California Public Employees Retirement System decreased its position in Chemours Co (NYSE:CC) by 21.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 460,410 shares of the specialty chemicals company’s stock after selling 124,443 shares during the period. California Public Employees Retirement System owned approximately 0.25% of Chemours worth $23,301,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in the stock. AJO LP bought a new position in Chemours in the 2nd quarter worth approximately $49,809,000. TIAA CREF Investment Management LLC boosted its position in shares of Chemours by 126.5% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 1,789,112 shares of the specialty chemicals company’s stock valued at $67,843,000 after acquiring an additional 999,380 shares during the last quarter. Sirios Capital Management L P bought a new position in shares of Chemours during the 2nd quarter valued at approximately $37,430,000. FMR LLC boosted its position in shares of Chemours by 6.1% during the 2nd quarter. FMR LLC now owns 15,830,411 shares of the specialty chemicals company’s stock valued at $600,289,000 after acquiring an additional 905,038 shares during the last quarter. Finally, Old Mutual Global Investors UK Ltd. bought a new position in shares of Chemours during the 2nd quarter valued at approximately $33,541,000. Institutional investors own 74.34% of the company’s stock.
Shares of Chemours Co (NYSE CC) traded up $1.79 during mid-day trading on Thursday, reaching $52.99. The company had a trading volume of 1,478,800 shares, compared to its average volume of 2,510,000. The company has a debt-to-equity ratio of 5.07, a quick ratio of 1.63 and a current ratio of 2.19. The stock has a market capitalization of $9,790.00 and a PE ratio of 36.54. Chemours Co has a 52 week low of $23.39 and a 52 week high of $58.08.
Chemours (NYSE:CC) last posted its quarterly earnings data on Thursday, November 2nd. The specialty chemicals company reported $1.12 EPS for the quarter, beating the Zacks’ consensus estimate of $1.01 by $0.11. Chemours had a return on equity of 116.80% and a net margin of 4.86%. The business had revenue of $1.58 billion during the quarter, compared to analysts’ expectations of $1.59 billion. During the same period in the previous year, the business earned $0.61 earnings per share. The business’s revenue was up 13.3% compared to the same quarter last year. research analysts anticipate that Chemours Co will post 3.65 EPS for the current year.
Chemours announced that its Board of Directors has authorized a stock buyback program on Friday, December 1st that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the specialty chemicals company to buy shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Thursday, February 15th will be given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 1.28%. This is a boost from Chemours’s previous quarterly dividend of $0.03. The ex-dividend date of this dividend is Wednesday, February 14th. Chemours’s payout ratio is presently 8.28%.
In other Chemours news, insider Christian W. Siemer sold 15,088 shares of the business’s stock in a transaction on Wednesday, December 13th. The stock was sold at an average price of $47.37, for a total transaction of $714,718.56. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP David C. Shelton sold 5,908 shares of the company’s stock in a transaction on Friday, October 13th. The shares were sold at an average price of $56.01, for a total value of $330,907.08. Following the completion of the transaction, the senior vice president now directly owns 47,356 shares in the company, valued at approximately $2,652,409.56. The disclosure for this sale can be found here. Insiders have sold 32,874 shares of company stock valued at $1,678,129 over the last quarter. 1.14% of the stock is owned by company insiders.
CC has been the subject of a number of analyst reports. Goldman Sachs Group downgraded Chemours from a “buy” rating to a “neutral” rating and set a $55.00 price target for the company. in a research report on Wednesday, December 6th. Zacks Investment Research upgraded Chemours from a “hold” rating to a “buy” rating and set a $57.00 target price on the stock in a research note on Thursday, November 9th. Barclays increased their target price on Chemours from $55.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, November 6th. UBS Group raised their price target on Chemours from $50.00 to $59.00 and gave the company a “neutral” rating in a research note on Friday, November 3rd. Finally, Jefferies Group raised their price target on Chemours to $66.00 and gave the company a “buy” rating in a research note on Monday, December 4th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Chemours presently has a consensus rating of “Buy” and a consensus price target of $57.89.
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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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