ING Groep NV cut its stake in shares of Chemours Company (The) (NYSE:CC) by 88.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 20,038 shares of the specialty chemicals company’s stock after selling 154,807 shares during the period. ING Groep NV’s holdings in Chemours were worth $1,014,000 as of its most recent SEC filing.
A number of other institutional investors have also recently modified their holdings of CC. Turner Investments LLC increased its position in Chemours by 83.3% during the 3rd quarter. Turner Investments LLC now owns 5,500 shares of the specialty chemicals company’s stock worth $278,000 after purchasing an additional 2,500 shares in the last quarter. Pacer Advisors Inc. boosted its stake in shares of Chemours by 16.9% during the 3rd quarter. Pacer Advisors Inc. now owns 29,380 shares of the specialty chemicals company’s stock valued at $1,487,000 after buying an additional 4,257 shares during the last quarter. Chartwell Investment Partners LLC lifted its stake in Chemours by 4.6% during the third quarter. Chartwell Investment Partners LLC now owns 137,688 shares of the specialty chemicals company’s stock worth $6,968,000 after purchasing an additional 6,002 shares during the last quarter. Columbus Circle Investors lifted its stake in Chemours by 173.2% during the third quarter. Columbus Circle Investors now owns 1,022,466 shares of the specialty chemicals company’s stock worth $51,747,000 after purchasing an additional 648,200 shares during the last quarter. Finally, Macquarie Group Ltd. lifted its stake in Chemours by 44.1% during the third quarter. Macquarie Group Ltd. now owns 82,579 shares of the specialty chemicals company’s stock worth $4,179,000 after purchasing an additional 25,279 shares during the last quarter. Institutional investors own 74.42% of the company’s stock.
A number of research analysts have recently commented on CC shares. Argus reaffirmed a “buy” rating and set a $55.00 target price (up from $50.00) on shares of Chemours in a report on Thursday, August 10th. BidaskClub downgraded Chemours from a “buy” rating to a “hold” rating in a research note on Friday, August 11th. Zacks Investment Research downgraded Chemours from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 12th. UBS lifted their price target on Chemours from $50.00 to $59.00 and gave the stock a “neutral” rating in a research report on Friday, November 3rd. Finally, Barclays lifted their price target on Chemours from $55.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, November 6th. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $54.56.
Chemours (NYSE:CC) last announced its earnings results on Thursday, November 2nd. The specialty chemicals company reported $1.12 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.01 by $0.11. The company had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.59 billion. Chemours had a return on equity of 116.80% and a net margin of 4.86%. The firm’s quarterly revenue was up 13.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.61 earnings per share. sell-side analysts anticipate that Chemours Company will post 3.73 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Thursday, February 15th will be issued a dividend of $0.17 per share. This is an increase from Chemours’s previous quarterly dividend of $0.03. The ex-dividend date is Wednesday, February 14th. This represents a $0.68 annualized dividend and a dividend yield of 1.38%. Chemours’s dividend payout ratio (DPR) is 8.28%.
Chemours declared that its board has initiated a share repurchase plan on Friday, December 1st that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the specialty chemicals company to buy shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its shares are undervalued.
In related news, SVP David C. Shelton sold 5,908 shares of the firm’s stock in a transaction on Friday, October 13th. The stock was sold at an average price of $56.01, for a total transaction of $330,907.08. Following the completion of the transaction, the senior vice president now directly owns 47,356 shares of the company’s stock, valued at approximately $2,652,409.56. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP David C. Shelton sold 19,000 shares of Chemours stock in a transaction dated Thursday, October 5th. The stock was sold at an average price of $53.68, for a total value of $1,019,920.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 50,183 shares of company stock worth $2,720,166. 1.14% of the stock is currently owned by company insiders.
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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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