Chemours Co (CC) Shares Sold by Paloma Partners Management Co
Paloma Partners Management Co lessened its position in Chemours Co (NYSE:CC) by 45.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 27,558 shares of the specialty chemicals company’s stock after selling 23,243 shares during the quarter. Paloma Partners Management Co’s holdings in Chemours were worth $1,223,000 at the end of the most recent reporting period.
Several other hedge funds have also recently bought and sold shares of the stock. FMR LLC raised its holdings in shares of Chemours by 5.8% in the 2nd quarter. FMR LLC now owns 23,927,129 shares of the specialty chemicals company’s stock valued at $1,061,408,000 after buying an additional 1,321,767 shares during the period. Iridian Asset Management LLC CT raised its holdings in shares of Chemours by 53.5% in the 2nd quarter. Iridian Asset Management LLC CT now owns 6,981,122 shares of the specialty chemicals company’s stock valued at $309,683,000 after buying an additional 2,433,033 shares during the period. Allianz Asset Management GmbH raised its holdings in shares of Chemours by 10.2% in the 1st quarter. Allianz Asset Management GmbH now owns 2,469,095 shares of the specialty chemicals company’s stock valued at $120,269,000 after buying an additional 228,558 shares during the period. Point72 Asset Management L.P. raised its holdings in shares of Chemours by 153.7% in the 1st quarter. Point72 Asset Management L.P. now owns 1,633,884 shares of the specialty chemicals company’s stock valued at $79,586,000 after buying an additional 989,926 shares during the period. Finally, LSV Asset Management raised its holdings in shares of Chemours by 588.7% in the 2nd quarter. LSV Asset Management now owns 1,607,336 shares of the specialty chemicals company’s stock valued at $71,301,000 after buying an additional 1,373,936 shares during the period. Hedge funds and other institutional investors own 76.70% of the company’s stock.
Several equities research analysts recently issued reports on CC shares. Vertical Research started coverage on Chemours in a report on Monday, May 21st. They issued a “buy” rating on the stock. Zacks Investment Research downgraded Chemours from a “strong-buy” rating to a “hold” rating in a report on Monday, July 9th. ValuEngine downgraded Chemours from a “hold” rating to a “sell” rating in a report on Tuesday, July 10th. Citigroup cut their price objective on Chemours from $69.00 to $64.00 and set a “buy” rating on the stock in a report on Wednesday, July 11th. Finally, Morgan Stanley cut their price objective on Chemours from $57.50 to $48.00 and set a “hold” rating on the stock in a report on Tuesday, July 17th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the stock. Chemours presently has an average rating of “Hold” and a consensus price target of $59.10.
Chemours (NYSE:CC) last issued its quarterly earnings results on Thursday, August 2nd. The specialty chemicals company reported $1.71 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.53 by $0.18. Chemours had a return on equity of 107.22% and a net margin of 15.11%. The company had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $1.82 billion. During the same quarter in the prior year, the business earned $0.87 EPS. Chemours’s revenue was up 14.4% on a year-over-year basis. research analysts expect that Chemours Co will post 5.77 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 14th. Shareholders of record on Friday, August 17th were issued a dividend of $0.25 per share. This is an increase from Chemours’s previous quarterly dividend of $0.17. The ex-dividend date of this dividend was Thursday, August 16th. This represents a $1.00 annualized dividend and a yield of 2.48%. Chemours’s dividend payout ratio is 26.18%.
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, Fluoroproducts, and Chemical Solutions. The Titanium Technologies segment manufactures and sells titanium dioxide under the Ti-Pure and BaiMax brands for various applications in architectural and industrial coatings, flexible and rigid plastic packaging, polyvinylchloride window profiles, laminate papers used for furniture and building materials, and coated papers and paperboards used for packaging.
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