Dow Chemical Co. (DOW) Position Lowered by First Citizens Bank & Trust Co.
First Citizens Bank & Trust Co. cut its position in shares of Dow Chemical Co. (NYSE:DOW) by 19.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 237,848 shares of the company’s stock after selling 55,730 shares during the period. Dow Chemical accounts for about 1.1% of First Citizens Bank & Trust Co.’s investment portfolio, making the stock its 18th largest position. First Citizens Bank & Trust Co.’s holdings in Dow Chemical were worth $11,823,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Franklin Resources Inc. increased its position 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. Investec Asset Management LTD increased its position in shares of Dow Chemical by 7,832.3% in the first quarter. Investec Asset Management LTD now owns 2,161,396 shares of the company’s stock valued at $109,929,000 after buying an additional 2,134,148 shares in the last quarter. Bank of Montreal Can acquired a new position in shares of Dow Chemical during the second quarter valued at approximately $95,854,000. Nordea Investment Management AB increased its position in shares of Dow Chemical by 223.1% in the second quarter. Nordea Investment Management AB now owns 2,588,422 shares of the company’s stock valued at $128,670,000 after buying an additional 1,787,393 shares in the last quarter. Finally, Wellington Management Group LLP increased its position 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 valued at $777,743,000 after buying an additional 1,616,491 shares in the last quarter. 67.52% of the stock is currently owned by institutional investors and hedge funds.
Shares of Dow Chemical Co. (NYSE:DOW) traded up 0.77% during mid-day trading on Monday, reaching $53.40. The company had a trading volume of 3,598,489 shares. The stock has a market capitalization of $60.17 billion, a P/E ratio of 7.80 and a beta of 1.40. Dow Chemical Co. has a 12-month low of $40.26 and a 12-month high of $57.10. The firm’s 50 day moving average is $53.07 and its 200-day moving average is $52.26.
Dow Chemical (NYSE:DOW) last released its quarterly earnings data on Thursday, July 28th. The company reported $0.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.09. The firm had revenue of $12 billion for 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 revenue for the quarter was down 7.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.91 earnings per share. On average, analysts expect that Dow Chemical Co. will post $3.53 earnings per share for the current fiscal year.
The firm also recently disclosed 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 dividend payout ratio is 27.10%.
Several research analysts have commented on the company. Zacks Investment Research raised Dow Chemical from a “hold” rating to a “buy” rating and set a $58.00 price target on the stock in a research report on Wednesday, October 5th. Citigroup Inc. raised Dow Chemical from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $55.00 to $59.00 in a research report on Monday, October 3rd. RBC Capital Markets set a $65.00 price objective on Dow Chemical and gave the stock a “buy” rating in a report on Tuesday, September 20th. Vetr raised Dow Chemical from a “hold” rating to a “buy” rating and set a $57.48 price objective on the stock in a report on Monday, September 5th. Finally, Credit Suisse Group AG reissued a “buy” rating and set a $61.00 price objective on shares of Dow Chemical in a report on Friday, July 29th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $60.10.
About Dow Chemical
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