Pinnacle Holdings LLC Acquires 6,016 Shares of The Chemours Company (NYSE:CC)

Pinnacle Holdings LLC boosted its holdings in The Chemours Company (NYSE:CC) by 9.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 70,766 shares of the specialty chemicals company’s stock after buying an additional 6,016 shares during the period. Pinnacle Holdings LLC’s holdings in Chemours were worth $957,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of CC. Vanguard Group Inc. grew its holdings in shares of Chemours by 8.3% during the 1st quarter. Vanguard Group Inc. now owns 16,487,008 shares of the specialty chemicals company’s stock worth $223,069,000 after purchasing an additional 1,263,047 shares in the last quarter. Ameriprise Financial Inc. grew its holdings in shares of Chemours by 23.8% during the 4th quarter. Ameriprise Financial Inc. now owns 4,373,172 shares of the specialty chemicals company’s stock worth $73,907,000 after purchasing an additional 839,849 shares in the last quarter. Millennium Management LLC boosted its stake in Chemours by 44.6% in the 4th quarter. Millennium Management LLC now owns 2,507,262 shares of the specialty chemicals company’s stock valued at $42,373,000 after buying an additional 773,537 shares in the last quarter. Invesco Ltd. boosted its stake in Chemours by 141.5% in the 4th quarter. Invesco Ltd. now owns 1,020,001 shares of the specialty chemicals company’s stock valued at $17,238,000 after buying an additional 597,638 shares in the last quarter. Finally, Covalis Capital LLP acquired a new stake in Chemours in the 4th quarter valued at $8,768,000. Institutional investors and hedge funds own 76.26% of the company’s stock.

Analysts Set New Price Targets

CC has been the topic of several recent analyst reports. Royal Bank Of Canada boosted their price target on Chemours from $14.00 to $15.00 and gave the company an “outperform” rating in a research note on Thursday, July 3rd. Wall Street Zen lowered Chemours from a “hold” rating to a “sell” rating in a research note on Wednesday, May 21st. Morgan Stanley reduced their price objective on Chemours from $22.00 to $15.00 and set an “equal weight” rating on the stock in a research note on Monday, May 12th. Barclays reduced their price objective on Chemours from $16.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Wednesday, May 28th. Finally, The Goldman Sachs Group dropped their target price on Chemours from $21.00 to $14.00 and set a “neutral” rating for the company in a research report on Wednesday, May 14th. One research analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $17.38.

Chemours Trading Down 3.2%

CC stock opened at $14.59 on Friday. The company has a market cap of $2.18 billion, a P/E ratio of -5.21 and a beta of 1.61. The Chemours Company has a twelve month low of $9.13 and a twelve month high of $22.38. The company has a quick ratio of 0.83, a current ratio of 1.68 and a debt-to-equity ratio of 17.16. The business has a fifty day moving average of $12.57 and a 200-day moving average of $13.10.

Chemours (NYSE:CC) last released its quarterly earnings data on Tuesday, August 5th. The specialty chemicals company reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.12. The business had revenue of $1.62 billion during the quarter, compared to the consensus estimate of $1.57 billion. Chemours had a positive return on equity of 35.14% and a negative net margin of 7.19%. The firm’s revenue was up 5.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.38 earnings per share. As a group, equities research analysts expect that The Chemours Company will post 2.03 EPS for the current year.

Chemours Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Friday, August 15th will be issued a $0.0875 dividend. This represents a $0.35 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date is Friday, August 15th. Chemours’s dividend payout ratio is currently -12.50%.

Insider Activity at Chemours

In related news, insider Damian Gumpel acquired 7,822 shares of the company’s stock in a transaction that occurred on Tuesday, June 3rd. The stock was acquired at an average price of $9.95 per share, for a total transaction of $77,828.90. Following the completion of the acquisition, the insider owned 131,701 shares of the company’s stock, valued at $1,310,424.95. This trade represents a 6.31% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Shane Hostetter acquired 4,450 shares of the company’s stock in a transaction that occurred on Monday, May 19th. The stock was bought at an average price of $11.28 per share, with a total value of $50,196.00. Following the acquisition, the chief financial officer directly owned 59,694 shares of the company’s stock, valued at $673,348.32. The trade was a 8.06% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 29,740 shares of company stock worth $300,633. 0.47% of the stock is owned by insiders.

Chemours 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.