State Board of Administration of Florida Retirement System Sells 56,029 Shares of The Chemours Company $CC

State Board of Administration of Florida Retirement System lessened its position in The Chemours Company (NYSE:CC) by 34.5% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 106,550 shares of the specialty chemicals company’s stock after selling 56,029 shares during the period. State Board of Administration of Florida Retirement System owned about 0.07% of Chemours worth $1,220,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in CC. Millennium Management LLC grew its stake in Chemours by 60.4% during the first quarter. Millennium Management LLC now owns 4,022,782 shares of the specialty chemicals company’s stock worth $54,428,000 after buying an additional 1,515,520 shares during the last quarter. Vanguard Group Inc. grew its position in 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 acquiring an additional 1,263,047 shares during the last quarter. Geode Capital Management LLC increased its holdings in Chemours by 41.4% during the 2nd quarter. Geode Capital Management LLC now owns 3,484,416 shares of the specialty chemicals company’s stock valued at $39,901,000 after purchasing an additional 1,020,933 shares in the last quarter. Public Sector Pension Investment Board bought a new position in Chemours in the 1st quarter valued at $6,411,000. Finally, Nuveen LLC acquired a new position in Chemours in the first quarter worth $4,132,000. Institutional investors and hedge funds own 76.26% of the company’s stock.

Chemours Trading Up 1.1%

CC opened at $12.68 on Friday. The firm has a 50 day simple moving average of $13.20 and a 200 day simple moving average of $13.28. The Chemours Company has a fifty-two week low of $9.13 and a fifty-two week high of $22.26. The company has a market cap of $1.90 billion, a price-to-earnings ratio of -5.71 and a beta of 1.59. The company has a debt-to-equity ratio of 13.66, a current ratio of 1.71 and a quick ratio of 0.88.

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

Chemours Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Friday, November 14th will be issued a $0.0875 dividend. This represents a $0.35 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Friday, November 14th. Chemours’s dividend payout ratio is currently -15.77%.

Analyst Upgrades and Downgrades

CC has been the subject of a number of research reports. JPMorgan Chase & Co. lowered their target price on Chemours from $15.00 to $13.00 and set a “neutral” rating for the company in a research note on Wednesday. Truist Financial dropped their target price on shares of Chemours from $21.00 to $18.00 and set a “buy” rating for the company in a research note on Monday, November 10th. UBS Group decreased their price target on shares of Chemours from $21.00 to $18.00 and set a “buy” rating on the stock in a research note on Tuesday, November 11th. Royal Bank Of Canada dropped their price objective on shares of Chemours from $19.00 to $17.00 and set an “outperform” rating for the company in a research report on Monday, November 10th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Chemours in a report on Wednesday, October 8th. Five investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Chemours has a consensus rating of “Hold” and an average price target of $17.00.

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.