Principal Financial Group Inc. Boosts Stake in Chemours Co. (CC)
Principal Financial Group Inc. increased its position in Chemours Co. (NYSE:CC) by 3.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,301,492 shares of the company’s stock after buying an additional 48,065 shares during the period. Principal Financial Group Inc. owned about 0.72% of Chemours worth $10,724,000 as of its most recent SEC filing.
A number of other institutional investors also recently made changes to their positions in CC. Seaward Management Limited Partnership raised its stake in shares of Chemours by 16.3% in the second quarter. Seaward Management Limited Partnership now owns 12,568 shares of the company’s stock valued at $103,000 after buying an additional 1,765 shares during the period. Williams Jones & Associates LLC raised its stake in shares of Chemours by 7.8% in the first quarter. Williams Jones & Associates LLC now owns 16,226 shares of the company’s stock valued at $114,000 after buying an additional 1,169 shares during the period. Kennedy Capital Management Inc. raised its stake in shares of Chemours by 41.8% in the first quarter. Kennedy Capital Management Inc. now owns 21,662 shares of the company’s stock valued at $152,000 after buying an additional 6,384 shares during the period. Princeton Alpha Management LP acquired a new stake in shares of Chemours during the second quarter valued at about $179,000. Finally, Janney Montgomery Scott LLC raised its stake in shares of Chemours by 136.1% in the second quarter. Janney Montgomery Scott LLC now owns 27,091 shares of the company’s stock valued at $181,000 after buying an additional 15,616 shares during the period. 76.63% of the stock is currently owned by institutional investors and hedge funds.
Shares of Chemours Co. (NYSE:CC) opened at 14.87 on Friday. Chemours Co. has a 52 week low of $3.06 and a 52 week high of $16.32. The firm’s market cap is $2.70 billion. The stock has a 50 day moving average of $14.38 and a 200 day moving average of $10.42.
Chemours (NYSE:CC) last posted its quarterly earnings data on Tuesday, August 9th. The company reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.10. The firm had revenue of $1.38 billion for the quarter, compared to analysts’ expectations of $1.42 billion. Chemours had a positive return on equity of 95.01% and a negative net margin of 1.48%. The company’s quarterly revenue was down 8.3% compared to the same quarter last year. During the same quarter last year, the business earned ($0.10) EPS. Analysts anticipate that Chemours Co. will post $0.92 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Wednesday, August 17th were given a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a yield of 0.81%. The ex-dividend date of this dividend was Monday, August 15th. Chemours’s payout ratio is -26.09%.
CC has been the topic of several analyst reports. Argus raised shares of Chemours from a “hold” rating to a “buy” rating and set a $13.00 price target on the stock in a report on Wednesday, August 10th. They noted that the move was a valuation call. Jefferies Group boosted their price target on shares of Chemours from $10.00 to $15.00 and gave the company a “hold” rating in a report on Thursday, September 1st. TheStreet raised shares of Chemours from a “sell” rating to a “hold” rating in a report on Tuesday, August 9th. Citigroup Inc. lowered their price target on shares of Chemours from $11.00 to $9.00 and set a “neutral” rating on the stock in a report on Thursday, August 11th. Finally, Zacks Investment Research raised shares of Chemours from a “hold” rating to a “strong-buy” rating and set a $14.00 price target on the stock in a report on Wednesday, August 17th. One analyst has rated the stock with a sell rating, four have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $11.94.
Chemours Company Profile
The Chemours Company is a provider of performance chemicals. The Company operates through three segments: Titanium Technologies, Fluoroproducts and Chemical Solutions. The Company’s Titanium Technologies segment manufactures titanium dioxide (TiO2), which is a pigment used to deliver whiteness, opacity, brightness and protection from sunlight in applications, such as architectural and industrial coatings, plastic packaging, polyvinyl chloride (PVC) window profiles, laminate papers, coated paper and coated paperboard used for packaging.
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