The Chemours Company (NYSE:CC) Stake Cut by CenterBook Partners LP

CenterBook Partners LP decreased its holdings in shares of The Chemours Company (NYSE:CC) by 54.2% in the 4th quarter, Holdings Channel reports. The firm owned 114,141 shares of the specialty chemicals company’s stock after selling 135,066 shares during the quarter. CenterBook Partners LP’s holdings in Chemours were worth $1,929,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently modified their holdings of CC. Pinnacle Holdings LLC acquired a new position in shares of Chemours during the fourth quarter valued at $1,094,000. Raymond James Financial Inc. bought a new stake in Chemours in the 4th quarter valued at about $2,283,000. Renaissance Technologies LLC boosted its stake in Chemours by 7.3% during the 4th quarter. Renaissance Technologies LLC now owns 288,400 shares of the specialty chemicals company’s stock valued at $4,874,000 after purchasing an additional 19,500 shares during the period. Legal & General Group Plc grew its position in Chemours by 26.3% in the 4th quarter. Legal & General Group Plc now owns 1,247,096 shares of the specialty chemicals company’s stock worth $21,076,000 after purchasing an additional 259,860 shares during the last quarter. Finally, Invesco Ltd. increased its stake in shares of Chemours by 141.5% in the fourth quarter. Invesco Ltd. now owns 1,020,001 shares of the specialty chemicals company’s stock valued at $17,238,000 after purchasing an additional 597,638 shares during the period. 76.26% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CC has been the topic of several recent analyst reports. Morgan Stanley cut their target price on Chemours from $25.00 to $22.00 and set an “equal weight” rating on the stock in a research note on Monday, January 13th. Truist Financial started coverage on shares of Chemours in a report on Tuesday, January 28th. They issued a “buy” rating and a $27.00 price objective for the company. Royal Bank of Canada reissued an “outperform” rating and set a $25.00 target price on shares of Chemours in a research note on Thursday, December 12th. BMO Capital Markets reduced their price target on shares of Chemours from $34.00 to $27.00 and set an “outperform” rating for the company in a research note on Wednesday, February 19th. Finally, Mizuho upgraded shares of Chemours from a “neutral” rating to an “outperform” rating and set a $19.00 price objective for the company in a report on Thursday, March 27th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $22.56.

Chemours Price Performance

CC stock opened at $10.79 on Friday. The firm has a 50-day moving average of $14.69 and a two-hundred day moving average of $17.67. The firm has a market capitalization of $1.61 billion, a PE ratio of 18.92 and a beta of 1.84. The company has a current ratio of 1.68, a quick ratio of 0.92 and a debt-to-equity ratio of 6.70. The Chemours Company has a one year low of $9.33 and a one year high of $29.21.

Chemours (NYSE:CC) last posted its quarterly earnings data on Tuesday, February 18th. The specialty chemicals company reported $0.11 EPS for the quarter, topping analysts’ consensus estimates of $0.10 by $0.01. Chemours had a net margin of 1.51% and a return on equity of 26.54%. The firm had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.37 billion. On average, analysts forecast that The Chemours Company will post 2.03 earnings per share for the current year.

Chemours Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 9.27%. The ex-dividend date of this dividend was Friday, February 28th. Chemours’s payout ratio is 175.44%.

About Chemours

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.