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Market Update: The Dow Chemical Company (NYSE:DOW) – DuPont layoffs before merger a credit negative for Delaware -Moody’s

[Reuters] – Layoffs at chemical maker DuPont Co announced in late December, in preparation for its merger with Dow Chemical Co, create negative credit conditions for communities in Delaware and the state overall, a report said on Friday. Moody’s Investors Service said the 1,700 jobs being cut in Delaware by DuPont represents a “significant” 24 percent of all company employees in the state. This event is credit negative for New Castle County (Aaa stable), the City of Wilmington (Aa2 stable) and the State of Delaware (Aaa stable),” Moody’s said in a research note. Read more on this. The Dow Chemical Company (DOW) , with a current value of $49.37B, opened this morning at $42.86. Shares have traded today between $42.20 and $43.61 per share and has traded between $35.11 and $57.10 over the past year. DOW shares are currently priced at 13.49x this year’s forecasted earnings, which makes them relatively inexpensive compared to the industry’s 30.43x earnings multiple. And for those looking to make a return holding the stock, the company pays shareholders $1.84 per share annually in dividends, yielding 3.98%. In a review of the consensus earnings estimate this quarter, 20 sell-side analysts are looking at $0.70 per share, which would be $0.15 worse than the year-ago quarter and a $0.02 sequential decrease. What we find to be interesting is that the full-year EPS estimate of $3.28 is a $0.17 improvement when compared to the previous year’s annual results. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $11.23 Billion. If realized, that would be a 21.91% decrease over the year-ago quarter. In terms of ratings, Bernstein Initiated DOW at Outperform (Sep 11, 2015). Previously, Deutsche Bank upgraded DOW from Hold to Buy. Given all the information above, we should disclose to readers that the average price target is $57.44, which is 34.02% above than it opened this morning. See more in (NYSE:DOW) Similar Articles: Company Update: E I du Pont de Nemours and Company (NYSE:DD) – DuPont layoffs before merger a credit negative for Delaware -Moody’s Market Update: The Dow Chemical Company (NYSE:DOW) – Dow Delivers Progress on JV Consolidation Commitments Market Update: The Dow Chemical Company (NYSE:DOW) – Seven Dow Technologies Honored By R&D 100 Magazine
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