Legal & General Group Plc reduced its stake in shares of Chemours Company (The) (NYSE:CC) by 13.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 307,551 shares of the specialty chemicals company’s stock after selling 49,113 shares during the period. Legal & General Group Plc owned 0.17% of Chemours worth $15,556,000 as of its most recent SEC filing.
Other hedge funds also recently made changes to their positions in the company. Koch Industries Inc. purchased a new position in Chemours in the second quarter valued at approximately $704,000. Public Employees Retirement System of Ohio raised its holdings in Chemours by 306.4% in the second quarter. Public Employees Retirement System of Ohio now owns 98,590 shares of the specialty chemicals company’s stock valued at $3,739,000 after buying an additional 74,329 shares during the period. Los Angeles Capital Management & Equity Research Inc. raised its holdings in Chemours by 264.7% in the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 42,669 shares of the specialty chemicals company’s stock valued at $1,618,000 after buying an additional 30,970 shares during the period. Victory Capital Management Inc. raised its holdings in Chemours by 292.0% in the second quarter. Victory Capital Management Inc. now owns 657,810 shares of the specialty chemicals company’s stock valued at $24,944,000 after buying an additional 489,990 shares during the period. Finally, Virginia Retirement Systems ET AL purchased a new position in Chemours in the second quarter valued at approximately $1,460,000. Institutional investors and hedge funds own 74.42% of the company’s stock.
Several research firms recently commented on CC. Zacks Investment Research lowered shares of Chemours from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 18th. UBS lifted their price objective on shares of Chemours from $50.00 to $59.00 and gave the company a “neutral” rating in a research note on Friday, November 3rd. Barclays lifted their price objective on shares of Chemours from $55.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, November 6th. BidaskClub upgraded shares of Chemours from a “hold” rating to a “buy” rating in a research note on Thursday, August 24th. Finally, Goldman Sachs Group lowered shares of Chemours from a “buy” rating to a “neutral” rating and set a $55.00 price objective on the stock. in a research note on Wednesday, December 6th. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Chemours currently has a consensus rating of “Buy” and an average target price of $57.89.
Shares of Chemours Company (NYSE CC) opened at $48.14 on Tuesday. The stock has a market cap of $8,821.17, a P/E ratio of 16.89, a PEG ratio of 0.84 and a beta of 3.38. Chemours Company has a 12 month low of $20.76 and a 12 month high of $58.08. The company has a debt-to-equity ratio of 5.07, a quick ratio of 1.63 and a current ratio of 2.19.
Chemours (NYSE:CC) last posted its quarterly earnings data on Thursday, November 2nd. The specialty chemicals company reported $1.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.01 by $0.11. The company had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.59 billion. Chemours had a net margin of 4.86% and a return on equity of 116.80%. During the same quarter last year, the firm posted $0.61 earnings per share. The business’s quarterly revenue was up 13.3% on a year-over-year basis. sell-side analysts forecast that Chemours Company will post 3.65 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, March 15th. Stockholders of record on Thursday, February 15th will be given a dividend of $0.17 per share. The ex-dividend date of this dividend is Wednesday, February 14th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.41%. This is an increase from Chemours’s previous quarterly dividend of $0.03. Chemours’s dividend payout ratio (DPR) is presently 8.28%.
Chemours declared that its board has approved a share repurchase program on Friday, December 1st that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the specialty chemicals company to reacquire shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.
In other news, SVP David C. Shelton sold 19,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 5th. The shares were sold at an average price of $53.68, for a total transaction of $1,019,920.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider E Bryan Snell sold 11,878 shares of the firm’s stock in a transaction that occurred on Monday, November 6th. The stock was sold at an average price of $53.25, for a total transaction of $632,503.50. Following the sale, the insider now directly owns 63,063 shares of the company’s stock, valued at approximately $3,358,104.75. The disclosure for this sale can be found here. Insiders have sold 50,183 shares of company stock valued at $2,720,166 in the last three months. Corporate insiders own 1.14% of the company’s stock.
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Chemours Company Profile
The Chemours Company is a provider of performance chemicals. The Company operates through three segments: Titanium Technologies, Fluoroproducts and Chemical Solutions. The Titanium Technologies segment is a producer of titanium dioxide (TiO2). The Fluoroproducts segment is a provider of fluoroproducts, including refrigerants and industrial fluoropolymer resins.
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