Korea Investment CORP cut its position in Chemours Co (NYSE:CC) by 83.7% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 58,155 shares of the specialty chemicals company’s stock after selling 299,500 shares during the quarter. Korea Investment CORP’s holdings in Chemours were worth $2,294,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. FMR LLC raised its holdings in Chemours by 10.5% in the 3rd quarter. FMR LLC now owns 26,450,684 shares of the specialty chemicals company’s stock valued at $1,043,214,000 after acquiring an additional 2,523,555 shares in the last quarter. Iridian Asset Management LLC CT raised its holdings in Chemours by 34.9% in the 3rd quarter. Iridian Asset Management LLC CT now owns 9,420,415 shares of the specialty chemicals company’s stock valued at $371,541,000 after acquiring an additional 2,439,293 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Chemours by 6.4% in the 3rd quarter. Bank of New York Mellon Corp now owns 2,285,480 shares of the specialty chemicals company’s stock valued at $90,139,000 after acquiring an additional 136,801 shares in the last quarter. LSV Asset Management raised its holdings in Chemours by 21.7% in the 3rd quarter. LSV Asset Management now owns 1,956,909 shares of the specialty chemicals company’s stock valued at $77,180,000 after acquiring an additional 349,573 shares in the last quarter. Finally, Morgan Stanley raised its holdings in 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 in the last quarter. Institutional investors and hedge funds own 78.51% of the company’s stock.
A number of equities analysts have recently commented on the company. ValuEngine cut Chemours from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 15th. Royal Bank of Canada reissued an “outperform” rating on shares of Chemours in a report on Thursday, September 13th. Morgan Stanley lowered their price target on Chemours from $48.00 to $47.00 and set a “hold” rating for the company in a report on Tuesday, September 25th. Zacks Investment Research cut Chemours from a “hold” rating to a “strong sell” rating in a report on Thursday, October 11th. Finally, Citigroup lowered their price target on Chemours from $61.00 to $44.00 and set a “buy” rating for the company in a report on Thursday, October 11th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $51.11.
In other news, Director Richard H. Brown acquired 10,000 shares of Chemours stock in a transaction that occurred on Monday, December 3rd. The shares were acquired at an average price of $28.60 per share, for a total transaction of $286,000.00. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 1.75% of the company’s stock.
Chemours stock opened at $27.15 on Thursday. 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 52 week low of $27.02 and a 52 week high of $54.62. The firm has a market cap of $4.64 billion, a PE ratio of 7.11, a price-to-earnings-growth ratio of 0.31 and a beta of 2.68.
Chemours (NYSE:CC) last posted its quarterly earnings results on Thursday, November 1st. The specialty chemicals company reported $1.49 EPS for the quarter, topping analysts’ consensus estimates of $1.42 by $0.07. The company had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.71 billion. Chemours had a return on equity of 106.98% and a net margin of 16.02%. Chemours’s revenue was up 2.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.12 EPS. As a group, research analysts forecast that Chemours Co will post 5.69 EPS for the current year.
The company 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 dividend of $0.25 per share. The ex-dividend date is Thursday, November 15th. This represents a $1.00 dividend on an annualized basis and a yield of 3.68%. Chemours’s dividend payout ratio is currently 26.18%.
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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, 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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