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 ($190.2m this quarter). Holder counts are more reliable. Shares outstanding: 720.7m as of 2026-03-31, 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 ≈ $41.59. Options: 43 managers hold calls ($1.1bn notional), 47 hold puts ($1.1bn).
Trends to Q1 2026
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 |
| Q3 2025 | 1,107 |
| Q4 2025 | 1,126 |
| Q1 2026 | 1,316 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q2 2024 | 669 | 761 |
| Q3 2024 | 595 | 783 |
| Q4 2024 | 507 | 873 |
| Q1 2025 | 615 | 708 |
| Q2 2025 | 552 | 682 |
| Q3 2025 | 408 | 686 |
| Q4 2025 | 425 | 573 |
| Q1 2026 | 715 | 482 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q2 2025 | $565.1m | $603.8m | 1.07 |
| Q3 2025 | $658.8m | $621.2m | 0.94 |
| Q4 2025 | $648.7m | $642.4m | 0.99 |
| Q1 2026 | $1.1bn | $1.1bn | 0.94 |
Biggest buyers
| AQR CAPITAL MANAGEMENT LLC | Added | +9.2m |
| Capital World Investors | New | +7.1m |
| Artemis Investment Management LLP | New | +4.7m |
| WORLDQUANT MILLENNIUM ADVISORS LLC | Added | +3.8m |
| VOYA INVESTMENT MANAGEMENT LLC | Added | +3.2m |
| MARSHALL WACE, LLP | Added | +3.1m |
| Electron Capital Partners, LLC | New | +1.9m |
| MILLENNIUM MANAGEMENT LLC | Added | +1.9m |
| FMR LLC | Added | +1.7m |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | Added | +1.7m |
Biggest sellers
| PZENA INVESTMENT MANAGEMENT LLC | Reduced | -8.7m |
| JANE STREET GROUP, LLC | Reduced | -3.7m |
| TWO SIGMA ADVISERS, LP | Sold out | -3.6m |
| MORGAN STANLEY | Reduced | -3.5m |
| CANADA PENSION PLAN INVESTMENT BOARD | Reduced | -2.8m |
| Connor, Clark & Lunn Investment Management Ltd. | Reduced | -2.1m |
| Capital Research Global Investors | Reduced | -2.0m |
| BANK OF AMERICA CORP /DE/ | Reduced | -2.0m |
| HSBC HOLDINGS PLC | Reduced | -1.8m |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | -1.8m |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $332.8m8.0m shares |
| CITADEL ADVISORS LLC | Reduced | $154.5m3.7m shares |
| JANE STREET GROUP, LLC | Added | $82.9m2.0m shares |
| IMC-Chicago, LLC | Reduced | $68.8m1.7m shares |
| PEAK6 LLC | Added | $56.4m1.4m shares |
| GROUP ONE TRADING LLC | Added | $44.7m1.1m shares |
| Squarepoint Ops LLC | Reduced | $44.2m1.1m shares |
| WELLS FARGO & COMPANY/MN | Added | $38.4m923.0k shares |
| GOLDMAN SACHS GROUP INC | New | $32.9m789.8k shares |
| JPMORGAN CHASE & CO | Reduced | $30.4m725.4k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $226.4m5.4m shares |
| JANE STREET GROUP, LLC | Reduced | $155.9m3.7m shares |
| D. E. Shaw & Co., Inc. | Reduced | $117.4m2.8m shares |
| CITADEL ADVISORS LLC | Reduced | $95.9m2.3m shares |
| IMC-Chicago, LLC | Reduced | $47.9m1.1m shares |
| Squarepoint Ops LLC | Reduced | $44.0m1.1m shares |
| JPMORGAN CHASE & CO | Added | $43.3m1.0m shares |
| GROUP ONE TRADING LLC | Added | $33.6m806.1k shares |
| SIMPLEX TRADING, LLC | Added | $33.0m797.6k shares |
| Walleye Trading LLC | Reduced | $25.9m622.3k 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 2026
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 2024 | 0 | — | 0 | — | — |
| Q3 2024 | 0 | — | 0 | — | — |
| Q4 2024 | 3 | $1.6m | 0 | — | — |
| Q1 2025 | 1 | $26.2k | 0 | — | — |
| Q2 2025 | 0 | — | 0 | — | — |
| Q3 2025 | 0 | — | 0 | — | — |
| Q4 2025 | 0 | — | 0 | — | — |
| Q1 2026 | 0 | — | 0 | — | — |
None reported in Q1 2026.
Holders, Q1 2026
| Manager | Shares | Change |
|---|---|---|
| BlackRock, Inc. 0.04% of their portfolio | 53.3m $2.2bn | Added +840.2k |
| VANGUARD CAPITAL MANAGEMENT LLC 0.05% of their portfolio | 46.2m $1.9bn | First filing |
| STATE STREET CORP 0.05% of their portfolio | 35.1m $1.5bn | Added +243.2k |
| VANGUARD PORTFOLIO MANAGEMENT LLC 0.07% of their portfolio | 32.8m $1.4bn | First filing |
| PZENA INVESTMENT MANAGEMENT LLC 2.56% of their portfolio | 18.9m $789.2m | Reduced -8.7m |
| GEODE CAPITAL MANAGEMENT, LLC 0.05% of their portfolio | 18.8m $779.1m | Added +359.4k |
| MORGAN STANLEY 0.04% of their portfolio | 14.0m $582.1m | Reduced -3.5m |
| AQR CAPITAL MANAGEMENT LLC 0.20% of their portfolio | 10.3m $429.7m | Added +9.2m |
| Invesco Ltd. 0.04% of their portfolio | 9.6m $401.2m | Reduced -1.5m |
| Capital Research Global Investors 0.06% of their portfolio | 9.1m $380.9m | Reduced -2.0m |
| FMR LLC 0.02% of their portfolio | 8.2m $340.9m | Added +1.7m |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.05% of their portfolio | 7.8m $325.3m | Added +428.0k |
| Capital World Investors 0.04% of their portfolio | 7.1m $295.8m | New |
| NORTHERN TRUST CORP 0.04% of their portfolio | 6.7m $279.4m | Added +181.8k |
| GOLDMAN SACHS GROUP INC 0.03% of their portfolio | 6.2m $259.7m | Added +1.5m |
| NEUBERGER BERMAN GROUP LLC 0.19% of their portfolio | 6.0m $251.4m | Added +939.2k |
| MARSHALL WACE, LLP 0.26% of their portfolio | 5.7m $238.7m | Added +3.1m |
| BANK OF AMERICA CORP /DE/ 0.02% of their portfolio | 5.6m $233.4m | Reduced -2.0m |
| Holocene Advisors, LP 0.52% of their portfolio | 5.1m $213.3m | Added +1.1m |
| UBS Group AG 0.04% of their portfolio | 5.0m $206.9m | Added +902.4k |
| STATE FARM MUTUAL AUTOMOBILE INSURANCE CO 0.16% of their portfolio | 4.8m $200.6m | Unchanged |
| Artemis Investment Management LLP 2.10% of their portfolio | 4.7m $197.8m | New |
| TWO SIGMA INVESTMENTS, LP 0.16% of their portfolio | 4.5m $187.6m | Added +744.2k |
| PRIMECAP MANAGEMENT CO/CA/ 0.14% of their portfolio | 4.4m $181.4m | Reduced -78.0k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.04% of their portfolio | 4.2m $175.8m | Added +22.1k |
| Bank of New York Mellon Corp 0.03% of their portfolio | 4.1m $172.2m | Added +4.5k |
| WORLDQUANT MILLENNIUM ADVISORS LLC 0.66% of their portfolio | 4.1m $172.0m | Added +3.8m |
| DIMENSIONAL FUND ADVISORS LP 0.04% of their portfolio | 4.1m $170.1m | Added +76.7k |
| VANGUARD FIDUCIARY TRUST CO 0.04% of their portfolio | 4.0m $167.8m | First filing |
| STIFEL FINANCIAL CORP 0.14% of their portfolio | 3.6m $151.2m | Reduced -76.1k |
| VOYA INVESTMENT MANAGEMENT LLC 0.15% of their portfolio | 3.4m $141.0m | Added +3.2m |
| JPMORGAN CHASE & CO 0.01% of their portfolio | 3.2m $133.9m | Added +1.2m |
| D. E. Shaw & Co., Inc. 0.10% of their portfolio | 3.1m $130.5m | Reduced -600.6k |
| WELLS FARGO & COMPANY/MN 0.03% of their portfolio | 3.1m $130.0m | Added +136.3k |
| Legal & General Group Plc 0.03% of their portfolio | 3.0m $124.2m | Reduced -147.7k |
| Cullen Capital Management, LLC 1.09% of their portfolio | 2.6m $106.8m | Added +306.1k |
| Empower Advisory Group, LLC 0.27% of their portfolio | 2.5m $102.7m | Added +144.0k |
| BARCLAYS PLC 0.03% of their portfolio | 2.3m $97.8m | Added +262.5k |
| MILLENNIUM MANAGEMENT LLC 0.07% of their portfolio | 2.3m $96.9m | Added +1.9m |
| DEUTSCHE BANK AG\ 0.03% of their portfolio | 2.2m $93.3m | Added +24.2k |
| Swiss National Bank 0.05% of their portfolio | 2.1m $86.9m | Added +143.4k |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.33% of their portfolio | 2.0m $82.4m | Reduced -1.8m |
| Electron Capital Partners, LLC 3.75% of their portfolio | 1.9m $79.9m | New |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.09% of their portfolio | 1.9m $79.2m | Added +1.7m |
| HSBC HOLDINGS PLC 0.05% of their portfolio | 1.9m $78.8m | Reduced -1.8m |
| CONFLUENCE INVESTMENT MANAGEMENT LLC 1.21% of their portfolio | 1.9m $77.9m | Added +280.7k |
| CITADEL ADVISORS LLC 0.05% of their portfolio | 1.8m $73.8m | Reduced -307.0k |
| Nuveen, LLC 0.02% of their portfolio | 1.8m $73.3m | Reduced -186.0k |
| ROYAL BANK OF CANADA 0.01% of their portfolio | 1.7m $71.8m | Added +663.4k |
| Auto-Owners Insurance Co 1.41% of their portfolio | 1.6m $67.1m | Unchanged |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.04% of their portfolio | 1.6m $67.0m | Added +109.3k |
| BNP PARIBAS FINANCIAL MARKETS 0.04% of their portfolio | 1.6m $65.9m | Added +6.1k |
| Vanguard Global Advisers, LLC 0.03% of their portfolio | 1.6m $65.2m | First filing |
| Sumitomo Mitsui Trust Group, Inc. 0.04% of their portfolio | 1.5m $63.1m | Reduced -29.7k |
| Balyasny Asset Management L.P. 0.12% of their portfolio | 1.5m $61.9m | Added +1.3m |
| Amundi 0.02% of their portfolio | 1.5m $61.4m | Reduced -725.8k |
| Connor, Clark & Lunn Investment Management Ltd. 0.14% of their portfolio | 1.4m $60.3m | Reduced -2.1m |
| JENNISON ASSOCIATES LLC 0.04% of their portfolio | 1.4m $57.8m | New |
| VANGUARD ASSET MANAGEMENT, Ltd 0.05% of their portfolio | 1.3m $55.6m | First filing |
| RHUMBLINE ADVISERS 0.05% of their portfolio | 1.3m $53.6m | Reduced -43.5k |
| Eurizon Capital SGR S.p.A. 0.17% of their portfolio | 1.3m $53.4m | Added +1.1m |
| Man Group plc 0.11% of their portfolio | 1.3m $53.2m | Added +574.9k |
| JANE STREET GROUP, LLC 0.06% of their portfolio | 1.2m $51.7m | Reduced -3.7m |
| M&T Bank Corp 0.17% of their portfolio | 1.2m $50.7m | Added +62.2k |
| Russell Investments Group, Ltd. 0.05% of their portfolio | 1.2m $50.3m | Reduced -352.8k |
| NORDEA INVESTMENT MANAGEMENT AB 0.05% of their portfolio | 1.2m $51.0m | Added +1.1m |
| RAYMOND JAMES FINANCIAL INC 0.02% of their portfolio | 1.2m $49.1m | Reduced -97.0k |
| ALLIANCEBERNSTEIN L.P. 0.01% of their portfolio | 1.2m $27.4m | Added +222.5k |
| Advisors Capital Management, LLC 0.56% of their portfolio | 1.1m $47.8m | Added +106.5k |
| SG Americas Securities, LLC 0.05% of their portfolio | 1.1m $47.6m | Added +146.8k |
| LPL Financial LLC 0.01% of their portfolio | 1.1m $47.4m | Reduced -266.6k |
| SAMLYN CAPITAL, LLC 0.81% of their portfolio | 1.1m $47.3m | New |
| ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio | 1.1m $47.2m | Added +312.3k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.01% of their portfolio | 1.0m $43.6m | Reduced -686.3k |
| Korea Investment CORP 0.09% of their portfolio | 1.0m $43.2m | Added +846.8k |
| FOLGER NOLAN FLEMING DOUGLAS CAPITAL MANAGEMENT, INC 3.59% of their portfolio | 965.4k $40.2m | Added +2.8k |
| CITIGROUP INC 0.03% of their portfolio | 964.5k $40.2m | Reduced -483.2k |
| FIRST TRUST ADVISORS LP 0.03% of their portfolio | 959.0k $39.9m | Reduced -18.6k |
| Susquehanna Portfolio Strategies, LLC 0.59% of their portfolio | 956.3k $39.8m | New |
| PNC Financial Services Group, Inc. 0.02% of their portfolio | 952.1k $39.7m | Reduced -22.8k |
| Nationale-Nederlanden Powszechne Towarzystwo Emerytalne S.A. 3.35% of their portfolio | 948.9k $39.5m | New |
| TRUIST FINANCIAL CORP 0.05% of their portfolio | 929.7k $38.7m | Added +740.9k |
| Assenagon Asset Management S.A. 0.06% of their portfolio | 911.4k $38.0m | Added +889.4k |
| PointState Capital LP 0.87% of their portfolio | 903.0k $37.6m | New |
| California Public Employees Retirement System 0.02% of their portfolio | 888.6k $37.0m | Reduced -56.4k |
| Swiss Life Asset Management Ltd 0.17% of their portfolio | 829.5k $34.5m | Reduced -1.4k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.04% of their portfolio | 818.6k $34.1m | Reduced -23.7k |
| CapWealth Advisors, LLC 2.51% of their portfolio | 810.4k $33.8m | Reduced -7.2k |
| PRINCIPAL FINANCIAL GROUP INC 0.02% of their portfolio | 799.0k $33.3m | Added +14.8k |
| ACADIAN ASSET MANAGEMENT LLC 0.04% of their portfolio | 730.7k $30.4m | Added +709.9k |
| ARGA Investment Management, LP 1.00% of their portfolio | 729.5k $30.4m | Added +74.4k |
| ALPS ADVISORS INC 0.14% of their portfolio | 719.3k $30.0m | Reduced -327.2k |
| AMERIPRISE FINANCIAL INC 0.01% of their portfolio | 714.5k $29.8m | Added +134.0k |
| Alyeska Investment Group, L.P. 0.08% of their portfolio | 698.8k $29.1m | New |
| IEQ CAPITAL, LLC 0.13% of their portfolio | 678.9k $28.3m | New |
| Midwest Trust Co 0.35% of their portfolio | 672.9k $28.0m | Added +168.8k |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.05% of their portfolio | 670.3k $27.9m | Reduced -5.5k |
| Trexquant Investment LP 0.20% of their portfolio | 652.3k $27.2m | Reduced -258.5k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.04% of their portfolio | 642.8k $26.8m | Added +1.1k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.03% of their portfolio | 640.0k $26.7m | Reduced -1.8m |