DOW Dow Chemical Co

Dow Inc. was incorporated on August 30, 2018, under Delaware law, to serve as a holding company for The Dow Chemical Company and its consolidated subsidiaries ("TDCC" and together with Dow Inc., "Dow" or the "Company"). Dow Inc. operates all of its businesses through TDCC, a wholly owned subsidiary, which was incorporated in 1947 under Delaware law and is the successor to a Michigan corporation, of the same name, organized in 1897. The Company's principal executive offices are located at 2211 H.H. Dow Way, Midland, Michigan 48674.

Company profile

Ticker

DOW

Exchange

NYSE

Website

www.dow.com

CEO

James R. Fitterling

Incorporated in

Delaware

Location

Michigan

Fiscal year end

Dec 31

Sector

Process Industries > Chemicals: Specialty

Industry (SEC)

Plastic Materials, Synth Resins & Nonvulcan Elastomers

DuPont de Nemours • Dow • Eastman Chemical • Trinseo • Hexion • Albemarle • Hexcel • Kraton • AdvanSix • Polyone ...

SEC CIK

0000029915

Corporate docs

Articles of Incorporation & Bylaws

IRS number

381285128

DOW stock data

S&P 500

1M 1Y 2Y 5Y

Investment data

Data from SEC filings

7 long holdings End of quarter 31 Mar 20	Value	#Shares	Prev Q	Change %, QoQ
IBB Ishares TR	$104.56M	1.94M	2.02M	-4.4
IVZ Invesco Exchange-traded FD T	$104.14M	2.22M	2.32M	-4.4
AGFS Agrofresh Solutions (COM)	$34.44M	21M	21M	0
STT Select Sector SPDR TR (COMMUNICATION)	$33.06M	747.35K		NEW
STT Select Sector SPDR TR (RL EST SEL SEC)	$30.21M	974.61K	300.67K	+224.2
FTAI Fortress Trans Infrst Invs L	$15.19M	1.85M	1.85M	0
AGFS Agrofresh Solutions (WARRANTS)	$30K	3M	3M	0
STT Select Sector SPDR TR (SBI INT-UTILS)			450.21K	EXIT
STT Select Sector SPDR TR (TECHNOLOGY)			145.61K	EXIT
STT Select Sector SPDR TR (SBI CONS STPLS)			167.85K	EXIT
STT Select Sector SPDR TR (SBI HEALTHCARE)			87.57K	EXIT
LYFT Lyft Inc			183.32K	EXIT
STT Select Sector SPDR TR (SBI CONS DISCR)			53.97K	EXIT
PFNX Pfenex Inc			571.43K	EXIT
STT Select Sector SPDR TR (SBI INT-INDS)			22.82K	EXIT

Dow Chemical holdings history Holdings history

Holdings list only includes long positions. Only includes long positions.

Calendar

1 May 20

11 Jul 20

31 Dec 20

News

Company financial data Financial data

Chart DOW financial data

Quarter (USD)	Jun 19	Mar 19	Dec 18	Sep 18
Revenue	11.01B	13.58B	14.61B	14.98B
Net income	75M	541M	878M	1B
Diluted EPS	0.1	0.74
Net profit margin	0.68%	3.98%	6.01%	6.68%
Net change in cash	-523M	245M	-679M	-1.42B
Cash on hand	2.45B	2.97B	2.72B	3.4B
Cost of revenue	9.42B	10.71B	11.82B	11.93B

Annual (USD)	Dec 18	Dec 17	Dec 16	Dec 15
Revenue	60.28B	55.51B	48.16B	0
Net income	4.5B	466M	4.32B	7.69B
Diluted EPS			3.52	6.15
Net profit margin	7.46%	0.84%	8.97%
Net change in cash	-3.46B	-419M	-1.97B	2.92B
Cash on hand	2.72B	6.19B	6.61B	8.58B
Cost of revenue	47.71B	44.31B	37.64B	37.84B

Financial data from company earnings reports

Institutional ownership Q1 2020

DOW institutional ownership history Ownership history

0.3% owned by funds/institutions

13F holders	Current	Prev Q	Change
Total holders	16	28	-42.9%
Opened positions	1	4	-75.0%
Closed positions	13	3	+333.3%
Increased positions	8	8	–
Reduced positions	4	12	-66.7%

13F shares	Current	Prev Q	Change
Total value	71.49M	156.47M	-54.3%
Total shares	2.44M	2.86M	-14.4%
Total puts	0	0
Total calls	0	0
Total put/call ratio	–	–	–

Largest owners	Shares	Value	Change
Folger Nolan Fleming Douglas Capital Management	1.1M	$32.23M	-0.1%
Cibc World Markets	966.37K	$28.26M	-21.0%
Cullinan Associates	78.51K	$2.3M	+1.5%
Callahan Advisors	70.63K	$2.07M	+19.0%
Bontempo Ohly Capital MGMT	65.17K	$1.91M	NEW
Greenwich Wealth Management	40.5K	$1.18M	+0.3%
Bridge Creek Capital Management	40.38K	$1.18M	+1.6%
Garner Asset Management	28.58K	$836K	+2.1%
Capital Investment Advisors	18.62K	$544K	-6.0%
Point View Wealth Management	18.48K	$540K	+72.8%

Largest transactions	Shares	Bought/sold	Change
Cibc World Markets	966.37K	-256.46K	-21.0%
Grassi Investment Management	0	-83.47K	EXIT
Bontempo Ohly Capital MGMT	65.17K	+65.17K	NEW
UVSP Univest Financial	0	-50.81K	EXIT
Cheviot Value Management	0	-27.83K	EXIT
Asset Planning Services	0	-23.5K	EXIT
Callahan Advisors	70.63K	+11.27K	+19.0%
Frontier Investment MGMT	0	-9.35K	EXIT
Point View Wealth Management	18.48K	+7.79K	+72.8%
Balasa Dinverno & Foltz	0	-7.12K	EXIT

Data from 13F filings. Stock values as filed, not updated for current price. Long positions only.

Financial report summary

Risks

Global Economic Considerations: The Company operates in a global, competitive environment which gives rise to operating and market risk exposure.
Financial Commitments and Credit Markets: Market conditions could reduce the Company's flexibility to respond to changing business conditions or fund capital needs.
Supply/Demand Balance: Earnings generated by the Company's products vary based in part on the balance of supply relative to demand within the industry.
Litigation: The Company is party to a number of claims and lawsuits arising out of the normal course of business with respect to product liability, patent infringement, employment matters, governmental tax and regulation disputes, contract and commercial litigation, and other actions.
Health and Safety: Increased concerns regarding the safe use of chemicals and plastics in commerce and their potential impact on the environment has resulted in more restrictive regulations and could lead to new regulations.
Plastic Waste: Increased concerns regarding plastic waste in the environment, consumers selectively reducing their consumption of plastic products due to recycling concerns, or new or more restrictive regulations and rules related to plastic waste could reduce demand for the Company’s plastic products and could negatively impact the Company’s financial results.
Operational Event: A significant operational event could negatively impact the Company's results of operations.
Cyber Threat: The risk of loss of the Company’s intellectual property, trade secrets or other sensitive business information or disruption of operations could negatively impact the Company’s financial results.
Company Strategy: Implementing certain elements of the Company's strategy could negatively impact its financial results.
Goodwill: An impairment of goodwill could negatively impact the Company’s financial results.
Pension and Other Postretirement Benefits: Increased obligations and expenses related to the Company's defined benefit pension plans and other postretirement benefit plans could negatively impact its financial condition and results of operations.
Separation from DowDuPont: Risks related to achieving the anticipated benefits of Dow's separation from DowDuPont.

Management Discussion

1. Portfolio & Other includes the sales impact of various manufacturing, supply and service related agreements entered into with DuPont and Corteva in connection with the separation which provide for different pricing than the historical intercompany and intracompany pricing practices of TDCC and Historical DuPont.
Net sales in the first quarter of 2020 were $9.8 billion, down 11 percent from $11.0 billion in the first quarter of last year, primarily due to a decrease in local price, a decrease in volume, an unfavorable impact from currency, and a favorable impact of Portfolio & Other. Sales decreased in all geographic regions and operating segments. Local price decreased 9 percent, primarily in response to lower feedstock and raw material costs, as well as unfavorable supply and demand fundamentals. Local price
decreased in Packaging & Specialty Plastics and Industrial Intermediates & Infrastructure (both down 9 percent), in Performance Materials & Coatings (down 8 percent) and all geographic regions. Volume decreased 2 percent with declines in all geographic regions, except Latin America (up 5 percent). Volume was flat in Packaging & Specialty Plastics and decreased in Industrial Intermediates & Infrastructure (down 3 percent) and Performance Materials & Coatings (down 4 percent). The onset of the COVID-19 pandemic contributed to the volume decrease, primarily in Asia Pacific and in Industrial Intermediates & Infrastructure and Performance Materials & Coatings. Currency unfavorably impacted net sales 1 percent compared with the same period last year, driven primarily by EMEAI (down 2 percent) and Asia Pacific (down 1 percent). Portfolio & Other favorably impacted net sales 1 percent and was flat in all segments with the exception of Performance Materials & Coatings (up 3 percent).

Content analysis ?

Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability	8th grade Avg

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From filing 10-Q 2020 Q1