Stevens Capital Management LP Sells 38,041 Shares of Chemours Co (CC)
Stevens Capital Management LP reduced its position in shares of Chemours Co (NYSE:CC) by 47.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 42,582 shares of the specialty chemicals company’s stock after selling 38,041 shares during the period. Stevens Capital Management LP’s holdings in Chemours were worth $1,679,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. FMR LLC increased its stake in shares of Chemours by 10.5% during the third quarter. FMR LLC now owns 26,450,684 shares of the specialty chemicals company’s stock worth $1,043,214,000 after purchasing an additional 2,523,555 shares during the period. Iridian Asset Management LLC CT boosted its holdings in shares of Chemours by 34.9% in the 3rd quarter. Iridian Asset Management LLC CT now owns 9,420,415 shares of the specialty chemicals company’s stock valued at $371,541,000 after purchasing an additional 2,439,293 shares in the last quarter. LSV Asset Management boosted its holdings in shares of Chemours by 588.7% in the 2nd quarter. LSV Asset Management now owns 1,607,336 shares of the specialty chemicals company’s stock valued at $71,301,000 after purchasing an additional 1,373,936 shares in the last quarter. Marshall Wace LLP boosted its holdings in shares of Chemours by 926.4% in the 2nd quarter. Marshall Wace LLP now owns 834,938 shares of the specialty chemicals company’s stock valued at $37,038,000 after purchasing an additional 753,593 shares in the last quarter. Finally, Mackay Shields LLC acquired a new stake in shares of Chemours in the 2nd quarter valued at $25,434,000. 78.51% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages have weighed in on CC. Morgan Stanley reduced their target price on Chemours from $48.00 to $47.00 and set a “hold” rating on the stock in a report on Tuesday, September 25th. Barclays reaffirmed a “buy” rating and issued a $62.00 target price on shares of Chemours in a report on Tuesday, August 7th. SunTrust Banks reduced their target price on Chemours to $38.00 and set a “hold” rating on the stock in a report on Monday, November 5th. Citigroup downgraded Chemours from a “buy” rating to a “neutral” rating and cut their price objective for the company from $44.00 to $38.00 in a report on Friday, November 2nd. Finally, BMO Capital Markets cut their price objective on Chemours from $68.00 to $58.00 and set an “outperform” rating on the stock in a report on Monday, November 5th. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $51.11.
NYSE CC opened at $27.15 on Wednesday. The company has a debt-to-equity ratio of 3.48, a quick ratio of 1.39 and a current ratio of 2.03. Chemours Co has a twelve month low of $27.02 and a twelve month high of $54.62. The firm has a market cap of $4.87 billion, a P/E ratio of 7.11, a PEG ratio of 0.33 and a beta of 2.68.
Chemours (NYSE:CC) last released its quarterly earnings data on Thursday, November 1st. The specialty chemicals company reported $1.49 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.42 by $0.07. Chemours had a return on equity of 106.98% and a net margin of 16.02%. The company had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.71 billion. During the same quarter last year, the business posted $1.12 EPS. Chemours’s revenue for the quarter was up 2.8% on a year-over-year basis. On average, analysts forecast that Chemours Co will post 5.69 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 14th. Shareholders of record on Friday, November 16th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 3.68%. The ex-dividend date is Thursday, November 15th. Chemours’s payout ratio is presently 26.18%.
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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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