Dow Chemical Co. (NYSE:DOW) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The brokerage currently has a $58.00 target price on the stock. Zacks Investment Research’s target price points to a potential upside of 8.23% from the stock’s current price.
According to Zacks, “Dow should benefit from its cost reduction and aggressive portfolio management actions as well as strategic investments in the U.S. Gulf Coast and the Middle East. The company is also moving forward with its planned mega-merger with DuPont, which is expected to create significant synergies. Dow should also gain from cost synergies associated with Dow Corning Silicones business in 2016. Moreover, the company remains committed to boost shareholder returns.”
Other research analysts have also issued research reports about the company. Credit Agricole SA lowered Dow Chemical from an “outperform” rating to an “underperform” rating in a report on Wednesday, July 6th. Vetr lowered Dow Chemical from a “buy” rating to a “sell” rating and set a $46.12 target price on the stock. in a report on Monday, July 4th. Nomura reissued a “buy” rating on shares of Dow Chemical in a report on Tuesday, July 12th. RBC Capital Markets set a $65.00 target price on Dow Chemical and gave the company a “buy” rating in a report on Tuesday, September 20th. Finally, JPMorgan Chase & Co. lowered Dow Chemical from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $57.00 to $50.00 in a report on Tuesday, June 28th. One analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company. Dow Chemical presently has an average rating of “Buy” and an average price target of $60.10.
Shares of Dow Chemical (NYSE:DOW) traded down 0.569% on Wednesday, reaching $53.285. The company’s stock had a trading volume of 1,450,040 shares. The company has a 50 day moving average of $53.08 and a 200 day moving average of $52.25. Dow Chemical has a 1-year low of $40.26 and a 1-year high of $57.10. The stock has a market capitalization of $60.04 billion, a P/E ratio of 7.785 and a beta of 1.40.
Dow Chemical (NYSE:DOW) last released its quarterly earnings results on Thursday, July 28th. The company reported $0.95 EPS for the quarter, topping the consensus estimate of $0.86 by $0.09. The company 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 firm’s revenue was down 7.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.91 earnings per share. Equities research analysts expect that Dow Chemical will post $3.53 earnings per share for the current fiscal 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 given a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a dividend yield of 3.43%. The ex-dividend date is Wednesday, September 28th. Dow Chemical’s payout ratio is 27.10%.
Hedge funds have recently modified their holdings of the stock. Northern Oak Wealth Management Inc. boosted its stake in Dow Chemical by 8.8% in the first quarter. Northern Oak Wealth Management Inc. now owns 128,362 shares of the company’s stock worth $6,528,000 after buying an additional 10,427 shares in the last quarter. Augustine Asset Management Inc. purchased a new stake in Dow Chemical during the first quarter worth approximately $837,000. Torray LLC boosted its stake in Dow Chemical by 0.6% in the first quarter. Torray LLC now owns 183,539 shares of the company’s stock worth $9,335,000 after buying an additional 1,140 shares in the last quarter. CIBC World Markets Inc. boosted its stake in Dow Chemical by 9.0% in the first quarter. CIBC World Markets Inc. now owns 163,857 shares of the company’s stock worth $8,334,000 after buying an additional 13,528 shares in the last quarter. Finally, Pacad Investment Ltd. boosted its stake in Dow Chemical by 274.6% in the first quarter. Pacad Investment Ltd. now owns 32,972 shares of the company’s stock worth $1,677,000 after buying an additional 24,171 shares in the last quarter. Institutional investors own 67.52% of the company’s stock.
About Dow Chemical
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