Dow Chemical Co. (NYSE:DOW) was upgraded by equities researchers at Citigroup Inc. from a “neutral” rating to a “buy” rating in a note issued to investors on Monday. The brokerage currently has a $59.00 target price on the stock, up from their prior target price of $55.00. Citigroup Inc.’s price target would indicate a potential upside of 13.77% from the company’s previous close.
A number of other equities research analysts also recently issued reports on DOW. Credit Suisse Group AG reaffirmed a “buy” rating and set a $61.00 price target on shares of Dow Chemical in a research note on Friday, July 29th. Barclays PLC increased their target price on shares of Dow Chemical from $55.00 to $58.00 and gave the company an “equal weight” rating in a research note on Friday, July 29th. JPMorgan Chase & Co. raised shares of Dow Chemical from a “neutral” rating to an “overweight” rating and increased their target price for the company from $50.00 to $60.00 in a research note on Friday, July 29th. Vetr raised shares of Dow Chemical from a “strong sell” rating to a “sell” rating and set a $51.12 target price on the stock in a research note on Monday, August 1st. Finally, Nomura increased their target price on shares of Dow Chemical from $59.00 to $62.00 and gave the company a “buy” rating in a research note on Friday, July 29th. One research analyst has rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the company’s stock. Dow Chemical currently has a consensus rating of “Buy” and an average target price of $60.10.
Dow Chemical (NYSE:DOW) opened at 51.86 on Monday. Dow Chemical has a 12 month low of $40.26 and a 12 month high of $57.10. The stock has a market capitalization of $58.44 billion, a PE ratio of 7.58 and a beta of 1.40. The company’s 50-day moving average is $53.04 and its 200-day moving average is $52.24.
Dow Chemical (NYSE:DOW) last released its quarterly earnings results on Thursday, July 28th. The company reported $0.95 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.86 by $0.09. The company had revenue of $12 billion for the quarter, compared to the consensus estimate of $11.24 billion. Dow Chemical had a net margin of 18.31% and a return on equity of 18.86%. Dow Chemical’s revenue was down 7.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.91 earnings per share. Equities research analysts forecast that Dow Chemical will post $3.53 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 28th. Shareholders of record on Friday, September 30th will be issued a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a yield of 3.55%. The ex-dividend date is Wednesday, September 28th. Dow Chemical’s payout ratio is 27.10%.
Hedge funds and other institutional investors have recently modified their holdings of the company. Washington Trust Bank boosted its stake in Dow Chemical by 7.9% in the third quarter. Washington Trust Bank now owns 1,926 shares of the company’s stock worth $100,000 after buying an additional 141 shares in the last quarter. Livingston Group Asset Management CO operating as Southport Capital Management purchased a new stake in Dow Chemical during the second quarter worth $111,000. Americafirst Capital Management LLC purchased a new stake in Dow Chemical during the second quarter worth $112,000. Nelson Roberts Investment Advisors LLC boosted its stake in Dow Chemical by 2.3% in the second quarter. Nelson Roberts Investment Advisors LLC now owns 2,260 shares of the company’s stock worth $112,000 after buying an additional 50 shares in the last quarter. Finally, Pinkerton Retirement Specialists LLC purchased a new stake in Dow Chemical during the second quarter worth $115,000. Institutional investors own 67.52% of the company’s stock.
About Dow Chemical
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