Tronox (TROX) Shares Up 6.3% After Dividend Announcement

Shares of Tronox Ltd (OTCMKTS:TROX) shot up 6.3% on Thursday following a dividend announcement from the company. The stock traded as high as $15.14 and last traded at $15.02. 2,369,623 shares changed hands during mid-day trading, an increase of 81% from the average session volume of 1,308,530 shares. The stock had previously closed at $14.13.

The newly announced dividend which will be paid on Friday, September 7th. Shareholders of record on Monday, August 27th will be paid a $0.045 dividend. This represents a $0.18 dividend on an annualized basis and a yield of 1.18%. The ex-dividend date of this dividend is Friday, August 24th.

A number of brokerages have commented on TROX. BMO Capital Markets cut their price target on shares of Tronox from $31.00 to $28.00 and set an “outperform” rating for the company in a research note on Tuesday, August 7th. Barclays cut their price target on shares of Tronox to $24.00 and set an “overweight” rating for the company in a research note on Monday, August 6th. Zacks Investment Research cut shares of Tronox from a “hold” rating to a “sell” rating in a research note on Thursday, August 9th. SunTrust Banks began coverage on shares of Tronox in a research note on Tuesday, July 31st. They issued a “buy” rating and a $24.00 price target for the company. Finally, MED reiterated a “buy” rating and issued a $35.00 price target on shares of Tronox in a research note on Thursday, May 10th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Tronox presently has an average rating of “Buy” and an average price target of $25.60.

Tronox (OTCMKTS:TROX) last issued its quarterly earnings data on Wednesday, August 1st. The basic materials company reported $0.31 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.26 by $0.05. The company had revenue of $492.00 million during the quarter, compared to the consensus estimate of $497.24 million. Tronox’s revenue for the quarter was up 16.9% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.16) earnings per share.

In related news, CEO Jeffry N. Quinn acquired 12,000 shares of the company’s stock in a transaction dated Friday, August 3rd. The shares were bought at an average cost of $16.97 per share, with a total value of $203,640.00. Following the completion of the transaction, the chief executive officer now directly owns 171,931 shares of the company’s stock, valued at $2,917,669.07. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Jeffrey N. Neuman acquired 4,500 shares of the company’s stock in a transaction dated Friday, August 3rd. The stock was bought at an average cost of $16.76 per share, for a total transaction of $75,420.00. The disclosure for this purchase can be found here.

A number of large investors have recently added to or reduced their stakes in TROX. SG Americas Securities LLC bought a new position in Tronox during the first quarter worth about $185,000. Quantum Capital Management bought a new position in Tronox during the second quarter worth about $201,000. Oppenheimer Asset Management Inc. bought a new position in Tronox during the first quarter worth about $206,000. Verition Fund Management LLC bought a new position in Tronox during the first quarter worth about $215,000. Finally, WINTON GROUP Ltd bought a new position in Tronox during the first quarter worth about $256,000.

About Tronox (OTCMKTS:TROX)

Tronox Limited is engaged in production and marketing of titanium bearing mineral sands and titanium dioxide pigment (TiO2). The Company’s TiO2 products are critical components of everyday applications, such as coatings, plastics, paper and other applications. The Company’s mineral sands business consists primarily of two product streams: titanium feedstock and zircon.

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