Principal Financial Group Inc. reduced its stake in shares of The Chemours Company (NYSE:CC – Get Rating) by 3.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 615,112 shares of the specialty chemicals company’s stock after selling 21,172 shares during the period. Principal Financial Group Inc.’s holdings in Chemours were worth $19,696,000 at the end of the most recent quarter.
Several other institutional investors also recently bought and sold shares of CC. SeaCrest Wealth Management LLC bought a new position in shares of Chemours in the second quarter worth about $74,000. Lazard Asset Management LLC increased its stake in shares of Chemours by 326.8% in the second quarter. Lazard Asset Management LLC now owns 8,369 shares of the specialty chemicals company’s stock worth $267,000 after purchasing an additional 6,408 shares during the period. Baird Financial Group Inc. increased its stake in shares of Chemours by 13.8% in the second quarter. Baird Financial Group Inc. now owns 11,828 shares of the specialty chemicals company’s stock worth $379,000 after purchasing an additional 1,438 shares during the period. Y Intercept Hong Kong Ltd bought a new position in shares of Chemours in the second quarter worth about $1,048,000. Finally, Hancock Whitney Corp increased its stake in shares of Chemours by 7.6% in the second quarter. Hancock Whitney Corp now owns 19,844 shares of the specialty chemicals company’s stock worth $636,000 after purchasing an additional 1,402 shares during the period. 70.86% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
Several brokerages recently issued reports on CC. Morgan Stanley lowered their price target on Chemours from $41.00 to $33.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 25th. BMO Capital Markets lowered their price target on Chemours from $46.00 to $41.00 and set an “outperform” rating on the stock in a research note on Thursday, October 27th. Bank of America lowered their price target on Chemours from $44.00 to $36.00 in a research note on Thursday, September 22nd. Barclays boosted their price target on Chemours from $30.00 to $34.00 in a research note on Tuesday, November 1st. Finally, Royal Bank of Canada lowered their price target on Chemours from $48.00 to $35.00 and set an “outperform” rating on the stock in a research note on Thursday, September 22nd. One analyst has rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $33.00.
Chemours Stock Down 2.7 %
Chemours (NYSE:CC – Get Rating) last announced its earnings results on Tuesday, October 25th. The specialty chemicals company reported $1.24 EPS for the quarter, topping the consensus estimate of $1.16 by $0.08. The business had revenue of $1.80 billion for the quarter, compared to the consensus estimate of $1.67 billion. Chemours had a return on equity of 73.45% and a net margin of 12.91%. Chemours’s revenue was up 7.1% compared to the same quarter last year. During the same period in the previous year, the business earned $1.27 EPS. Equities analysts forecast that The Chemours Company will post 4.93 earnings per share for the current fiscal year.
Chemours Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Tuesday, November 15th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 3.11%. The ex-dividend date of this dividend is Monday, November 14th. Chemours’s payout ratio is currently 17.83%.
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 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.
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