Magnetar Financial LLC Boosts Position in Chemours Company (The) (CC)
Magnetar Financial LLC increased its position in shares of Chemours Company (The) (NYSE:CC) by 119.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 17,614 shares of the specialty chemicals company’s stock after buying an additional 9,605 shares during the quarter. Magnetar Financial LLC’s holdings in Chemours were worth $891,000 as of its most recent SEC filing.
Several other large investors have also recently bought and sold shares of CC. Russell Investments Group Ltd. grew its stake in Chemours by 146.7% in the second quarter. Russell Investments Group Ltd. now owns 136,499 shares of the specialty chemicals company’s stock valued at $5,176,000 after purchasing an additional 81,162 shares in the last quarter. Public Employees Retirement Association of Colorado grew its stake in Chemours by 17.2% in the second quarter. Public Employees Retirement Association of Colorado now owns 39,521 shares of the specialty chemicals company’s stock valued at $1,499,000 after purchasing an additional 5,812 shares in the last quarter. Great West Life Assurance Co. Can grew its stake in Chemours by 1.2% in the second quarter. Great West Life Assurance Co. Can now owns 110,566 shares of the specialty chemicals company’s stock valued at $4,191,000 after purchasing an additional 1,355 shares in the last quarter. Retirement Systems of Alabama grew its stake in Chemours by 0.6% in the second quarter. Retirement Systems of Alabama now owns 237,803 shares of the specialty chemicals company’s stock valued at $9,017,000 after purchasing an additional 1,352 shares in the last quarter. Finally, Canada Pension Plan Investment Board grew its stake in Chemours by 349.9% in the second quarter. Canada Pension Plan Investment Board now owns 466,500 shares of the specialty chemicals company’s stock valued at $17,690,000 after purchasing an additional 362,800 shares in the last quarter. Institutional investors and hedge funds own 74.42% of the company’s stock.
CC has been the subject of a number of analyst reports. BidaskClub upgraded Chemours from a “hold” rating to a “buy” rating in a research note on Thursday, August 24th. Zacks Investment Research downgraded Chemours from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 12th. UBS raised their price target on Chemours from $50.00 to $59.00 and gave the company a “neutral” rating in a research note on Friday, November 3rd. Barclays raised their price target on Chemours from $55.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, November 6th. Finally, Jefferies Group raised their price target on Chemours to $66.00 and gave the company a “buy” rating in a research note on Monday, December 4th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $57.89.
Shares of Chemours Company (CC) opened at $47.64 on Monday. Chemours Company has a 52-week low of $20.76 and a 52-week high of $58.08. The stock has a market capitalization of $8,821.17, a P/E ratio of 16.89, a PEG ratio of 0.84 and a beta of 3.38. The company has a debt-to-equity ratio of 5.07, a current ratio of 2.19 and a quick ratio of 1.63.
Chemours (NYSE:CC) last released its quarterly earnings data on Thursday, November 2nd. The specialty chemicals company reported $1.12 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.01 by $0.11. Chemours had a return on equity of 116.80% and a net margin of 4.86%. The company had revenue of $1.58 billion during the quarter, compared to analysts’ expectations of $1.59 billion. During the same period last year, the firm posted $0.61 earnings per share. The business’s revenue was up 13.3% on a year-over-year basis. sell-side analysts anticipate that Chemours Company will post 3.65 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 15th. Stockholders of record on Thursday, February 15th will be given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.43%. This is a boost from Chemours’s previous quarterly dividend of $0.03. The ex-dividend date of this dividend is Wednesday, February 14th. Chemours’s dividend payout ratio (DPR) is presently 8.28%.
Chemours announced that its board has authorized a stock buyback program on Friday, December 1st that permits the company to buyback $500.00 million in shares. This buyback authorization permits the specialty chemicals company to purchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.
In related news, SVP David C. Shelton sold 19,000 shares of Chemours stock in a transaction that occurred on Thursday, October 5th. The stock was sold at an average price of $53.68, for a total transaction of $1,019,920.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider E Bryan Snell sold 11,878 shares of Chemours stock in a transaction that occurred on Monday, November 6th. The stock was sold at an average price of $53.25, for a total value of $632,503.50. Following the sale, the insider now directly owns 63,063 shares of the company’s stock, valued at $3,358,104.75. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 50,183 shares of company stock valued at $2,720,166. Insiders own 1.14% of the company’s stock.
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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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