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 ($115.0m this quarter). Holder counts are more reliable. Shares outstanding: 703.2m as of 2024-03-31, 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 ≈ $57.90. Options: 49 managers hold calls ($852.5m notional), 38 hold puts ($674.7m).
Trends to Q1 2024
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 |
| Q4 2023 | 1,598 |
| Q1 2024 | 1,611 |
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 |
| Q4 2023 | 543 | 817 |
| Q1 2024 | 695 | 756 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q2 2023 | $706.3m | $511.1m | 0.72 |
| Q3 2023 | $788.2m | $626.8m | 0.80 |
| Q4 2023 | $818.2m | $773.5m | 0.95 |
| Q1 2024 | $852.5m | $674.7m | 0.79 |
Biggest buyers
| MORGAN STANLEY | Added | +14.4m |
| VANGUARD GROUP INC | Added | +10.4m |
| JPMORGAN CHASE & CO | Added | +9.7m |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main | Added | +5.5m |
| NORGES BANK | Added | +1.5m |
| Public Sector Pension Investment Board | Added | +1.1m |
| UBS Group AG | Added | +1.1m |
| Qube Research & Technologies Ltd | Added | +1.1m |
| Cullen Capital Management, LLC | Added | +854.5k |
| BANK OF AMERICA CORP /DE/ | Added | +783.2k |
Biggest sellers
| Pacer Advisors, Inc. | Reduced | -6.3m |
| BARCLAYS PLC | Reduced | -1.7m |
| NATIXIS | Reduced | -656.7k |
| ALLIANCEBERNSTEIN L.P. | Reduced | -653.5k |
| Assenagon Asset Management S.A. | Reduced | -633.9k |
| MILLENNIUM MANAGEMENT LLC | Reduced | -633.1k |
| Homestead Advisers Corp | Sold out | -610.2k |
| EDGAR LOMAX CO/VA | Reduced | -515.3k |
| GOLDMAN SACHS GROUP INC | Reduced | -497.3k |
| ARGA Investment Management, LP | Reduced | -481.2k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $237.8m4.1m shares |
| CITADEL ADVISORS LLC | Reduced | $108.7m1.9m shares |
| Twin Tree Management, LP | Added | $49.3m850.9k shares |
| SIMPLEX TRADING, LLC | Added | $47.3m815.7k shares |
| UBS Group AG | Added | $42.4m732.1k shares |
| CITIGROUP INC | Added | $40.8m704.7k shares |
| MILLENNIUM MANAGEMENT LLC | Added | $38.6m665.9k shares |
| BNP PARIBAS FINANCIAL MARKETS | Reduced | $29.0m5.0k shares |
| MASTERS CAPITAL MANAGEMENT LLC | Reduced | $29.0m500.0k shares |
| Walleye Trading LLC | Added | $28.4m489.5k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $102.6m1.8m shares |
| CITIGROUP INC | Added | $99.4m1.7m shares |
| BNP PARIBAS FINANCIAL MARKETS | Added | $86.7m15.0k shares |
| CITADEL ADVISORS LLC | Reduced | $61.5m1.1m shares |
| UBS Group AG | Reduced | $46.7m806.1k shares |
| MILLENNIUM MANAGEMENT LLC | Reduced | $45.3m782.6k shares |
| Balyasny Asset Management L.P. | Added | $22.8m393.8k shares |
| Walleye Trading LLC | Added | $21.4m369.2k shares |
| Eisler Capital (US) LLC | Added | $14.4m249.4k shares |
| SIMPLEX TRADING, LLC | Reduced | $14.3m246.9k 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 Q1 2024
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 |
|---|---|---|---|---|---|
| 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 | — | — |
| Q4 2023 | 1 | $255.5k | 0 | — | — |
| Q1 2024 | 0 | — | 0 | — | — |
None reported in Q1 2024.
Holders, Q1 2024
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.08% of their portfolio | 71.9m $4.2bn | Added +10.4m |
| BlackRock Inc. 0.06% of their portfolio | 47.3m $2.7bn | Added +44.5k |
| JPMORGAN CHASE & CO 0.12% of their portfolio | 47.1m $2.7bn | Added +9.7m |
| MORGAN STANLEY 0.07% of their portfolio | 43.8m $2.5bn | Added +14.4m |
| STATE STREET CORP 0.09% of their portfolio | 35.5m $2.1bn | Reduced -176.1k |
| PZENA INVESTMENT MANAGEMENT LLC 3.68% of their portfolio | 18.5m $1.1bn | Reduced -42.1k |
| GEODE CAPITAL MANAGEMENT, LLC 0.08% of their portfolio | 14.0m $813.2m | Added +367.6k |
| DIMENSIONAL FUND ADVISORS LP 0.13% of their portfolio | 8.5m $493.2m | Added +35.3k |
| NORGES BANK 0.07% of their portfolio | 8.0m $463.8m | Added +1.5m |
| Capital World Investors 0.07% of their portfolio | 7.7m $447.3m | Reduced -78.9k |
| Invesco Ltd. 0.09% of their portfolio | 7.0m $406.6m | Added +331.7k |
| NORTHERN TRUST CORP 0.07% of their portfolio | 6.8m $391.7m | Reduced -393.2k |
| Bank of New York Mellon Corp 0.07% of their portfolio | 5.9m $340.0m | Reduced -245.7k |
| UBS Group AG 0.11% of their portfolio | 5.7m $332.5m | Added +1.1m |
| BANK OF AMERICA CORP /DE/ 0.03% of their portfolio | 5.7m $332.0m | Added +783.2k |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.36% of their portfolio | 5.5m $319.0m | Added +5.5m |
| FMR LLC 0.02% of their portfolio | 4.9m $286.4m | Added +141.7k |
| STATE FARM MUTUAL AUTOMOBILE INSURANCE CO 0.25% of their portfolio | 4.8m $279.0m | Unchanged |
| Legal & General Group Plc 0.07% of their portfolio | 4.4m $255.7m | Reduced -6.3k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.06% of their portfolio | 4.4m $254.9m | Added +176.0k |
| WELLS FARGO & COMPANY/MN 0.06% of their portfolio | 4.2m $242.0m | Added +56.7k |
| GOLDMAN SACHS GROUP INC 0.04% of their portfolio | 3.6m $209.7m | Reduced -497.3k |
| Cullen Capital Management, LLC 2.32% of their portfolio | 3.6m $208.5m | Added +854.5k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.06% of their portfolio | 3.0m $171.3m | Reduced -44.3k |
| BARCLAYS PLC 0.07% of their portfolio | 2.7m $159.1m | Reduced -1.7m |
| M&T Bank Corp 0.51% of their portfolio | 2.5m $145.8m | Reduced -14.1k |
| JACOBS LEVY EQUITY MANAGEMENT, INC 0.61% of their portfolio | 2.4m $137.5m | Added +124.3k |
| Nuveen Asset Management, LLC 0.04% of their portfolio | 2.2m $126.7m | Added +46.2k |
| STIFEL FINANCIAL CORP 0.14% of their portfolio | 2.1m $124.1m | Added +191.1k |
| Swiss National Bank 0.09% of their portfolio | 2.1m $121.7m | Reduced -98.1k |
| ROYAL BANK OF CANADA 0.03% of their portfolio | 2.1m $119.3m | Reduced -358.5k |
| Sumitomo Mitsui Trust Group, Inc. 0.08% of their portfolio | 2.0m $115.5m | Reduced -4.5k |
| ENVESTNET ASSET MANAGEMENT INC 0.04% of their portfolio | 1.9m $107.5m | Added +213.2k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.03% of their portfolio | 1.9m $107.3m | Reduced -12.3k |
| HSBC HOLDINGS PLC 0.08% of their portfolio | 1.8m $106.6m | Added +276.2k |
| PRIMECAP MANAGEMENT CO/CA/ 0.08% of their portfolio | 1.8m $101.7m | Reduced -25.7k |
| CONFLUENCE INVESTMENT MANAGEMENT LLC 1.36% of their portfolio | 1.7m $101.2m | Added +4.3k |
| National Pension Service 0.12% of their portfolio | 1.7m $97.9m | Added +57.4k |
| DEUTSCHE BANK AG\ 0.05% of their portfolio | 1.7m $97.0m | Added +557.8k |
| Amundi 0.04% of their portfolio | 1.7m $94.3m | Reduced -9.2k |
| California Public Employees Retirement System 0.07% of their portfolio | 1.6m $94.4m | Added +328.7k |
| AMERIPRISE FINANCIAL INC 0.03% of their portfolio | 1.6m $91.1m | Reduced -167.1k |
| NORDEA INVESTMENT MANAGEMENT AB 0.11% of their portfolio | 1.5m $89.5m | Added +34.0k |
| RHUMBLINE ADVISERS 0.08% of their portfolio | 1.5m $84.8m | Reduced -44.1k |
| LORD, ABBETT & CO. LLC 0.13% of their portfolio | 1.3m $77.5m | Added +28.3k |
| CITIGROUP INC 0.08% of their portfolio | 1.3m $77.1m | Added +291.3k |
| ZACKS INVESTMENT MANAGEMENT 0.79% of their portfolio | 1.3m $74.3m | Added +70.0k |
| Qube Research & Technologies Ltd 0.13% of their portfolio | 1.3m $72.4m | Added +1.1m |
| FOLGER NOLAN FLEMING DOUGLAS CAPITAL MANAGEMENT, INC 7.28% of their portfolio | 1.2m $71.4m | Unchanged |
| FIFTHDELTA Ltd 12.53% of their portfolio | 1.2m $70.5m | Added +98.6k |
| Epoch Investment Partners, Inc. 0.31% of their portfolio | 1.2m $69.4m | Reduced -198.2k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.07% of their portfolio | 1.2m $68.1m | Added +189.6k |
| Public Sector Pension Investment Board 0.48% of their portfolio | 1.1m $66.4m | Added +1.1m |
| Empower Advisory Group, LLC 0.25% of their portfolio | 1.1m $66.1m | Added +33.6k |
| LPL Financial LLC 0.04% of their portfolio | 1.1m $65.7m | Reduced -103.6k |
| RAYMOND JAMES & ASSOCIATES 0.04% of their portfolio | 1.1m $61.1m | Reduced -101.1k |
| VICTORY CAPITAL MANAGEMENT INC 0.06% of their portfolio | 1.0m $60.0m | Added +134.8k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.08% of their portfolio | 1.0m $59.8m | Added +152.7k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.07% of their portfolio | 967.2k $56.0m | Reduced -38.9k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.01% of their portfolio | 959.5k $55.6m | Reduced -30.8k |
| Squarepoint Ops LLC 0.23% of their portfolio | 955.8k $55.4m | Reduced -107.2k |
| PNC Financial Services Group, Inc. 0.04% of their portfolio | 931.7k $54.0m | Reduced -38.4k |
| VOYA INVESTMENT MANAGEMENT LLC 0.05% of their portfolio | 907.9k $52.6m | Reduced -41.4k |
| Russell Investments Group, Ltd. 0.08% of their portfolio | 902.9k $52.3m | Reduced -16.5k |
| Swiss Life Asset Management Ltd 0.72% of their portfolio | 894.4k $51.8m | Added +705.7k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.07% of their portfolio | 871.7k $50.5m | Reduced -15.6k |
| JANE STREET GROUP, LLC 0.07% of their portfolio | 869.5k $50.4m | Added +451.4k |
| BANK OF MONTREAL /CAN/ 0.02% of their portfolio | 851.5k $49.7m | Reduced -282.5k |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.11% of their portfolio | 845.5k $46.4m | Added +29.5k |
| STOREBRAND ASSET MANAGEMENT AS 0.16% of their portfolio | 832.1k $48.2m | Added +24.7k |
| MILLENNIUM MANAGEMENT LLC 0.04% of their portfolio | 831.2k $48.1m | Reduced -633.1k |
| CREDIT SUISSE AG/ 0.05% of their portfolio | 817.8k $47.4m | Reduced -300.4k |
| Janney Montgomery Scott LLC 0.14% of their portfolio | 814.9k $47.2m | Reduced -1.4k |
| EDGAR LOMAX CO/VA 2.90% of their portfolio | 809.6k $46.9m | Reduced -515.3k |
| HighTower Advisors, LLC 0.08% of their portfolio | 808.1k $46.8m | Reduced -389.8k |
| SCHRODER INVESTMENT MANAGEMENT GROUP 0.05% of their portfolio | 787.9k $45.6m | Reduced -25.7k |
| ALLIANCEBERNSTEIN L.P. 0.02% of their portfolio | 783.6k $45.4m | Reduced -653.5k |
| PRUDENTIAL FINANCIAL INC 0.06% of their portfolio | 771.7k $44.7m | Added +228.1k |
| PRINCIPAL FINANCIAL GROUP INC 0.03% of their portfolio | 771.7k $44.7m | Added +6.2k |
| BNP PARIBAS FINANCIAL MARKETS 0.06% of their portfolio | 771.3k $44.7m | Added +67.8k |
| RENAISSANCE TECHNOLOGIES LLC 0.07% of their portfolio | 755.4k $43.8m | Reduced -97.1k |
| AVIVA PLC 0.14% of their portfolio | 721.5k $41.8m | Added +83.0k |
| Korea Investment CORP 0.10% of their portfolio | 700.0k $40.6m | Added +72.8k |
| TRUIST FINANCIAL CORP 0.06% of their portfolio | 694.6k $40.2m | Added +20.3k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.08% of their portfolio | 688.9k $39.9m | Added +7.6k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.08% of their portfolio | 655.6k $38.0m | Reduced -30.5k |
| OLD REPUBLIC INTERNATIONAL CORP 1.47% of their portfolio | 646.0k $37.4m | Unchanged |
| Trexquant Investment LP 0.72% of their portfolio | 619.3k $35.9m | Added +533.9k |
| CONNING INC. 1.17% of their portfolio | 617.8k $35.7m | Added +28.5k |
| Advisors Asset Management, Inc. 0.67% of their portfolio | 599.1k $34.7m | Reduced -22.8k |
| FINANCIAL COUNSELORS INC 0.58% of their portfolio | 596.8k $34.6m | Added +45.0k |
| SYM FINANCIAL Corp 5.69% of their portfolio | 595.0k $34.5m | Reduced -2.4k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.05% of their portfolio | 592.7k $34.3m | Added +105.3k |
| HUNTINGTON NATIONAL BANK 0.27% of their portfolio | 579.7k $33.6m | Reduced -17.2k |
| CAPITAL ADVISORS INC/OK 0.69% of their portfolio | 556.0k $32.2m | Added +23.6k |
| AQR CAPITAL MANAGEMENT LLC 0.05% of their portfolio | 548.1k $31.8m | Added +88.9k |
| AMERICAN CENTURY COMPANIES INC 0.02% of their portfolio | 539.9k $31.3m | Added +49.4k |
| GUGGENHEIM CAPITAL LLC 0.22% of their portfolio | 534.5k $31.0m | Reduced -56.4k |
| DekaBank Deutsche Girozentrale 0.06% of their portfolio | 528.8k $30.7m | Reduced -27.1k |
| NATIONAL BANK OF CANADA /FI/ 0.05% of their portfolio | 526.6k $31.3m | Reduced -30.7k |