New York State Teachers Retirement System Decreases Stock Position in The Chemours Company $CC

New York State Teachers Retirement System decreased its position in The Chemours Company (NYSE:CC) by 19.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 152,663 shares of the specialty chemicals company’s stock after selling 37,884 shares during the quarter. New York State Teachers Retirement System’s holdings in Chemours were worth $3,363,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in CC. SG Americas Securities LLC grew its holdings in Chemours by 478.4% during the 4th quarter. SG Americas Securities LLC now owns 236,236 shares of the specialty chemicals company’s stock valued at $2,785,000 after purchasing an additional 195,393 shares in the last quarter. Hudson Bay Capital Management LP acquired a new position in Chemours in the 3rd quarter worth $1,925,000. Wolf Hill Capital Management LP acquired a new position in Chemours in the 3rd quarter worth $17,025,000. Penn Capital Management Company LLC purchased a new position in Chemours in the 3rd quarter valued at about $10,325,000. Finally, Vanguard Group Inc. boosted its position in Chemours by 2.8% in the 4th quarter. Vanguard Group Inc. now owns 17,920,868 shares of the specialty chemicals company’s stock valued at $211,287,000 after buying an additional 490,778 shares during the last quarter. Hedge funds and other institutional investors own 76.26% of the company’s stock.

Chemours Price Performance

Shares of CC opened at $17.35 on Friday. The Chemours Company has a 52 week low of $10.44 and a 52 week high of $28.67. The company has a current ratio of 1.82, a quick ratio of 0.87 and a debt-to-equity ratio of 18.98. The firm has a market cap of $2.61 billion, a price-to-earnings ratio of -6.57 and a beta of 1.41. The stock has a 50 day moving average of $21.90 and a 200-day moving average of $19.47.

Chemours (NYSE:CC) last posted its quarterly earnings results on Tuesday, May 5th. The specialty chemicals company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.10. Chemours had a positive return on equity of 52.49% and a negative net margin of 6.82%.The business had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same period in the prior year, the company posted $0.13 EPS. The business’s revenue was up 1.0% compared to the same quarter last year. As a group, analysts forecast that The Chemours Company will post 1.16 EPS for the current year.

Chemours Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 16th. Shareholders of record on Sunday, May 17th were issued a dividend of $0.0875 per share. This represents a $0.35 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend was Friday, May 15th. Chemours’s dividend payout ratio is -13.26%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on CC shares. Mizuho dropped their target price on Chemours from $30.00 to $25.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 1st. Truist Financial increased their price target on Chemours from $27.00 to $30.00 and gave the company a “buy” rating in a report on Tuesday, April 28th. Alembic Global Advisors restated an “overweight” rating and set a $30.00 price objective on shares of Chemours in a research note on Wednesday, May 13th. Weiss Ratings restated a “sell (d)” rating on shares of Chemours in a report on Monday, April 20th. Finally, Morgan Stanley upped their target price on Chemours from $17.00 to $21.00 and gave the company an “equal weight” rating in a research report on Monday, May 11th. Six analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $24.10.

About Chemours

Chemours Company, established in 2015 as a spin-off from E. I. du Pont de Nemours and Company, is a global chemistry organization headquartered in Wilmington, Delaware. Since its formation, Chemours has focused on delivering performance chemicals that help customers lower their carbon footprint, increase energy efficiency and conserve water. The company operates with a commitment to safety, environmental stewardship and innovation.

Chemours’ principal business activities are organized into three core segments.