DOW INC DOW
COM · Common Stock · CUSIP 260557103 · ISIN US2605571031
American chemical company
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($144.0m this quarter). Holder counts are more reliable. Shares outstanding: 701.4m as of 2023-09-30, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $51.55. Options: 49 managers hold calls ($788.2m notional), 44 hold puts ($626.8m).
Trends to Q3 2023
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 1,434 |
| Q4 2022 | 1,520 |
| Q1 2023 | 1,544 |
| Q2 2023 | 1,520 |
| Q3 2023 | 1,509 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q4 2022 | 695 | 631 |
| Q1 2023 | 794 | 584 |
| Q2 2023 | 645 | 735 |
| Q3 2023 | 627 | 714 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q4 2022 | $688.5m | $799.9m | 1.16 |
| Q1 2023 | $793.0m | $633.6m | 0.80 |
| Q2 2023 | $706.3m | $511.1m | 0.72 |
| Q3 2023 | $788.2m | $626.8m | 0.80 |
Biggest buyers
| PZENA INVESTMENT MANAGEMENT LLC | Added | +3.3m |
| MILLENNIUM MANAGEMENT LLC | Added | +2.7m |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | New | +1.9m |
| JPMORGAN CHASE & CO | Added | +1.3m |
| GOLDMAN SACHS GROUP INC | Added | +757.6k |
| Pacer Advisors, Inc. | Added | +727.3k |
| Invesco Ltd. | Added | +714.9k |
| Point72 Asset Management, L.P. | New | +667.7k |
| Qube Research & Technologies Ltd | New | +651.1k |
| CONNING INC. | Added | +599.8k |
Biggest sellers
| Capital World Investors | Reduced | -4.9m |
| Amundi | Reduced | -1.8m |
| Capital Wealth Planning, LLC | Reduced | -1.5m |
| STATE STREET CORP | Reduced | -1.3m |
| Penserra Capital Management LLC | Reduced | -1.1m |
| CITIGROUP INC | Reduced | -1.0m |
| RENAISSANCE TECHNOLOGIES LLC | Sold out | -874.6k |
| BlackRock Inc. | Reduced | -848.3k |
| BANK OF AMERICA CORP /DE/ | Reduced | -685.0k |
| Ensign Peak Advisors, Inc | Reduced | -561.0k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $145.6m2.8m shares |
| CITADEL ADVISORS LLC | Added | $121.0m2.3m shares |
| Holocene Advisors, LP | New | $79.9m1.6m shares |
| JANE STREET GROUP, LLC | Added | $61.6m1.2m shares |
| Parallax Volatility Advisers, L.P. | Added | $26.7m518.3k shares |
| SIMPLEX TRADING, LLC | Reduced | $24.3m470.7k shares |
| UBS Group AG | Added | $23.9m463.8k shares |
| Walleye Trading LLC | Added | $22.6m438.0k shares |
| BANK OF AMERICA CORP /DE/ | Added | $21.8m422.8k shares |
| Twin Tree Management, LP | Added | $20.1m390.4k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $109.1m2.1m shares |
| CITADEL ADVISORS LLC | Added | $80.7m1.6m shares |
| MILLENNIUM MANAGEMENT LLC | Added | $58.9m1.1m shares |
| UBS Group AG | Added | $51.0m989.6k shares |
| BNP PARIBAS FINANCIAL MARKETS | Added | $33.7m6.5k shares |
| BANK OF AMERICA CORP /DE/ | Added | $23.4m453.2k shares |
| CITIGROUP INC | Added | $23.0m447.0k shares |
| SIMPLEX TRADING, LLC | Added | $20.0m388.0k shares |
| JPMORGAN CHASE & CO | Added | $19.1m370.2k shares |
| D. E. Shaw & Co., Inc. | Added | $18.4m357.5k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-29 | 7.4% |
| STATE STREET CORP 13G · institution new · filed 2026-08-07 | 5.3% |
Fell to 5% or below in the last year: VANGUARD GROUP INC (0.0%, 2026-03-26; now reported by VANGUARD CAPITAL MANAGEMENT LLC)
Insider purchases and sales in Q3 2023
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q4 2021 | 2 | $347.7k | 0 | — | — |
| Q1 2022 | 2 | $196.8k | 0 | — | — |
| Q2 2022 | 1 | $27.1k | 1 | $7.2m | — |
| Q3 2022 | 1 | $21.0k | 0 | — | — |
| Q4 2022 | 1 | $21.6k | 0 | — | — |
| Q1 2023 | 0 | — | 0 | — | — |
| Q2 2023 | 1 | $21.7k | 0 | — | — |
| Q3 2023 | 0 | — | 0 | — | — |
None reported in Q3 2023.
Holders, Q3 2023
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.08% of their portfolio | 61.6m $3.2bn | Reduced -232.9k |
| BlackRock Inc. 0.07% of their portfolio | 46.9m $2.4bn | Reduced -848.3k |
| STATE STREET CORP 0.10% of their portfolio | 34.8m $1.8bn | Reduced -1.3m |
| PZENA INVESTMENT MANAGEMENT LLC 4.04% of their portfolio | 18.2m $940.0m | Added +3.3m |
| JPMORGAN CHASE & CO 0.10% of their portfolio | 16.3m $842.5m | Added +1.3m |
| MORGAN STANLEY 0.08% of their portfolio | 14.7m $757.4m | Reduced -504.2k |
| GEODE CAPITAL MANAGEMENT, LLC 0.08% of their portfolio | 13.4m $690.6m | Added +206.4k |
| Capital World Investors 0.09% of their portfolio | 9.2m $472.5m | Reduced -4.9m |
| DIMENSIONAL FUND ADVISORS LP 0.14% of their portfolio | 8.4m $434.8m | Reduced -132.5k |
| Invesco Ltd. 0.11% of their portfolio | 7.7m $396.0m | Added +714.9k |
| NORTHERN TRUST CORP 0.08% of their portfolio | 7.6m $392.1m | Reduced -273.2k |
| Bank of New York Mellon Corp 0.07% of their portfolio | 6.4m $329.1m | Added +33.7k |
| NORGES BANK 0.06% of their portfolio | 6.2m $318.6m | Added +88.8k |
| Pacer Advisors, Inc. 1.18% of their portfolio | 6.0m $306.9m | Added +727.3k |
| BANK OF AMERICA CORP /DE/ 0.03% of their portfolio | 5.5m $281.1m | Reduced -685.0k |
| STATE FARM MUTUAL AUTOMOBILE INSURANCE CO 0.25% of their portfolio | 4.8m $248.3m | Unchanged |
| UBS Group AG 0.11% of their portfolio | 4.8m $245.8m | Added +77.3k |
| GOLDMAN SACHS GROUP INC 0.06% of their portfolio | 4.5m $233.5m | Added +757.6k |
| MILLENNIUM MANAGEMENT LLC 0.23% of their portfolio | 4.3m $220.6m | Added +2.7m |
| WELLS FARGO & COMPANY/MN 0.07% of their portfolio | 4.2m $217.7m | Reduced -105.2k |
| Legal & General Group Plc 0.08% of their portfolio | 4.2m $216.0m | Reduced -159.7k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.06% of their portfolio | 4.1m $211.2m | Added +89.5k |
| Cullen Capital Management, LLC 2.38% of their portfolio | 4.0m $204.2m | Reduced -41.1k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.07% of their portfolio | 3.0m $155.9m | Reduced -283.4k |
| ROYAL BANK OF CANADA 0.04% of their portfolio | 2.7m $137.0m | Reduced -68.3k |
| M&T Bank Corp 0.52% of their portfolio | 2.5m $131.5m | Reduced -30.4k |
| Nuveen Asset Management, LLC 0.04% of their portfolio | 2.4m $121.8m | Reduced -200.0k |
| Swiss National Bank 0.09% of their portfolio | 2.3m $117.3m | Reduced -282.0k |
| BARCLAYS PLC 0.07% of their portfolio | 2.2m $115.1m | Reduced -234.8k |
| JACOBS LEVY EQUITY MANAGEMENT, INC 0.67% of their portfolio | 2.2m $113.7m | Added +146.6k |
| Sumitomo Mitsui Trust Group, Inc. 0.09% of their portfolio | 2.1m $106.1m | Reduced -37.5k |
| AMERIPRISE FINANCIAL INC 0.03% of their portfolio | 2.0m $102.6m | Reduced -499.4k |
| STIFEL FINANCIAL CORP 0.14% of their portfolio | 2.0m $102.1m | Added +65.2k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.03% of their portfolio | 1.9m $97.2m | New |
| PRIMECAP MANAGEMENT CO/CA/ 0.08% of their portfolio | 1.9m $96.0m | Reduced -29.8k |
| CONFLUENCE INVESTMENT MANAGEMENT LLC 1.42% of their portfolio | 1.8m $91.9m | Reduced -8.4k |
| ENVESTNET ASSET MANAGEMENT INC 0.04% of their portfolio | 1.7m $88.4m | Added +511.9k |
| National Pension Service 0.13% of their portfolio | 1.6m $79.9m | Added +30.5k |
| RHUMBLINE ADVISERS 0.09% of their portfolio | 1.5m $77.4m | Added +16.4k |
| HSBC HOLDINGS PLC 0.09% of their portfolio | 1.5m $76.8m | Added +64.4k |
| Epoch Investment Partners, Inc. 0.48% of their portfolio | 1.5m $75.7m | Reduced -86.4k |
| CREDIT SUISSE AG/ 0.08% of their portfolio | 1.4m $73.5m | Added +431.4k |
| Amundi 0.03% of their portfolio | 1.4m $70.6m | Reduced -1.8m |
| EDGAR LOMAX CO/VA 4.84% of their portfolio | 1.4m $71.2m | Reduced -23.8k |
| NORDEA INVESTMENT MANAGEMENT AB 0.10% of their portfolio | 1.4m $70.5m | Added +63.8k |
| California Public Employees Retirement System 0.06% of their portfolio | 1.4m $70.5m | Added +36.7k |
| FMR LLC 0.01% of their portfolio | 1.3m $67.7m | Added +63.8k |
| ZACKS INVESTMENT MANAGEMENT 0.87% of their portfolio | 1.3m $67.1m | Reduced -4.0k |
| LPL Financial LLC 0.05% of their portfolio | 1.3m $66.3m | Added +46.7k |
| HighTower Advisors, LLC 0.12% of their portfolio | 1.3m $64.7m | Reduced -72.2k |
| RAYMOND JAMES & ASSOCIATES 0.05% of their portfolio | 1.2m $64.0m | Added +42.3k |
| VICTORY CAPITAL MANAGEMENT INC 0.07% of their portfolio | 1.2m $63.9m | Added +13.7k |
| FOLGER NOLAN FLEMING DOUGLAS CAPITAL MANAGEMENT, INC 7.40% of their portfolio | 1.2m $63.5m | Added +9 |
| DEUTSCHE BANK AG\ 0.04% of their portfolio | 1.2m $62.3m | Reduced -194.4k |
| BANK OF MONTREAL /CAN/ 0.02% of their portfolio | 1.1m $61.7m | Added +409.6k |
| CITIGROUP INC 0.08% of their portfolio | 1.1m $58.3m | Reduced -1.0m |
| O'SHAUGHNESSY ASSET MANAGEMENT, LLC 0.86% of their portfolio | 1.1m $57.6m | Reduced -248.8k |
| AMERICAN CENTURY COMPANIES INC 0.04% of their portfolio | 1.1m $54.9m | Added +147.9k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.08% of their portfolio | 1.1m $54.4m | Reduced -207.8k |
| Empower Advisory Group, LLC 0.24% of their portfolio | 1.1m $54.2m | Reduced -7.8k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.08% of their portfolio | 1.0m $53.9m | Reduced -75.0k |
| PNC Financial Services Group, Inc. 0.04% of their portfolio | 996.5k $51.4m | Reduced -15.7k |
| Squarepoint Ops LLC 0.25% of their portfolio | 987.0k $50.9m | Added +489.3k |
| LORD, ABBETT & CO. LLC 0.09% of their portfolio | 986.1k $50.8m | Added +234.0k |
| ALLIANCEBERNSTEIN L.P. 0.02% of their portfolio | 971.3k $50.1m | Reduced -61.2k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.07% of their portfolio | 967.3k $49.9m | Reduced -69.4k |
| J.P. Morgan Private Wealth Advisors LLC 0.14% of their portfolio | 943.8k $48.7m | Reduced -68.4k |
| Russell Investments Group, Ltd. 0.10% of their portfolio | 938.7k $48.4m | Added +233.1k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.01% of their portfolio | 938.6k $48.4m | Reduced -10.9k |
| VOYA INVESTMENT MANAGEMENT LLC 0.05% of their portfolio | 925.8k $47.7m | Added +22.5k |
| D. E. Shaw & Co., Inc. 0.08% of their portfolio | 916.7k $47.3m | Added +281.4k |
| PANAGORA ASSET MANAGEMENT INC 0.29% of their portfolio | 897.3k $46.3m | Added +102.2k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.09% of their portfolio | 839.7k $43.3m | Added +67.9k |
| Janney Montgomery Scott LLC 0.16% of their portfolio | 824.7k $42.5m | Reduced -34.2k |
| SCHRODER INVESTMENT MANAGEMENT GROUP 0.06% of their portfolio | 821.6k $42.4m | Reduced -31.3k |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.10% of their portfolio | 816.7k $42.1m | Added +1.2k |
| FIRST TRUST ADVISORS LP 0.05% of their portfolio | 794.2k $40.9m | Reduced -125.7k |
| PRINCIPAL FINANCIAL GROUP INC 0.03% of their portfolio | 772.1k $39.8m | Reduced -8.0k |
| STOREBRAND ASSET MANAGEMENT AS 0.18% of their portfolio | 745.9k $38.5m | Reduced -36.1k |
| TORONTO DOMINION BANK 0.03% of their portfolio | 732.5k $37.8m | Reduced -428.4k |
| TRUIST FINANCIAL CORP 0.06% of their portfolio | 724.0k $37.3m | Reduced -6.3k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.09% of their portfolio | 715.9k $36.9m | Reduced -59.9k |
| Poplar Forest Capital LLC 4.21% of their portfolio | 704.3k $36.3m | Added +114.7k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.08% of their portfolio | 699.0k $36.0m | Reduced -5.7k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.05% of their portfolio | 676.7k $34.9m | Reduced -17.9k |
| Point72 Asset Management, L.P. 0.12% of their portfolio | 667.7k $34.4m | New |
| Advisors Asset Management, Inc. 0.73% of their portfolio | 655.0k $33.8m | Reduced -13.7k |
| Qube Research & Technologies Ltd 0.10% of their portfolio | 651.1k $33.6m | New |
| PRUDENTIAL FINANCIAL INC 0.05% of their portfolio | 650.0k $33.5m | Reduced -22.5k |
| Mitsubishi UFJ Trust & Banking Corp 0.08% of their portfolio | 633.1k $32.6m | Reduced -93.5k |
| Korea Investment CORP 0.10% of their portfolio | 627.4k $32.3m | Added +342.9k |
| HUNTINGTON NATIONAL BANK 0.32% of their portfolio | 621.5k $32.0m | Reduced -15.1k |
| Homestead Advisers Corp 0.87% of their portfolio | 609.1k $31.4m | Reduced -114.5k |
| GUGGENHEIM CAPITAL LLC 0.27% of their portfolio | 604.4k $31.2m | Reduced -739 |
| CONNING INC. 1.13% of their portfolio | 604.0k $31.1m | Added +599.8k |
| SYM FINANCIAL Corp 5.53% of their portfolio | 603.8k $31.1m | Added +72.1k |
| FINANCIAL COUNSELORS INC 0.59% of their portfolio | 575.6k $29.7m | Added +825 |
| AVIVA PLC 0.12% of their portfolio | 567.7k $29.3m | Added +77.1k |
| OSAIC HOLDINGS, INC. 0.04% of their portfolio | 555.9k $28.7m | Added +104.3k |
| COMMONWEALTH EQUITY SERVICES, LLC 0.06% of their portfolio | 549.8k $28.3m | Reduced -5.8k |