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 ($39.3m this quarter). Holder counts are more reliable. Shares outstanding: 708.8m as of 2025-06-30, 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 ≈ $26.49. Options: 42 managers hold calls ($565.1m notional), 43 hold puts ($603.8m).
Trends to Q2 2025
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 |
| Q3 2024 | 1,498 |
| Q4 2024 | 1,422 |
| Q1 2025 | 1,345 |
| Q2 2025 | 1,214 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2023 | 627 | 714 |
| Q4 2023 | 543 | 817 |
| Q1 2024 | 695 | 756 |
| Q2 2024 | 669 | 761 |
| Q3 2024 | 595 | 783 |
| Q4 2024 | 507 | 873 |
| Q1 2025 | 615 | 708 |
| Q2 2025 | 552 | 682 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2024 | $668.3m | $625.6m | 0.94 |
| Q4 2024 | $563.7m | $610.7m | 1.08 |
| Q1 2025 | $551.0m | $580.6m | 1.05 |
| Q2 2025 | $565.1m | $603.8m | 1.07 |
Biggest buyers
| Capital Research Global Investors | Added | +13.9m |
| PRIMECAP MANAGEMENT CO/CA/ | Added | +3.4m |
| BlackRock, Inc. | Added | +2.3m |
| PZENA INVESTMENT MANAGEMENT LLC | Added | +2.1m |
| GOLDMAN SACHS GROUP INC | Added | +1.9m |
| VANGUARD GROUP INC | Added | +1.8m |
| FMR LLC | Added | +1.7m |
| Auto-Owners Insurance Co | Added | +1.6m |
| MORGAN STANLEY | Added | +1.6m |
| STATE STREET CORP | Added | +1.4m |
Biggest sellers
| JPMORGAN CHASE & CO | Reduced | -4.9m |
| Capital World Investors | Reduced | -3.5m |
| FIRST TRUST ADVISORS LP | Reduced | -2.0m |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | Sold out | -1.8m |
| Cullen Capital Management, LLC | Reduced | -1.4m |
| Amundi | Reduced | -1.3m |
| AQR CAPITAL MANAGEMENT LLC | Reduced | -1.3m |
| ZACKS INVESTMENT MANAGEMENT | Reduced | -1.1m |
| KBC Group NV | Reduced | -1.1m |
| CITIGROUP INC | Reduced | -899.4k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $126.8m4.8m shares |
| CITADEL ADVISORS LLC | Reduced | $48.2m1.8m shares |
| CAPITAL FUND MANAGEMENT S.A. | Added | $46.9m1.8m shares |
| Squarepoint Ops LLC | Added | $45.7m1.7m shares |
| IMC-Chicago, LLC | Added | $30.8m1.2m shares |
| Cubist Systematic Strategies, LLC | Added | $22.9m864.7k shares |
| TUDOR INVESTMENT CORP ET AL | Added | $22.7m859.0k shares |
| D. E. Shaw & Co., Inc. | Added | $21.6m815.2k shares |
| WOLVERINE TRADING, LLC | Added | $18.4m682.0k shares |
| Walleye Capital LLC | Added | $18.1m681.7k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $85.9m3.2m shares |
| CITADEL ADVISORS LLC | Reduced | $72.3m2.7m shares |
| CAPITAL FUND MANAGEMENT S.A. | Added | $60.6m2.3m shares |
| Yaupon Capital Management LP | Added | $39.7m1.5m shares |
| Squarepoint Ops LLC | Added | $35.7m1.3m shares |
| JANE STREET GROUP, LLC | Added | $34.3m1.3m shares |
| SIMPLEX TRADING, LLC | Added | $25.9m970.9k shares |
| D. E. Shaw & Co., Inc. | Added | $23.2m877.0k shares |
| IMC-Chicago, LLC | Added | $19.2m725.2k shares |
| Twin Tree Management, LP | New | $18.8m709.4k 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 2025
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 2023 | 0 | — | 0 | — | — |
| Q4 2023 | 1 | $255.5k | 0 | — | — |
| Q1 2024 | 0 | — | 0 | — | — |
| Q2 2024 | 0 | — | 0 | — | — |
| Q3 2024 | 0 | — | 0 | — | — |
| Q4 2024 | 3 | $1.6m | 0 | — | — |
| Q1 2025 | 1 | $26.2k | 0 | — | — |
| Q2 2025 | 0 | — | 0 | — | — |
None reported in Q2 2025.
Holders, Q2 2025
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.04% of their portfolio | 84.8m $2.2bn | Added +1.8m |
| BlackRock, Inc. 0.03% of their portfolio | 51.6m $1.4bn | Added +2.3m |
| STATE STREET CORP 0.03% of their portfolio | 32.3m $856.3m | Added +1.4m |
| PZENA INVESTMENT MANAGEMENT LLC 2.33% of their portfolio | 27.1m $717.4m | Added +2.1m |
| Capital Research Global Investors 0.14% of their portfolio | 26.2m $694.6m | Added +13.9m |
| GEODE CAPITAL MANAGEMENT, LLC 0.03% of their portfolio | 18.0m $476.8m | Reduced -93.3k |
| MORGAN STANLEY 0.02% of their portfolio | 14.3m $379.5m | Added +1.6m |
| Invesco Ltd. 0.05% of their portfolio | 10.6m $279.6m | Added +700.3k |
| DIMENSIONAL FUND ADVISORS LP 0.05% of their portfolio | 7.4m $196.7m | Reduced -791.8k |
| BANK OF AMERICA CORP /DE/ 0.02% of their portfolio | 7.1m $187.5m | Reduced -656.2k |
| UBS Group AG 0.04% of their portfolio | 7.0m $185.0m | Reduced -473.9k |
| NORGES BANK 0.02% of their portfolio | 6.7m $177.7m | Reduced -223.6k |
| NORTHERN TRUST CORP 0.02% of their portfolio | 6.5m $170.9m | Reduced -131.5k |
| GOLDMAN SACHS GROUP INC 0.03% of their portfolio | 5.9m $157.3m | Added +1.9m |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.03% of their portfolio | 5.9m $157.0m | Added +471.5k |
| Bank of New York Mellon Corp 0.03% of their portfolio | 5.2m $136.7m | Reduced -148.9k |
| STATE FARM MUTUAL AUTOMOBILE INSURANCE CO 0.11% of their portfolio | 4.8m $127.5m | Unchanged |
| JPMORGAN CHASE & CO 0.01% of their portfolio | 4.7m $125.6m | Reduced -4.9m |
| PRIMECAP MANAGEMENT CO/CA/ 0.10% of their portfolio | 4.7m $125.1m | Added +3.4m |
| WELLS FARGO & COMPANY/MN 0.03% of their portfolio | 4.4m $116.0m | Added +149.5k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.02% of their portfolio | 4.2m $111.4m | Added +592.1k |
| Capital World Investors 0.01% of their portfolio | 3.6m $94.8m | Reduced -3.5m |
| Legal & General Group Plc 0.02% of their portfolio | 3.5m $92.5m | Reduced -145.1k |
| STIFEL FINANCIAL CORP 0.09% of their portfolio | 3.4m $89.1m | Added +622.9k |
| BARCLAYS PLC 0.03% of their portfolio | 3.2m $85.5m | Added +1.1m |
| Cullen Capital Management, LLC 0.96% of their portfolio | 3.2m $84.3m | Reduced -1.4m |
| ROYAL BANK OF CANADA 0.01% of their portfolio | 2.9m $77.8m | Added +143.2k |
| NORDEA INVESTMENT MANAGEMENT AB 0.07% of their portfolio | 2.8m $75.9m | Added +35.6k |
| FMR LLC 0.00% of their portfolio | 2.7m $70.5m | Added +1.7m |
| DEUTSCHE BANK AG\ 0.02% of their portfolio | 2.2m $57.1m | Added +173.4k |
| Swiss National Bank 0.03% of their portfolio | 2.1m $56.4m | Added +155.9k |
| Empower Advisory Group, LLC 0.16% of their portfolio | 2.0m $53.7m | Added +469.3k |
| Swiss Life Asset Management Ltd 0.31% of their portfolio | 2.0m $51.8m | Added +83.6k |
| M&T Bank Corp 0.17% of their portfolio | 1.9m $49.6m | Reduced -46.4k |
| Nuveen, LLC 0.01% of their portfolio | 1.8m $48.4m | Added +86.8k |
| CONFLUENCE INVESTMENT MANAGEMENT LLC 0.66% of their portfolio | 1.8m $46.9m | Added +32.9k |
| HSBC HOLDINGS PLC 0.03% of their portfolio | 1.7m $44.0m | Added +25.8k |
| BNP PARIBAS FINANCIAL MARKETS 0.03% of their portfolio | 1.6m $43.6m | Reduced -399.0k |
| Sumitomo Mitsui Trust Group, Inc. 0.03% of their portfolio | 1.6m $43.0m | Added +35.3k |
| Auto-Owners Insurance Co 0.95% of their portfolio | 1.6m $42.7m | Added +1.6m |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.03% of their portfolio | 1.5m $39.5m | Added +132.8k |
| Russell Investments Group, Ltd. 0.05% of their portfolio | 1.5m $39.4m | Added +8.8k |
| RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio | 1.4m $37.5m | Reduced -142.2k |
| RHUMBLINE ADVISERS 0.03% of their portfolio | 1.3m $35.0m | Added +27.4k |
| Ceredex Value Advisors LLC 0.70% of their portfolio | 1.2m $32.8m | Added +183.3k |
| Amundi 0.01% of their portfolio | 1.2m $35.0m | Reduced -1.3m |
| Squarepoint Ops LLC 0.07% of their portfolio | 1.2m $32.2m | Added +998.0k |
| ALLIANCEBERNSTEIN L.P. 0.01% of their portfolio | 1.2m $31.5m | Added +310.4k |
| LPL Financial LLC 0.01% of their portfolio | 1.2m $31.2m | Added +120.2k |
| Epoch Investment Partners, Inc. 0.16% of their portfolio | 1.2m $30.9m | Reduced -561.3k |
| California Public Employees Retirement System 0.02% of their portfolio | 1.2m $30.5m | Added +87.4k |
| National Pension Service 0.03% of their portfolio | 1.1m $29.1m | Added +8.0k |
| ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio | 1.1m $28.8m | Reduced -769.6k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 1.0m $27.1m | Added +4.4k |
| CITIGROUP INC 0.02% of their portfolio | 994.0k $26.3m | Reduced -899.4k |
| CAPITAL ADVISORS INC/OK 0.47% of their portfolio | 993.3k $26.3m | Reduced -45.9k |
| Connor, Clark & Lunn Investment Management Ltd. 0.09% of their portfolio | 991.5k $26.3m | New |
| FOLGER NOLAN FLEMING DOUGLAS CAPITAL MANAGEMENT, INC 2.84% of their portfolio | 967.3k $25.6m | Reduced -81.8k |
| FIRST TRUST ADVISORS LP 0.02% of their portfolio | 928.4k $24.6m | Reduced -2.0m |
| STOREBRAND ASSET MANAGEMENT AS 0.07% of their portfolio | 921.3k $24.4m | Reduced -79.5k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.02% of their portfolio | 920.6k $24.4m | Added +115.4k |
| HighTower Advisors, LLC 0.03% of their portfolio | 913.5k $24.2m | Added +262.7k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.04% of their portfolio | 878.8k $23.3m | Added +672.2k |
| PNC Financial Services Group, Inc. 0.01% of their portfolio | 855.1k $22.6m | Added +12.6k |
| Midwest Trust Co 0.31% of their portfolio | 848.5k $22.5m | First filing |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.02% of their portfolio | 835.9k $22.1m | Added +4.7k |
| CapWealth Advisors, LLC 2.12% of their portfolio | 812.4k $21.5m | Reduced -38.1k |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC 0.58% of their portfolio | 812.3k $21.5m | Unchanged |
| JANE STREET GROUP, LLC 0.03% of their portfolio | 812.3k $21.5m | Added +777.1k |
| ALPS ADVISORS INC 0.12% of their portfolio | 785.9k $20.8m | Added +132.5k |
| VICTORY CAPITAL MANAGEMENT INC 0.01% of their portfolio | 782.1k $20.7m | Added +69.4k |
| Qube Research & Technologies Ltd 0.03% of their portfolio | 777.3k $20.6m | Reduced -539.3k |
| PRINCIPAL FINANCIAL GROUP INC 0.01% of their portfolio | 770.8k $20.4m | Reduced -28.9k |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.04% of their portfolio | 760.4k $20.1m | Reduced -11.5k |
| RNC CAPITAL MANAGEMENT LLC 0.96% of their portfolio | 749.4k $19.8m | Reduced -10.7k |
| Janney Montgomery Scott LLC 0.05% of their portfolio | 718.5k $19.0m | Reduced -168.8k |
| Advisors Capital Management, LLC 0.26% of their portfolio | 717.0k $19.0m | Added +68.1k |
| NAN FUNG TRINITY (HK) LTD 2.11% of their portfolio | 665.0k $17.6m | Added +104.8k |
| AMERICAN CENTURY COMPANIES INC 0.01% of their portfolio | 662.3k $17.5m | Reduced -85.8k |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.03% of their portfolio | 654.8k $17.4m | Added +62.0k |
| COMMONWEALTH EQUITY SERVICES, LLC 0.02% of their portfolio | 646.8k $17.1m | Reduced -62.0k |
| NATIONAL BANK OF CANADA /FI/ 0.02% of their portfolio | 639.1k $16.9m | Reduced -70.3k |
| GATEWAY INVESTMENT ADVISERS LLC 0.18% of their portfolio | 628.2k $16.6m | Added +282.3k |
| Korea Investment CORP 0.04% of their portfolio | 608.5k $16.1m | Added +281.3k |
| MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio | 578.0k $15.3m | Added +429.4k |
| TUDOR INVESTMENT CORP ET AL 0.11% of their portfolio | 569.3k $15.1m | Added +461.9k |
| STATE OF WISCONSIN INVESTMENT BOARD 0.04% of their portfolio | 566.0k $15.0m | Added +74.9k |
| MARSHALL WACE, LLP 0.02% of their portfolio | 556.2k $14.7m | Added +161.7k |
| SYM FINANCIAL Corp 1.63% of their portfolio | 548.9k $14.5m | Added +30.1k |
| HUNTINGTON NATIONAL BANK 0.09% of their portfolio | 544.4k $14.4m | Added +15.1k |
| AVIVA PLC 0.03% of their portfolio | 525.8k $13.9m | Added +36.8k |
| OPPENHEIMER ASSET MANAGEMENT INC. 0.16% of their portfolio | 522.3k $13.8m | Reduced -223.1k |
| DekaBank Deutsche Girozentrale 0.03% of their portfolio | 521.9k $14.0m | Reduced -6.9k |
| TD Asset Management Inc 0.01% of their portfolio | 521.1k $13.8m | Reduced -21.5k |
| Zurcher Kantonalbank (Zurich Cantonalbank) 0.03% of their portfolio | 511.8k $13.6m | Added +189.8k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.03% of their portfolio | 509.9k $13.5m | Added +202 |
| Quantbot Technologies LP 0.35% of their portfolio | 509.4k $13.5m | Added +454.4k |
| CANADA LIFE ASSURANCE Co 0.02% of their portfolio | 494.8k $13.1m | Added +18.7k |
| Aberdeen Group plc 0.02% of their portfolio | 488.9k $13.1m | Added +20.1k |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 487.4k $12.9m | Reduced -196.7k |