New York State Common Retirement Fund Buys 425,642 Shares of The Chemours Company $CC

New York State Common Retirement Fund raised its stake in The Chemours Company (NYSE:CC) by 1,085.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 464,842 shares of the specialty chemicals company’s stock after purchasing an additional 425,642 shares during the period. New York State Common Retirement Fund owned 0.31% of Chemours worth $7,363,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. SummerHaven Investment Management LLC bought a new stake in shares of Chemours during the 3rd quarter worth about $956,000. PFG Investments LLC acquired a new stake in Chemours during the third quarter worth approximately $184,000. Y Intercept Hong Kong Ltd bought a new stake in shares of Chemours during the third quarter worth approximately $2,124,000. Mitsubishi UFJ Trust & Banking Corp boosted its holdings in shares of Chemours by 96.7% during the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 40,697 shares of the specialty chemicals company’s stock worth $645,000 after acquiring an additional 20,005 shares during the period. Finally, Arkadios Wealth Advisors acquired a new position in shares of Chemours in the third quarter valued at approximately $277,000. Institutional investors and hedge funds own 76.26% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. UBS Group dropped their price target on Chemours from $21.00 to $18.00 and set a “buy” rating for the company in a report on Tuesday, November 11th. Truist Financial boosted their target price on shares of Chemours from $18.00 to $21.00 and gave the company a “buy” rating in a research report on Wednesday, January 21st. Royal Bank Of Canada restated an “outperform” rating and issued a $18.00 price target on shares of Chemours in a research note on Friday, January 16th. BMO Capital Markets reiterated an “outperform” rating and issued a $20.00 price objective on shares of Chemours in a research note on Monday, January 19th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Chemours in a report on Wednesday, January 21st. Five equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Chemours has a consensus rating of “Hold” and a consensus price target of $16.67.

Chemours Price Performance

Shares of CC stock opened at $17.94 on Thursday. The business has a fifty day simple moving average of $13.59 and a 200 day simple moving average of $13.92. The Chemours Company has a twelve month low of $9.13 and a twelve month high of $19.06. The company has a quick ratio of 0.88, a current ratio of 1.71 and a debt-to-equity ratio of 13.66. The company has a market cap of $2.69 billion, a P/E ratio of -8.08 and a beta of 1.63.

Chemours (NYSE:CC) last announced its quarterly earnings results on Thursday, November 6th. The specialty chemicals company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.04). The company had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.50 billion. Chemours had a negative net margin of 5.70% and a positive return on equity of 35.27%. The company’s revenue for the quarter was down .9% compared to the same quarter last year. During the same period last year, the firm posted $0.40 earnings per share. On average, sell-side analysts forecast that The Chemours Company will post 2.03 EPS for the current fiscal year.

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.