Picton Mahoney Asset Management cut its stake in Chemours Co (NYSE:CC) by 7.0% in the third quarter, Holdings Channel reports. The fund owned 35,600 shares of the specialty chemicals company’s stock after selling 2,700 shares during the period. Picton Mahoney Asset Management’s holdings in Chemours were worth $1,404,000 at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in the company. FMR LLC increased its stake in shares of Chemours by 5.8% in the 2nd quarter. FMR LLC now owns 23,927,129 shares of the specialty chemicals company’s stock valued at $1,061,408,000 after acquiring an additional 1,321,767 shares during the last quarter. Iridian Asset Management LLC CT increased its stake in shares of Chemours by 53.5% in the 2nd quarter. Iridian Asset Management LLC CT now owns 6,981,122 shares of the specialty chemicals company’s stock valued at $309,683,000 after acquiring an additional 2,433,033 shares during the last quarter. LSV Asset Management increased its stake in shares of Chemours by 588.7% in the 2nd quarter. LSV Asset Management now owns 1,607,336 shares of the specialty chemicals company’s stock valued at $71,301,000 after acquiring an additional 1,373,936 shares during the last quarter. Morgan Stanley increased its stake in shares of Chemours by 78.1% in the 2nd quarter. Morgan Stanley now owns 1,090,495 shares of the specialty chemicals company’s stock valued at $48,374,000 after acquiring an additional 478,183 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. increased its stake in shares of Chemours by 46.8% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,017,155 shares of the specialty chemicals company’s stock valued at $45,121,000 after acquiring an additional 324,058 shares during the last quarter. 76.33% of the stock is owned by institutional investors.
Shares of CC opened at $32.09 on Friday. The company has a debt-to-equity ratio of 3.48, a current ratio of 2.03 and a quick ratio of 1.39. Chemours Co has a 52-week low of $30.92 and a 52-week high of $54.62. The company has a market capitalization of $5.97 billion, a P/E ratio of 8.40, a price-to-earnings-growth ratio of 0.40 and a beta of 2.74.
Chemours (NYSE:CC) last issued its quarterly earnings data on Thursday, November 1st. The specialty chemicals company reported $1.49 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.42 by $0.07. Chemours had a return on equity of 106.98% and a net margin of 16.02%. The business had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.71 billion. During the same period in the previous year, the firm earned $1.12 EPS. Chemours’s quarterly revenue was up 2.8% compared to the same quarter last year. Equities analysts forecast that Chemours Co will post 5.69 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 14th. Investors of record on Friday, November 16th will be given a $0.25 dividend. The ex-dividend date is Thursday, November 15th. This represents a $1.00 annualized dividend and a dividend yield of 3.12%. Chemours’s dividend payout ratio is presently 26.18%.
CC has been the subject of a number of recent analyst reports. Barclays reaffirmed a “buy” rating and issued a $62.00 price target on shares of Chemours in a research note on Tuesday, August 7th. Citigroup lowered their price target on Chemours from $61.00 to $44.00 and set a “buy” rating for the company in a research note on Thursday, October 11th. Morgan Stanley lowered 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. SunTrust Banks initiated coverage on Chemours in a research note on Tuesday, July 31st. They issued a “hold” rating and a $51.00 price target for the company. Finally, Royal Bank of Canada initiated coverage on Chemours in a research note on Wednesday, July 18th. They issued an “outperform” rating and a $60.00 price target for the company. Two research 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. The company has an average rating of “Hold” and an average price target of $52.60.
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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.
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