Pzena owns 1.59M Douglas Dynamics shares (PLOW) — 6.9% stake disclosed

Rhea-AI Filing Summary

Pzena Investment Management filed an amendment reporting beneficial ownership of 1,593,133 shares of Douglas Dynamics common stock, representing 6.9% of the class. The filing states Pzena has sole dispositive power for 1,593,133 shares and sole voting power for 1,173,438 shares. The report notes these shares are held for client accounts and that no single client holds more than 5%.

Insights

Institutional Ownership Analyst

Large institutional stake disclosed: 1.59M shares (6.9%) with sole dispositive authority.

Pzena's amendment confirms it beneficially owns 1,593,133 shares and has sole dispositive power, a standard disclosure for an investment manager crossing the 5% threshold. The size and sole dispositive authority indicate it can vote and dispose of the position absent separate client instructions.

Subsequent filings or transaction reports would reveal whether this stake is accumulating or passive; timing and trading intent are not disclosed in the excerpt.

Corporate Governance Counsel

Filing clarifies holdings are for client accounts and no single client exceeds 5%.

The amendment states clients of the investment manager have the right to dividends and proceeds; no one client holds over 5%, preserving the manager's aggregated Schedule 13G treatment. This language aligns with investment-manager reporting norms under Section 13 of the Exchange Act.

Investors seeking detail on specific client allocations must rely on separate disclosures; the filing supplies aggregate ownership and voting/dispositive powers only.

Key Figures

Beneficial ownership: 1,593,133 shares Percent of class: 6.9% Sole voting power: 1,173,438 shares +1 more

4 metrics

Beneficial ownership 1,593,133 shares reported in Schedule 13G/A amendment

Percent of class 6.9% percent of common stock beneficially owned

Sole voting power 1,173,438 shares number with sole power to vote

Sole dispositive power 1,593,133 shares number with sole power to dispose

Key Terms

beneficially owned, sole dispositive power, Schedule 13G/A

3 terms

beneficially owned regulatory

"Item 4. Ownership (a) Amount beneficially owned: 1,593,133"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

sole dispositive power regulatory

"Sole power to dispose or to direct the disposition of: 1,593,133"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

Schedule 13G/A regulatory

"This filing is labeled Amendment No. 3 to Schedule 13G/A"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

DOUGLAS DYNAMICS, INC

(Name of Issuer)

Common Stock

(Title of Class of Securities)

25960R105

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 25960R105

1

Names of Reporting Persons

PZENA INVESTMENT MANAGEMENT LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,173,438.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,593,133.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,593,133.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.9 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: DOUGLAS DYNAMICS, INC
(b)	Address of issuer's principal executive offices: 11270 W. PARK PLACE SUITE 300, MILWAUKEE, WISCONSIN, 53224
Item 2.
(a)	Name of person filing: Pzena Investment Management, LLC
(b)	Address or principal business office or, if none, residence: 320 Park Avenue, 8th floor New York, NY 10022
(c)	Citizenship: Delaware
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 25960R105
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 1,593,133
(b)	Percent of class: 6.9%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1,173,438
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 1,593,133
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. CLIENTS OF THE FILING INVESTMENT MANAGER HAVE THE RIGHT TO RECEIVE AND THE ULTIMATE POWER TO DIRECT THE RECEIPT OF DIVIDENDS FROM, OR THE PROCEEDS OF SALE OF THE SECURITIES REPORTED ON HEREINABOVE. NO INTEREST OF ANY ONE OF SUCH CLIENTS RELATES TO MORE THAN FIVE PERCENT OF THE CLASS.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

PZENA INVESTMENT MANAGEMENT LLC

Signature:	s/Steven Coffey
Name/Title:	Chief Legal Risk Officer & Chief Compliance Officer
Date:	04/17/2026

FAQ

What stake does Pzena Investment Management report in Douglas Dynamics (PLOW)?

Pzena reports beneficial ownership of 1,593,133 shares, equal to 6.9% of the class. The amendment shows sole dispositive power for 1,593,133 shares and sole voting power for 1,173,438 shares, held for client accounts.

Does any single Pzena client own more than 5% of Douglas Dynamics?

No. The filing states that while Pzena aggregates holdings, no one client reported in the filing owns more than 5%. The shares are held across client accounts, per the amendment's disclosure language.

What powers does Pzena have over the reported Douglas Dynamics shares?

Pzena reports sole dispositive power for 1,593,133 shares and sole voting power for 1,173,438 shares. That indicates authority to direct sale proceeds and voting for those counts as stated.

Is the Pzena filing an initial report or an amendment for Douglas Dynamics?

This filing is labeled Amendment No. 3 to the Schedule 13G. It updates aggregated beneficial ownership figures and restates client-held status and voting/dispositive powers as in the amendment.