Wedge Capital Management L L P NC Invests $5.53 Million in The Chemours Company (NYSE:CC)

Wedge Capital Management L L P NC acquired a new stake in shares of The Chemours Company (NYSE:CCGet Rating) in the 2nd quarter, HoldingsChannel reports. The institutional investor acquired 172,625 shares of the specialty chemicals company’s stock, valued at approximately $5,527,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. BlackRock Inc. raised its holdings in shares of Chemours by 29.0% in the 1st quarter. BlackRock Inc. now owns 18,075,740 shares of the specialty chemicals company’s stock valued at $569,023,000 after acquiring an additional 4,060,250 shares in the last quarter. State Street Corp increased its position in shares of Chemours by 5.8% in the first quarter. State Street Corp now owns 4,618,424 shares of the specialty chemicals company’s stock worth $145,388,000 after purchasing an additional 254,243 shares during the last quarter. Geode Capital Management LLC raised its stake in Chemours by 26.8% in the fourth quarter. Geode Capital Management LLC now owns 2,781,603 shares of the specialty chemicals company’s stock valued at $93,350,000 after purchasing an additional 588,765 shares in the last quarter. Millennium Management LLC lifted its position in Chemours by 315.7% during the fourth quarter. Millennium Management LLC now owns 2,287,108 shares of the specialty chemicals company’s stock valued at $76,755,000 after purchasing an additional 1,736,888 shares during the last quarter. Finally, Greenlight Capital Inc. grew its stake in Chemours by 23.0% in the 1st quarter. Greenlight Capital Inc. now owns 2,141,814 shares of the specialty chemicals company’s stock worth $67,424,000 after buying an additional 400,000 shares in the last quarter. Institutional investors own 70.86% of the company’s stock.

Chemours Stock Performance

NYSE CC opened at $30.73 on Wednesday. The firm has a market cap of $4.77 billion, a price-to-earnings ratio of 5.73, a PEG ratio of 0.39 and a beta of 1.80. The company has a 50-day simple moving average of $34.52 and a two-hundred day simple moving average of $34.58. The company has a quick ratio of 1.27, a current ratio of 1.91 and a debt-to-equity ratio of 3.01. The Chemours Company has a 12-month low of $22.56 and a 12-month high of $44.95.

Chemours (NYSE:CCGet Rating) last issued its earnings results on Thursday, July 28th. The specialty chemicals company reported $1.89 earnings per share for the quarter, beating the consensus estimate of $1.42 by $0.47. Chemours had a return on equity of 79.77% and a net margin of 12.72%. The company had revenue of $1.92 billion during the quarter, compared to analysts’ expectations of $1.84 billion. During the same period in the prior year, the business posted $1.20 EPS. Chemours’s quarterly revenue was up 15.7% compared to the same quarter last year. On average, equities analysts forecast that The Chemours Company will post 5.6 EPS for the current year.

Chemours Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Monday, August 15th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 3.25%. The ex-dividend date was Friday, August 12th. Chemours’s dividend payout ratio is 18.66%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Bank of America cut shares of Chemours from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $48.00 to $44.00 in a research report on Tuesday, June 14th. UBS Group increased their target price on Chemours from $35.00 to $37.00 and gave the company a “neutral” rating in a research note on Friday, July 29th. Citigroup lifted their price target on Chemours to $36.00 in a research note on Tuesday, August 9th. StockNews.com raised Chemours from a “buy” rating to a “strong-buy” rating in a report on Thursday, September 15th. Finally, Royal Bank of Canada upped their target price on Chemours from $44.00 to $48.00 and gave the stock an “outperform” rating in a research note on Monday, August 1st. Three investment analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $40.17.

Chemours Company Profile

(Get Rating)

The Chemours Company provides performance chemicals in North America, the Asia Pacific, Europe, the Middle East, Africa, and Latin America. It operates through four segments: Titanium Technologies, Thermal & Specialized Solutions, Advanced Performance Materials, and Chemical Solutions. The Titanium Technologies segment provides TiO2 pigment under the Ti-Pure and BaiMax brands for delivering whiteness, brightness, opacity, 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.

See Also

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Institutional Ownership by Quarter for Chemours (NYSE:CC)

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