Mitsubishi UFJ Trust & Banking Corp trimmed its position in shares of The Chemours Company (NYSE:CC – Get Rating) by 23.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,507 shares of the specialty chemicals company’s stock after selling 6,083 shares during the period. Mitsubishi UFJ Trust & Banking Corp’s holdings in Chemours were worth $625,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also modified their holdings of the company. SeaCrest Wealth Management LLC acquired a new position in Chemours during the second quarter worth $74,000. Lazard Asset Management LLC increased its position in Chemours by 326.8% during the second quarter. Lazard Asset Management LLC now owns 8,369 shares of the specialty chemicals company’s stock worth $267,000 after buying an additional 6,408 shares during the last quarter. Baird Financial Group Inc. grew its position 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 valued at $379,000 after purchasing an additional 1,438 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in shares of Chemours in the second quarter valued at about $1,048,000. Finally, Hancock Whitney Corp grew its position 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 valued at $636,000 after purchasing an additional 1,402 shares during the last quarter. 70.86% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several equities research analysts have recently issued reports on CC shares. Bank of America lowered their price target on Chemours from $44.00 to $36.00 in a research report on Thursday, September 22nd. Argus cut shares of Chemours from a “buy” rating to a “hold” rating in a research note on Wednesday, October 5th. Citigroup lifted their target price on shares of Chemours to $30.00 in a research note on Thursday, October 27th. StockNews.com upgraded shares of Chemours from a “hold” rating to a “buy” rating in a research note on Tuesday. Finally, Royal Bank of Canada dropped their price objective on shares of Chemours from $48.00 to $35.00 and set an “outperform” rating for the company in a research report 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, Chemours presently has a consensus rating of “Hold” and an average target price of $33.00.
Chemours Price Performance
Chemours (NYSE:CC – Get Rating) last announced its quarterly earnings results on Tuesday, October 25th. The specialty chemicals company reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.08. Chemours had a net margin of 12.91% and a return on equity of 73.45%. The company had revenue of $1.80 billion during the quarter, compared to analyst estimates of $1.67 billion. During the same quarter in the previous year, the business earned $1.27 EPS. The firm’s revenue was up 7.1% on a year-over-year basis. On average, equities research analysts forecast that The Chemours Company will post 4.93 earnings per share for the current year.
Chemours Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Tuesday, November 15th will be given a $0.25 dividend. The ex-dividend date is Monday, November 14th. This represents a $1.00 annualized dividend and a yield of 3.11%. Chemours’s dividend payout ratio is currently 17.83%.
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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