Zacks Investment Research upgraded shares of Dow Chemical Co. (NYSE:DOW) from a hold rating to a buy rating in a research report report published on Wednesday. Zacks Investment Research currently has $58.00 price target on the stock.
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.”
Several other analysts also recently weighed in on the stock. Citigroup Inc. raised shares of Dow Chemical from a neutral rating to a buy rating and boosted their price target for the stock from $55.00 to $59.00 in a research note on Monday. RBC Capital Markets set a $65.00 price target on shares of Dow Chemical and gave the stock a buy rating in a research note on Tuesday, September 20th. Vetr raised shares of Dow Chemical from a hold rating to a buy rating and set a $57.48 price target for the company in a research note on Monday, September 5th. Credit Suisse Group AG reissued a buy rating and issued a $61.00 price target on shares of Dow Chemical in a research note on Friday, July 29th. Finally, Nomura boosted their price target on shares of Dow Chemical from $59.00 to $62.00 and gave the stock a buy rating in a research note on Friday, July 29th. One investment 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 company presently has an average rating of Buy and an average target price of $60.10.
Shares of Dow Chemical (NYSE:DOW) traded up 0.3723% during mid-day trading on Wednesday, hitting $52.8962. The stock had a trading volume of 2,985,748 shares. The firm has a market capitalization of $59.61 billion, a price-to-earnings ratio of 7.7277 and a beta of 1.40. Dow Chemical has a 1-year low of $40.26 and a 1-year high of $57.10. The stock’s 50-day moving average is $53.05 and its 200 day moving average is $52.24.
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 consensus estimate of $0.86 by $0.09. The business earned $12 billion during 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%. The firm’s revenue for the quarter was down 7.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.91 earnings per share. Equities research analysts predict that Dow Chemical will post $3.53 EPS 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 issued a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a yield of 3.49%. The ex-dividend date of this dividend is Wednesday, September 28th. Dow Chemical’s dividend payout ratio (DPR) is presently 27.10%.
Large investors have recently made changes to their positions in the company. Washington Trust Bank increased its position in shares of Dow Chemical by 7.9% in the third quarter. Washington Trust Bank now owns 1,926 shares of the company’s stock valued at $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 position in shares of Dow Chemical during the second quarter valued at about $111,000. Americafirst Capital Management LLC purchased a new position in shares of Dow Chemical during the second quarter valued at about $112,000. Nelson Roberts Investment Advisors LLC increased its position in shares of Dow Chemical by 2.3% in the second quarter. Nelson Roberts Investment Advisors LLC now owns 2,260 shares of the company’s stock valued at $112,000 after buying an additional 50 shares in the last quarter. Finally, Pinkerton Retirement Specialists LLC purchased a new position in shares of Dow Chemical during the second quarter valued at about $115,000. Institutional investors and hedge funds own 67.52% of the company’s stock.
Dow Chemical Company Profile