Legal & General Group Plc lowered its position in shares of Chemours Company (The) (NYSE:CC) by 45.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 432,107 shares of the specialty chemicals company’s stock after selling 352,901 shares during the period. Legal & General Group Plc owned about 0.23% of Chemours Company (The) worth $16,616,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. FMR LLC increased its position in Chemours Company (The) by 36.6% in the first quarter. FMR LLC now owns 14,925,373 shares of the specialty chemicals company’s stock worth $574,627,000 after buying an additional 3,998,914 shares during the period. Norges Bank purchased a new position in Chemours Company (The) during the fourth quarter worth $196,709,000. Prudential Financial Inc. increased its position in Chemours Company (The) by 64.1% in the first quarter. Prudential Financial Inc. now owns 4,473,227 shares of the specialty chemicals company’s stock worth $172,219,000 after buying an additional 1,747,880 shares during the period. State Street Corp increased its position in Chemours Company (The) by 8.1% in the fourth quarter. State Street Corp now owns 4,287,135 shares of the specialty chemicals company’s stock worth $94,703,000 after buying an additional 321,567 shares during the period. Finally, Renaissance Technologies LLC increased its position in Chemours Company (The) by 63.3% in the fourth quarter. Renaissance Technologies LLC now owns 1,285,300 shares of the specialty chemicals company’s stock worth $28,392,000 after buying an additional 498,000 shares during the period. Institutional investors own 75.01% of the company’s stock.
Shares of Chemours Company (NYSE CC) traded down 0.55% during mid-day trading on Tuesday, hitting $37.79. The stock had a trading volume of 572,004 shares. The company’s 50 day moving average is $41.13 and its 200-day moving average is $33.16. Chemours Company has a 52-week low of $5.82 and a 52-week high of $46.02. The stock has a market cap of $6.97 billion, a P/E ratio of 66.07 and a beta of 3.55.
Chemours Company (The) (NYSE:CC) last released its quarterly earnings results on Monday, May 1st. The specialty chemicals company reported $0.75 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.25. Chemours Company (The) had a net margin of 1.91% and a return on equity of 125.69%. The business had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same period in the previous year, the company earned $0.06 earnings per share. The business’s revenue for the quarter was up 10.8% on a year-over-year basis. On average, equities research analysts anticipate that Chemours Company will post $3.27 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, June 15th. Shareholders of record on Wednesday, May 17th were issued a $0.03 dividend. This represents a $0.12 annualized dividend and a yield of 0.32%. The ex-dividend date was Monday, May 15th. Chemours Company (The)’s dividend payout ratio is currently 22.22%.
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A number of research firms have weighed in on CC. BidaskClub downgraded Chemours Company (The) from a “buy” rating to a “hold” rating in a report on Saturday. Citigroup Inc. reiterated a “neutral” rating and set a $40.00 target price (up previously from $34.00) on shares of Chemours Company (The) in a report on Friday, April 14th. Susquehanna Bancshares Inc upped their target price on Chemours Company (The) from $45.00 to $55.00 and gave the stock a “positive” rating in a report on Monday, May 15th. Jefferies Group LLC upgraded Chemours Company (The) from a “hold” rating to a “buy” rating and upped their target price for the stock from $35.00 to $48.00 in a report on Wednesday, March 29th. Finally, ValuEngine upgraded Chemours Company (The) from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Two equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $42.00.
In related news, Director Richard H. Brown acquired 2,500 shares of the stock in a transaction dated Wednesday, May 3rd. The stock was acquired at an average cost of $39.10 per share, for a total transaction of $97,750.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul Kirsch sold 19,036 shares of Chemours Company (The) stock in a transaction on Monday, June 5th. The stock was sold at an average price of $41.42, for a total transaction of $788,471.12. The disclosure for this sale can be found here. Insiders sold 46,725 shares of company stock worth $1,919,300 over the last ninety days. Corporate insiders own 1.14% of the company’s stock.
Chemours Company (The) 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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