Rhumbline Advisers Reduces Stake in Chemours Co (CC)

Rhumbline Advisers lessened its holdings in shares of Chemours Co (NYSE:CC) by 3.4% during the third quarter, HoldingsChannel reports. The institutional investor owned 357,910 shares of the specialty chemicals company’s stock after selling 12,500 shares during the period. Rhumbline Advisers’ holdings in Chemours were worth $14,116,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of CC. Trilogy Capital Inc. purchased a new position in Chemours in the 3rd quarter worth about $179,000. Gideon Capital Advisors Inc. purchased a new position in Chemours in the 2nd quarter worth about $209,000. Quantitative Systematic Strategies LLC purchased a new position in Chemours in the 2nd quarter worth about $247,000. Signition LP purchased a new position in Chemours in the 3rd quarter worth about $232,000. Finally, Hartford Financial Management Inc. purchased a new position in Chemours in the 2nd quarter worth about $266,000. 80.97% of the stock is owned by hedge funds and other institutional investors.

A number of brokerages have weighed in on CC. Barclays reissued a “buy” rating and issued a $62.00 target price on shares of Chemours in a research report on Tuesday, August 7th. BMO Capital Markets cut their price target on Chemours from $70.00 to $68.00 and set an “outperform” rating for the company in a research note on Monday, August 6th. SunTrust Banks began coverage on Chemours in a research note on Tuesday, July 31st. They set a “hold” rating and a $51.00 price target for the company. ValuEngine downgraded Chemours from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 2nd. Finally, Morgan Stanley cut their price target on Chemours from $48.00 to $47.00 and set a “hold” rating for the company in a research note on Tuesday, September 25th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company’s stock. Chemours currently has a consensus rating of “Hold” and an average price target of $52.60.

Shares of NYSE:CC opened at $28.95 on Monday. The company has a market cap of $4.95 billion, a P/E ratio of 7.58, a P/E/G ratio of 0.33 and a beta of 2.74. The company has a quick ratio of 1.39, a current ratio of 2.03 and a debt-to-equity ratio of 3.48. Chemours Co has a 12-month low of $27.98 and a 12-month high of $54.62.

Chemours (NYSE:CC) last announced its quarterly earnings data on Thursday, November 1st. The specialty chemicals company reported $1.49 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.42 by $0.07. The company had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.71 billion. Chemours had a return on equity of 106.98% and a net margin of 16.02%. The firm’s revenue was up 2.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.12 EPS. On average, sell-side analysts expect that Chemours Co will post 5.69 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 14th. Investors of record on Friday, November 16th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, November 15th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.45%. Chemours’s dividend payout ratio (DPR) is presently 26.18%.

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About Chemours

The Chemours Company provides performance chemicals in North America, the Asia Pacific, Europe, the Middle East, Africa, and Latin America. It operates through three segments: Titanium Technologies, Fluoroproducts, and Chemical Solutions. The Titanium Technologies segment manufactures and sells titanium dioxide under the Ti-Pure and BaiMax brands for various applications in architectural and industrial coatings, flexible and rigid plastic packaging, polyvinylchloride window profiles, laminate papers used for furniture and building materials, and coated papers and paperboards used for packaging.

Further Reading: Systematic Risk and Investors

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Institutional Ownership by Quarter for Chemours (NYSE:CC)

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