selling 51,037 shares during the period. Convergence Investment Partners LLC’s holdings in Dow Chemical were worth $1,753,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently bought and sold shares of DOW. Vanguard Group Inc. raised its position 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 increased its stake in shares of Dow Chemical by 2.5% in the first quarter. State Street Corp now owns 45,145,666 shares of the company’s stock worth $2,296,103,000 after buying an additional 1,092,573 shares during the last quarter. BlackRock Institutional Trust Company N.A. increased its stake in shares of 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 worth $1,489,134,000 after buying an additional 187,202 shares during the last quarter. 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 worth $842,520,000 after buying an additional 2,517,977 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 worth $777,743,000 after buying an additional 1,616,491 shares during the last quarter. Institutional investors own 67.62% of the company’s stock.
Dow Chemical Co. (NYSE:DOW) opened at 53.01 on Tuesday. The stock has a 50 day moving average of $53.37 and a 200 day moving average of $52.07. The company has a market cap of $59.73 billion, a PE ratio of 7.74 and a beta of 1.52. Dow Chemical Co. has a one year low of $39.84 and a one year high of $57.10.
Dow Chemical (NYSE:DOW) last posted its quarterly earnings results on Thursday, July 28th. The company reported $0.95 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.86 by $0.09. Dow Chemical had a return on equity of 18.86% and a net margin of 18.31%. The business earned $12 billion during the quarter, compared to the consensus estimate of $11.24 billion. During the same period in the prior year, the company posted $0.91 EPS. The firm’s revenue for the quarter was down 7.4% compared to the same quarter last year. On average, analysts anticipate that Dow Chemical Co. will post $3.53 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 28th. Shareholders of record on Friday, September 30th will be paid a $0.46 dividend. The ex-dividend date is Wednesday, September 28th. This represents a $1.84 annualized dividend and a yield of 3.47%. Dow Chemical’s payout ratio is 27.10%.
A number of equities research analysts have recently issued reports on the stock. Credit Suisse Group AG reissued a “buy” rating and issued a $61.00 price target on shares of Dow Chemical in a report on Friday, July 29th. Vetr downgraded shares of Dow Chemical from a “sell” rating to a “strong sell” rating and set a $46.12 price target on the stock. in a report on Monday, July 18th. Nomura reissued a “buy” rating on shares of Dow Chemical in a report on Tuesday, July 12th. JPMorgan Chase & Co. raised shares of Dow Chemical from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $50.00 to $60.00 in a report on Friday, July 29th. Finally, Barclays PLC increased their price target on shares of Dow Chemical from $55.00 to $58.00 and gave the stock an “equal weight” rating in a report on Friday, July 29th. One research analyst has rated the stock with a sell rating, five have given a hold rating and nine have issued a buy rating to the stock. Dow Chemical has a consensus rating of “Buy” and an average price target of $59.46.
About Dow Chemical
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