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Dow Chemical to Convert Preferred Stock into Common Stock
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The Dow Chemical Company (DOW - Free Report) intends to notify its Series A Convertible Preferred Stock holders of its decision to convert the Series A preferred shares into common shares. The conversion will be effective Dec 30, 2016.
Dow Chemical will be converting each preferred share into 24.2010 common shares on the conversion date. The conversion reflects a price of $41.32 per share. The company’s outstanding shares will increase by 96.804 million due to the conversion of all 4 million Series A preferred stocks. The holders of the Series A preferred stock will receive the last dividend on the conversion day, for the quarter ending Dec 31, 2016.
Shares of Dow Chemical closed 0.1% higher at $58.41 on Dec 16.
Dow has performed mostly in line with the Zacks categorized Chemical industry over the past three months. The company’s shares have gained 1 11.1% over this period, compared with 11% gain recorded by the industry.
Dow’s adjusted earnings for third-quarter 2016 topped the Zacks Consensus Estimate, aided by its productivity and cost-reduction actions. Dow is likely to benefit from its productivity and aggressive portfolio management actions as well as strategic investments in the U.S., Gulf Coast and Middle East.
Moreover, the company is moving forward with its planned mega-merger with DuPont (DD - Free Report) , which is expected to create significant synergies. Dow is also likely to gain from cost synergies associated with Dow Corning Silicones business in 2016.
Some better-ranked companies in the chemical space include The Chemours Company (CC - Free Report) and FMC Corp. (FMC - Free Report) , both sporting a Zacks Rank #1 (Strong Buy).
Today, you are invited to download the full list of 220 Zacks Rank #1 ""Strong Buy"" stocks – absolutely free of charge. Since 1988, Zacks Rank #1 stocks have nearly tripled the market, with average gains of +26% per year. Plus, you can access the list of portfolio-killing Zacks Rank #5 ""Strong Sells"" and other private research. See these stocks free >>
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Dow Chemical to Convert Preferred Stock into Common Stock
The Dow Chemical Company (DOW - Free Report) intends to notify its Series A Convertible Preferred Stock holders of its decision to convert the Series A preferred shares into common shares. The conversion will be effective Dec 30, 2016.
Dow Chemical will be converting each preferred share into 24.2010 common shares on the conversion date. The conversion reflects a price of $41.32 per share. The company’s outstanding shares will increase by 96.804 million due to the conversion of all 4 million Series A preferred stocks. The holders of the Series A preferred stock will receive the last dividend on the conversion day, for the quarter ending Dec 31, 2016.
Shares of Dow Chemical closed 0.1% higher at $58.41 on Dec 16.
Dow has performed mostly in line with the Zacks categorized Chemical industry over the past three months. The company’s shares have gained 1 11.1% over this period, compared with 11% gain recorded by the industry.
Dow’s adjusted earnings for third-quarter 2016 topped the Zacks Consensus Estimate, aided by its productivity and cost-reduction actions. Dow is likely to benefit from its productivity and aggressive portfolio management actions as well as strategic investments in the U.S., Gulf Coast and Middle East.
Moreover, the company is moving forward with its planned mega-merger with DuPont (DD - Free Report) , which is expected to create significant synergies. Dow is also likely to gain from cost synergies associated with Dow Corning Silicones business in 2016.
DOW CHEMICAL Price
DOW CHEMICAL Price | DOW CHEMICAL Quote
Stocks to Consider
Dow Chemical holds a Zacks Rank #3 (Hold).
Some better-ranked companies in the chemical space include The Chemours Company (CC - Free Report) and FMC Corp. (FMC - Free Report) , both sporting a Zacks Rank #1 (Strong Buy).
Chemours has an expected long-term growth of 15.5%. You can the complete list of today’s Zacks #1 Rank stocks here.
FMC has an expected long-term growth of 10.88%.
The Best Place to Start Your Stock Search
Today, you are invited to download the full list of 220 Zacks Rank #1 ""Strong Buy"" stocks – absolutely free of charge. Since 1988, Zacks Rank #1 stocks have nearly tripled the market, with average gains of +26% per year. Plus, you can access the list of portfolio-killing Zacks Rank #5 ""Strong Sells"" and other private research. See these stocks free >>