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 ($97.6m this quarter). Holder counts are more reliable. Shares outstanding: 700.9m as of 2024-06-30, 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 ≈ $53.04. Options: 48 managers hold calls ($685.1m notional), 41 hold puts ($596.8m).
Trends to Q2 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 |
| Q2 2024 | 1,550 |
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 |
| Q2 2024 | 669 | 761 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2023 | $788.2m | $626.8m | 0.80 |
| Q4 2023 | $818.2m | $773.5m | 0.95 |
| Q1 2024 | $852.5m | $674.7m | 0.79 |
| Q2 2024 | $685.1m | $596.8m | 0.87 |
Biggest buyers
| VANGUARD GROUP INC | Added | +10.0m |
| BlackRock Inc. | Added | +3.8m |
| GEODE CAPITAL MANAGEMENT, LLC | Added | +2.7m |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main | Added | +1.8m |
| LORD, ABBETT & CO. LLC | Added | +1.1m |
| Qube Research & Technologies Ltd | Added | +861.1k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | Added | +815.7k |
| FIRST TRUST ADVISORS LP | Added | +804.4k |
| FMR LLC | Added | +795.7k |
| GOLDMAN SACHS GROUP INC | Added | +681.8k |
Biggest sellers
| MORGAN STANLEY | Reduced | -29.3m |
| JPMORGAN CHASE & CO | Reduced | -6.8m |
| STATE STREET CORP | Reduced | -1.0m |
| MILLENNIUM MANAGEMENT LLC | Reduced | -787.6k |
| RENAISSANCE TECHNOLOGIES LLC | Sold out | -755.4k |
| Invesco Ltd. | Reduced | -708.2k |
| Trexquant Investment LP | Sold out | -619.3k |
| JANE STREET GROUP, LLC | Reduced | -603.9k |
| BARCLAYS PLC | Reduced | -575.2k |
| MOORE CAPITAL MANAGEMENT, LP | Sold out | -474.5k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $112.0m2.1m shares |
| CITADEL ADVISORS LLC | Reduced | $70.0m1.3m shares |
| Twin Tree Management, LP | Added | $57.4m1.1m shares |
| Walleye Trading LLC | Added | $44.5m839.5k shares |
| UBS Group AG | Added | $39.9m752.3k shares |
| BNP PARIBAS FINANCIAL MARKETS | Added | $36.9m7.0k shares |
| CITIGROUP INC | Reduced | $34.9m657.7k shares |
| Eisler Capital (US) LLC | Added | $34.5m650.8k shares |
| SIMPLEX TRADING, LLC | Reduced | $31.8m600.1k shares |
| MILLENNIUM MANAGEMENT LLC | Reduced | $29.2m549.9k shares |
Biggest puts
| BNP PARIBAS FINANCIAL MARKETS | Added | $85.0m16.0k shares |
| CITIGROUP INC | Reduced | $80.9m1.5m shares |
| CITADEL ADVISORS LLC | Added | $62.1m1.2m shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $59.4m1.1m shares |
| UBS Group AG | Added | $48.4m911.6k shares |
| MILLENNIUM MANAGEMENT LLC | Reduced | $26.0m490.7k shares |
| Eisler Capital (US) LLC | Added | $23.6m444.5k shares |
| SIMPLEX TRADING, LLC | Added | $21.9m413.1k shares |
| IMC-Chicago, LLC | Added | $21.0m396.0k shares |
| JPMORGAN CHASE & CO | Added | $19.9m374.8k 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 Q2 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 |
|---|---|---|---|---|---|
| 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 | — | — |
| Q2 2024 | 0 | — | 0 | — | — |
None reported in Q2 2024.
Holders, Q2 2024
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.08% of their portfolio | 81.9m $4.3bn | Added +10.0m |
| BlackRock Inc. 0.06% of their portfolio | 51.1m $2.7bn | Added +3.8m |
| JPMORGAN CHASE & CO 0.09% of their portfolio | 40.3m $2.1bn | Reduced -6.8m |
| STATE STREET CORP 0.08% of their portfolio | 34.5m $1.8bn | Reduced -1.0m |
| PZENA INVESTMENT MANAGEMENT LLC 3.52% of their portfolio | 18.9m $1.0bn | Added +347.6k |
| GEODE CAPITAL MANAGEMENT, LLC 0.08% of their portfolio | 16.7m $886.1m | Added +2.7m |
| MORGAN STANLEY 0.06% of their portfolio | 14.5m $767.7m | Reduced -29.3m |
| DIMENSIONAL FUND ADVISORS LP 0.12% of their portfolio | 8.6m $453.7m | Added +38.3k |
| NORGES BANK 0.06% of their portfolio | 8.2m $433.9m | Added +173.1k |
| Capital World Investors 0.07% of their portfolio | 7.7m $409.8m | Added +3.8k |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.42% of their portfolio | 7.3m $385.4m | Added +1.8m |
| NORTHERN TRUST CORP 0.06% of their portfolio | 6.7m $356.8m | Reduced -36.0k |
| Invesco Ltd. 0.07% of their portfolio | 6.3m $334.8m | Reduced -708.2k |
| UBS Group AG 0.10% of their portfolio | 5.9m $312.5m | Added +152.6k |
| Bank of New York Mellon Corp 0.06% of their portfolio | 5.7m $304.9m | Reduced -122.6k |
| FMR LLC 0.02% of their portfolio | 5.7m $304.5m | Added +795.7k |
| BANK OF AMERICA CORP /DE/ 0.03% of their portfolio | 5.7m $302.9m | Reduced -20.6k |
| STATE FARM MUTUAL AUTOMOBILE INSURANCE CO 0.23% of their portfolio | 4.8m $255.5m | Unchanged |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.05% of their portfolio | 4.6m $246.6m | Added +247.8k |
| WELLS FARGO & COMPANY/MN 0.06% of their portfolio | 4.4m $233.0m | Added +215.0k |
| Legal & General Group Plc 0.06% of their portfolio | 4.3m $228.3m | Reduced -111.0k |
| GOLDMAN SACHS GROUP INC 0.04% of their portfolio | 4.3m $228.2m | Added +681.8k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.06% of their portfolio | 3.8m $200.1m | Added +815.7k |
| Cullen Capital Management, LLC 2.14% of their portfolio | 3.5m $186.2m | Reduced -90.0k |
| M&T Bank Corp 0.45% of their portfolio | 2.5m $131.6m | Reduced -36.0k |
| JACOBS LEVY EQUITY MANAGEMENT, INC 0.54% of their portfolio | 2.5m $130.9m | Added +94.4k |
| LORD, ABBETT & CO. LLC 0.21% of their portfolio | 2.4m $127.4m | Added +1.1m |
| Nuveen Asset Management, LLC 0.03% of their portfolio | 2.2m $119.0m | Added +55.9k |
| STIFEL FINANCIAL CORP 0.13% of their portfolio | 2.2m $117.4m | Added +71.1k |
| BARCLAYS PLC 0.05% of their portfolio | 2.2m $115.2m | Reduced -575.2k |
| Qube Research & Technologies Ltd 0.21% of their portfolio | 2.1m $112.0m | Added +861.1k |
| ROYAL BANK OF CANADA 0.03% of their portfolio | 2.1m $111.3m | Added +38.0k |
| Swiss National Bank 0.08% of their portfolio | 2.1m $110.5m | Reduced -18.3k |
| Sumitomo Mitsui Trust Group, Inc. 0.08% of their portfolio | 2.0m $105.5m | Reduced -6.4k |
| NORDEA INVESTMENT MANAGEMENT AB 0.12% of their portfolio | 1.9m $103.1m | Added +386.8k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.03% of their portfolio | 1.8m $97.2m | Reduced -18.6k |
| ENVESTNET ASSET MANAGEMENT INC 0.03% of their portfolio | 1.8m $97.0m | Reduced -26.9k |
| PRIMECAP MANAGEMENT CO/CA/ 0.07% of their portfolio | 1.7m $91.8m | Reduced -24.4k |
| HSBC HOLDINGS PLC 0.06% of their portfolio | 1.7m $90.9m | Reduced -128.8k |
| National Pension Service 0.10% of their portfolio | 1.7m $90.8m | Added +20.9k |
| CONFLUENCE INVESTMENT MANAGEMENT LLC 1.27% of their portfolio | 1.7m $88.2m | Reduced -83.6k |
| AMERIPRISE FINANCIAL INC 0.02% of their portfolio | 1.6m $86.0m | Added +48.9k |
| California Public Employees Retirement System 0.06% of their portfolio | 1.6m $85.4m | Reduced -19.4k |
| CITIGROUP INC 0.08% of their portfolio | 1.5m $80.4m | Added +185.1k |
| RHUMBLINE ADVISERS 0.07% of their portfolio | 1.5m $79.6m | Added +37.8k |
| DEUTSCHE BANK AG\ 0.04% of their portfolio | 1.5m $78.5m | Reduced -193.6k |
| Amundi 0.03% of their portfolio | 1.3m $70.5m | Reduced -337.1k |
| ZACKS INVESTMENT MANAGEMENT 0.79% of their portfolio | 1.3m $70.4m | Added +43.2k |
| FIFTHDELTA Ltd 15.26% of their portfolio | 1.3m $70.1m | Added +104.8k |
| FIRST TRUST ADVISORS LP 0.07% of their portfolio | 1.3m $70.0m | Added +804.4k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.07% of their portfolio | 1.3m $68.7m | Added +119.1k |
| FOLGER NOLAN FLEMING DOUGLAS CAPITAL MANAGEMENT, INC 6.68% of their portfolio | 1.2m $65.3m | Reduced -500 |
| LPL Financial LLC 0.03% of their portfolio | 1.2m $63.0m | Added +54.5k |
| Empower Advisory Group, LLC 0.23% of their portfolio | 1.2m $61.5m | Added +17.3k |
| Public Sector Pension Investment Board 0.39% of their portfolio | 1.2m $61.4m | Added +11.4k |
| Epoch Investment Partners, Inc. 0.28% of their portfolio | 1.1m $60.5m | Reduced -57.0k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.07% of their portfolio | 1.1m $60.3m | Added +103.3k |
| RAYMOND JAMES & ASSOCIATES 0.04% of their portfolio | 1.1m $56.5m | Added +9.4k |
| VICTORY CAPITAL MANAGEMENT INC 0.05% of their portfolio | 1.0m $53.6m | Reduced -26.0k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.01% of their portfolio | 993.4k $52.7m | Added +33.9k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.06% of their portfolio | 929.9k $49.3m | Reduced -37.2k |
| BANK OF MONTREAL /CAN/ 0.02% of their portfolio | 918.8k $50.3m | Added +67.3k |
| PNC Financial Services Group, Inc. 0.03% of their portfolio | 910.8k $48.3m | Reduced -20.9k |
| AVIVA PLC 0.13% of their portfolio | 890.5k $47.2m | Added +169.1k |
| STOREBRAND ASSET MANAGEMENT AS 0.16% of their portfolio | 889.8k $47.2m | Added +57.7k |
| Swiss Life Asset Management Ltd 0.56% of their portfolio | 888.0k $47.1m | Reduced -6.4k |
| BNP PARIBAS FINANCIAL MARKETS 0.05% of their portfolio | 875.6k $46.4m | Added +104.3k |
| Russell Investments Group, Ltd. 0.07% of their portfolio | 850.3k $45.1m | Reduced -52.7k |
| HighTower Advisors, LLC 0.07% of their portfolio | 840.5k $44.6m | Added +32.4k |
| SCHRODER INVESTMENT MANAGEMENT GROUP 0.05% of their portfolio | 833.7k $44.2m | Added +45.8k |
| ALLIANCEBERNSTEIN L.P. 0.02% of their portfolio | 828.3k $43.9m | Added +44.7k |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.09% of their portfolio | 814.8k $43.2m | Reduced -30.8k |
| Janney Montgomery Scott LLC 0.13% of their portfolio | 804.3k $42.7m | Reduced -10.6k |
| EDGAR LOMAX CO/VA 2.73% of their portfolio | 795.6k $42.2m | Reduced -14.0k |
| PRINCIPAL FINANCIAL GROUP INC 0.02% of their portfolio | 790.6k $41.9m | Added +18.9k |
| VOYA INVESTMENT MANAGEMENT LLC 0.04% of their portfolio | 737.4k $39.1m | Reduced -170.5k |
| AQR CAPITAL MANAGEMENT LLC 0.06% of their portfolio | 731.3k $38.8m | Added +183.2k |
| PRUDENTIAL FINANCIAL INC 0.05% of their portfolio | 680.6k $36.1m | Reduced -91.0k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.07% of their portfolio | 674.5k $35.8m | Reduced -14.4k |
| TRUIST FINANCIAL CORP 0.05% of their portfolio | 668.6k $35.5m | Reduced -26.0k |
| CAPITAL ADVISORS INC/OK 0.72% of their portfolio | 653.0k $34.6m | Added +97.1k |
| OLD REPUBLIC INTERNATIONAL CORP 1.40% of their portfolio | 646.0k $34.3m | Unchanged |
| AMERICAN CENTURY COMPANIES INC 0.02% of their portfolio | 632.2k $33.5m | Added +92.3k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.07% of their portfolio | 623.7k $33.1m | Reduced -31.9k |
| CONNING INC. 1.19% of their portfolio | 621.5k $32.9m | Added +3.8k |
| Ceredex Value Advisors LLC 0.62% of their portfolio | 617.0k $32.7m | New |
| FINANCIAL COUNSELORS INC 0.52% of their portfolio | 610.4k $32.4m | Added +13.7k |
| Advisors Asset Management, Inc. 0.62% of their portfolio | 595.6k $31.6m | Reduced -3.5k |
| Squarepoint Ops LLC 0.11% of their portfolio | 580.1k $30.8m | Reduced -375.8k |
| HUNTINGTON NATIONAL BANK 0.23% of their portfolio | 567.8k $30.1m | Reduced -12.0k |
| Man Group plc 0.07% of their portfolio | 535.8k $28.4m | Added +123.1k |
| SYM FINANCIAL Corp 4.42% of their portfolio | 522.7k $27.7m | Reduced -72.3k |
| Haverford Trust Co 0.29% of their portfolio | 516.3k $27.4m | Reduced -2.9k |
| Advisors Capital Management, LLC 0.48% of their portfolio | 513.5k $27.2m | Reduced -1.9k |
| OPPENHEIMER ASSET MANAGEMENT INC. 0.35% of their portfolio | 511.1k $27.1m | Added +59.1k |
| COMMONWEALTH EQUITY SERVICES, LLC 0.04% of their portfolio | 508.9k $27.0m | Reduced -4.8k |
| Poplar Forest Capital LLC 3.72% of their portfolio | 502.5k $26.7m | Added +963 |
| DekaBank Deutsche Girozentrale 0.05% of their portfolio | 498.4k $26.2m | Reduced -30.4k |
| NATIONAL BANK OF CANADA /FI/ 0.04% of their portfolio | 495.1k $26.0m | Reduced -31.6k |
| Baird Financial Group, Inc. 0.05% of their portfolio | 486.2k $25.8m | Added +37.3k |