First Republic Investment Management Inc. Acquires New Position in Chemours Co (CC)
First Republic Investment Management Inc. acquired a new stake in Chemours Co (NYSE:CC) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 6,906 shares of the specialty chemicals company’s stock, valued at approximately $306,000.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of CC. Point72 Asia Hong Kong Ltd purchased a new stake in Chemours in the 1st quarter valued at $178,000. Cerebellum GP LLC purchased a new stake in Chemours in the 2nd quarter valued at $175,000. Gofen & Glossberg LLC IL purchased a new stake in Chemours in the 2nd quarter valued at $204,000. Gideon Capital Advisors Inc. purchased a new stake in Chemours in the 2nd quarter valued at $209,000. Finally, Quantitative Systematic Strategies LLC purchased a new stake in Chemours in the 2nd quarter valued at $247,000. 76.69% of the stock is owned by hedge funds and other institutional investors.
Several analysts have issued reports on the company. Barclays restated a “buy” rating and issued a $62.00 target price on shares of Chemours in a report on Tuesday, August 7th. BMO Capital Markets dropped their target price on Chemours from $70.00 to $68.00 and set an “outperform” rating for the company in a report on Monday, August 6th. Citigroup dropped their target price on Chemours from $69.00 to $64.00 and set a “buy” rating for the company in a report on Wednesday, July 11th. ValuEngine cut Chemours from a “hold” rating to a “sell” rating in a report on Tuesday, July 10th. Finally, Zacks Investment Research cut Chemours from a “strong-buy” rating to a “hold” rating in a report on Monday, July 9th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $59.00.
Chemours (NYSE:CC) last released its quarterly earnings results on Thursday, August 2nd. The specialty chemicals company reported $1.71 earnings per share for the quarter, topping analysts’ consensus estimates of $1.53 by $0.18. The business had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $1.82 billion. Chemours had a return on equity of 110.68% and a net margin of 15.11%. The company’s revenue was up 14.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.87 EPS. equities analysts expect that Chemours Co will post 5.76 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 14th. Stockholders of record on Friday, August 17th were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Thursday, August 16th. This is a boost from Chemours’s previous quarterly dividend of $0.17. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.56%. Chemours’s dividend payout ratio is currently 26.18%.
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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