Dow Inc. (NYSE: DOW), founded by Herbert H. Dow, is a global materials science company focused on packaging, infrastructure, and consumer applications. Shares recently traded near $23.97 per share, giving Dow a market value of roughly $17.0B.
After a prolonged downturn driven by weaker chemical demand, margin pressure, and declining earnings, examining who owns Dow provides insight into how large institutions, hedge funds, and insiders are positioning around the company’s earnings recovery potential, balance sheet leverage, and dividend sustainability.
Looking at ownership trends alongside insider filings helps clarify how confidence in Dow appears to be evolving at this stage of the cycle.
Who Are Dow’s Top Shareholders?
Dow’s shareholder base is led by large passive institutions that tend to hold through market cycles, providing a stable ownership foundation. At the same time, several active managers have made meaningful adjustments, pointing to mixed conviction at current price levels.
- The Vanguard Group: 85,193,791 shares (11.99%), ~$2.04B value. Added 731,899 shares (+0.87%).
- BlackRock Institutional Trust Company, N.A.: 34,560,089 shares (4.86%), ~$828.4M value. Cut 1,811,625 shares (-4.98%).
- State Street Investment Management (US): 34,132,210 shares (4.80%), ~$818.1M value. Added 1,796,237 shares (+5.55%).
- Pzena Investment Management, LLC: 27,166,229 shares (3.82%), ~$651.2M value. Added 74,991 shares (+0.28%).
- Geode Capital Management, L.L.C.: 18,316,300 shares (2.58%), ~$439.0M value. Added 311,837 shares (+1.73%).
- Capital Research Global Investors: 11,721,113 shares (1.65%), ~$281.0M value. Cut 14,508,629 shares (-55.31%).
- Invesco Capital Management LLC: 8,560,125 shares (1.20%), ~$205.2M value. Cut 541,242 shares (-5.95%).
- Norges Bank Investment Management: 6,711,979 shares (0.94%), ~$160.9M value. Cut 614,838 shares (-8.39%).
- Charles Schwab Investment Management, Inc.: 6,687,468 shares (0.94%), ~$160.3M value. Added 756,644 shares (+12.76%).
- UBS Financial Services, Inc.: 6,341,081 shares (0.89%), ~$152.0M value. Added 1,364,375 shares (+27.42%).
While Vanguard, BlackRock, and State Street continue to anchor Dow’s shareholder base, sizable reductions from Capital Research and Norges Bank suggest some long term active investors may be reassessing earnings visibility and balance sheet risk, and for investors this points to a stock that is still being approached with caution rather than strong conviction.
Hedge Fund Highlights
One notable move came from Millennium Management, founded by Israel Englander, which increased its position in Dow Inc. by roughly 386%, bringing the stake to about $64M. The sharp increase suggests positioning around a potential cyclical rebound, though the allocation remains modest relative to Millennium’s overall portfolio.
Gotham Asset Management, led by Joel Greenblatt, also raised its Dow holdings by approximately 386% to roughly $16M, which appears consistent with a value oriented thesis tied to compressed valuation metrics rather than near term earnings momentum.
Citadel Advisors, founded by Ken Griffin, expanded its Dow position by nearly 300%, now holding around $39M worth of shares. Given Citadel’s highly active trading approach, the move may reflect tactical exposure rather than a long duration bet.
Meanwhile, D.E. Shaw, founded by David E. Shaw, lifted its holdings by roughly 378% to approximately $16M, which may be driven by quantitative signals related to valuation spreads or mean reversion within the materials sector, and for investors this highlights selective interest rather than broad hedge fund conviction.
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Dow’s Recent Insider Trades
Insider filings show several small transactions, primarily clustered around late November, alongside director share grants earlier in the year.
- James R. Fitterling (Officer & Director): Sold 1,929 shares at ~$23.85, ~$46.0K.
- Sreeram Attigannal (Officer): Sold 407 shares at ~$23.85, ~$9.7K.
- John Maurice Sampson (Officer): Sold 323 shares at ~$23.85, ~$7.7K.
- Jeffrey L. Tate (Officer): Sold 524 shares at ~$23.85, ~$12.5K.
- Karen S. Carter (Officer): Sold 17,352 shares between ~$23.23 and $23.85, ~$412.0K.
- Keith Cleason (Officer): Sold 3,045 shares between ~$23.23 and $23.85, ~$71.0K.
- Multiple Directors: Received 7,146 shares each at $0, which appears tied to equity awards.
It appears insider activity is modest in size and skewed toward selling near current price levels, and for investors these transactions do not meaningfully alter the broader ownership picture or signal a clear directional shift.
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What the Ownership & Insider Trade Data Tell Us
Dow’s ownership structure remains anchored by large passive institutions, providing stability through the cycle, while active managers show mixed positioning as earnings remain under pressure. Hedge fund interest appears selective and tactical, and insider transactions remain limited in scope.
Taken together, the data suggests Dow is still being viewed as a cyclical recovery candidate rather than a confirmed turnaround, and for investors the ownership picture supports a patient stance as the market waits for clearer signs of margin improvement, stronger cash flow, and balance sheet progress.
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