Chemours Co (CC) Position Boosted by Bessemer Group Inc.
Bessemer Group Inc. increased its position in Chemours Co (NYSE:CC) by 404.5% in the fourth quarter, HoldingsChannel.com reports. The firm owned 14,657 shares of the specialty chemicals company’s stock after acquiring an additional 11,752 shares during the period. Bessemer Group Inc.’s holdings in Chemours were worth $734,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of CC. Bank of New York Mellon Corp boosted its stake in shares of Chemours by 7.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 2,371,909 shares of the specialty chemicals company’s stock valued at $120,042,000 after buying an additional 173,523 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Chemours by 11.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,201,287 shares of the specialty chemicals company’s stock valued at $110,969,000 after buying an additional 234,705 shares during the period. Columbus Circle Investors boosted its stake in shares of Chemours by 173.2% during the 3rd quarter. Columbus Circle Investors now owns 1,022,466 shares of the specialty chemicals company’s stock valued at $51,747,000 after buying an additional 648,200 shares during the period. Victory Capital Management Inc. boosted its stake in shares of Chemours by 37.4% during the 3rd quarter. Victory Capital Management Inc. now owns 903,977 shares of the specialty chemicals company’s stock valued at $45,751,000 after buying an additional 246,167 shares during the period. Finally, Ardevora Asset Management LLP acquired a new stake in shares of Chemours during the 3rd quarter valued at $40,351,000. 74.11% of the stock is owned by hedge funds and other institutional investors.
A number of equities research analysts have issued reports on the stock. Zacks Investment Research lowered shares of Chemours from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 18th. UBS Group lifted their target price on shares of Chemours from $50.00 to $59.00 and gave the company a “neutral” rating in a research note on Friday, November 3rd. Barclays lifted their target price on shares of Chemours from $55.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, November 6th. Morgan Stanley assumed coverage on shares of Chemours in a research note on Tuesday, January 30th. They set an “equal weight” rating and a $57.50 target price for the company. Finally, Goldman Sachs Group lowered shares of Chemours from a “buy” rating to a “neutral” rating and set a $55.00 target price for the company. in a research note on Wednesday, December 6th. Four equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $57.85.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 15th. Stockholders of record on Thursday, February 15th will be issued a dividend of $0.17 per share. The ex-dividend date of this dividend is Wednesday, February 14th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.46%. This is an increase from Chemours’s previous quarterly dividend of $0.03. Chemours’s dividend payout ratio (DPR) is currently 8.28%.
Chemours declared that its board has authorized a share repurchase plan on Friday, December 1st that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the specialty chemicals company to reacquire shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.
In other news, insider Christian W. Siemer sold 15,088 shares of the firm’s stock in a transaction on Wednesday, December 13th. The shares were sold at an average price of $47.37, for a total transaction of $714,718.56. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 1.14% of the stock is currently owned by company insiders.
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The Chemours Company is a provider of performance chemicals. The Company operates through three segments: Titanium Technologies, Fluoroproducts and Chemical Solutions. The Titanium Technologies segment is a producer of titanium dioxide (TiO2). The Fluoroproducts segment is a provider of fluoroproducts, including refrigerants and industrial fluoropolymer resins.
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