Dow Chemical Co. (DOW) Raised to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Dow Chemical Co. (NYSE:DOW) from a hold rating to a buy rating in a research note published on Wednesday. Zacks Investment Research currently has $58.00 price objective 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.”
A number of other brokerages also recently issued reports on DOW. Vetr raised shares of Dow Chemical from a hold rating to a buy rating and set a $57.48 price objective for the company in a research report on Monday, September 5th. Nomura upped their price objective on shares of Dow Chemical from $59.00 to $62.00 and gave the stock a buy rating in a research report on Friday, July 29th. Credit Suisse Group AG reaffirmed a buy rating and issued a $61.00 price objective on shares of Dow Chemical in a research report on Friday, July 29th. JPMorgan Chase & Co. raised shares of Dow Chemical from a neutral rating to an overweight rating and upped their price objective for the stock from $50.00 to $60.00 in a research report on Friday, July 29th. Finally, Barclays PLC boosted 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. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the stock. Dow Chemical presently has an average rating of Buy and a consensus target price of $60.10.
Dow Chemical (NYSE:DOW) opened at 52.99 on Wednesday. Dow Chemical has a 52 week low of $40.26 and a 52 week high of $57.10. The company has a market capitalization of $59.71 billion, a PE ratio of 7.74 and a beta of 1.40. The company has a 50-day moving average of $53.07 and a 200-day moving average of $52.26.
Dow Chemical (NYSE:DOW) last issued its quarterly earnings data on Thursday, July 28th. The company reported $0.95 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.86 by $0.09. Dow Chemical had a net margin of 18.31% and a return on equity of 18.86%. 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 firm posted $0.91 EPS. The firm’s quarterly revenue was down 7.4% compared to the same quarter last year. On average, equities research analysts anticipate that Dow Chemical will post $3.53 EPS for the current year.
The company also recently announced 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. This represents a $1.84 annualized dividend and a yield of 3.47%. The ex-dividend date is Wednesday, September 28th. Dow Chemical’s dividend payout ratio is presently 27.10%.
A number of hedge funds have recently bought and sold shares of DOW. Edgar Lomax Co. VA boosted its stake in Dow Chemical by 4.2% in the first quarter. Edgar Lomax Co. VA now owns 922,749 shares of the company’s stock valued at $46,931,000 after buying an additional 36,775 shares in the last quarter. Avalon Advisors LLC boosted its stake in Dow Chemical by 4.7% in the first quarter. Avalon Advisors LLC now owns 491,973 shares of the company’s stock valued at $25,022,000 after buying an additional 22,098 shares in the last quarter. Legal & General Group Plc boosted its stake in Dow Chemical by 3.5% in the first quarter. Legal & General Group Plc now owns 5,145,288 shares of the company’s stock valued at $261,704,000 after buying an additional 173,534 shares in the last quarter. PGGM Investments boosted its stake in Dow Chemical by 2.5% in the second quarter. PGGM Investments now owns 784,601 shares of the company’s stock valued at $39,003,000 after buying an additional 18,878 shares in the last quarter. Finally, Alps Advisors Inc. boosted its stake in Dow Chemical by 13.8% in the second quarter. Alps Advisors Inc. now owns 501,377 shares of the company’s stock valued at $24,923,000 after buying an additional 60,608 shares in the last quarter. Institutional investors and hedge funds own 67.52% of the company’s stock.
About Dow Chemical
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