CenterBook Partners LP Reduces Stock Holdings in The Chemours Company (NYSE:CC)

CenterBook Partners LP trimmed its holdings in The Chemours Company (NYSE:CC) by 54.2% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 114,141 shares of the specialty chemicals company’s stock after selling 135,066 shares during the period. CenterBook Partners LP owned approximately 0.08% of Chemours worth $1,929,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. HighTower Advisors LLC grew its position in Chemours by 10.1% in the 3rd quarter. HighTower Advisors LLC now owns 15,020 shares of the specialty chemicals company’s stock valued at $300,000 after acquiring an additional 1,384 shares in the last quarter. Barclays PLC raised its holdings in Chemours by 28.4% during the third quarter. Barclays PLC now owns 107,549 shares of the specialty chemicals company’s stock worth $2,185,000 after purchasing an additional 23,766 shares in the last quarter. M&T Bank Corp raised its stake in Chemours by 4.1% during the 3rd quarter. M&T Bank Corp now owns 510,343 shares of the specialty chemicals company’s stock worth $10,370,000 after acquiring an additional 20,122 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Chemours by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 2,491,748 shares of the specialty chemicals company’s stock valued at $50,646,000 after purchasing an additional 28,803 shares during the last quarter. Finally, GAMMA Investing LLC lifted its stake in Chemours by 99.7% in the fourth quarter. GAMMA Investing LLC now owns 1,532 shares of the specialty chemicals company’s stock valued at $26,000 after buying an additional 765 shares during the last quarter. 76.26% of the stock is owned by institutional investors and hedge funds.

Chemours Price Performance

CC opened at $10.79 on Friday. The Chemours Company has a 52-week low of $9.33 and a 52-week high of $29.21. The company has a 50 day moving average of $14.69 and a two-hundred day moving average of $17.67. The company has a market cap of $1.61 billion, a P/E ratio of 18.92 and a beta of 1.84. The company has a quick ratio of 0.92, a current ratio of 1.68 and a debt-to-equity ratio of 6.70.

Chemours (NYSE:CC) last announced its quarterly earnings results on Tuesday, February 18th. The specialty chemicals company reported $0.11 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.01. Chemours had a net margin of 1.51% and a return on equity of 26.54%. The firm had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.37 billion. On average, analysts expect that The Chemours Company will post 2.03 earnings per share for the current year.

Chemours Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were paid a $0.25 dividend. The ex-dividend date of this dividend was Friday, February 28th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 9.27%. Chemours’s dividend payout ratio (DPR) is currently 175.44%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on CC shares. BMO Capital Markets decreased their target price on shares of Chemours from $34.00 to $27.00 and set an “outperform” rating for the company in a research note on Wednesday, February 19th. Morgan Stanley lowered their price target on shares of Chemours from $25.00 to $22.00 and set an “equal weight” rating on the stock in a research note on Monday, January 13th. Barclays reduced their price target on shares of Chemours from $19.00 to $16.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 1st. Truist Financial initiated coverage on Chemours in a report on Tuesday, January 28th. They issued a “buy” rating and a $27.00 price target on the stock. Finally, Mizuho raised Chemours from a “neutral” rating to an “outperform” rating and set a $19.00 price objective for the company in a report on Thursday, March 27th. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $22.56.

Chemours Company Profile

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, Thermal & Specialized Solutions, and Advanced Performance Materials. The Titanium Technologies segment provides TiO2 pigment under the Ti-Pure brand for delivering whiteness, brightness, opacity, durability, efficiency, and protection in various of applications, such as architectural and industrial coatings, flexible and rigid plastic packaging, polyvinylchloride, laminate papers used for furniture and building materials, coated paper, and coated paperboard used for packaging.