Private Advisor Group LLC Acquires New Position in Chemours Co (CC)
Private Advisor Group LLC acquired a new position in Chemours Co (NYSE:CC) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 5,882 shares of the specialty chemicals company’s stock, valued at approximately $322,000.
Other institutional investors have also bought and sold shares of the company. Acrospire Investment Management LLC lifted its stake in shares of Chemours by 3.4% during the second quarter. Acrospire Investment Management LLC now owns 3,076 shares of the specialty chemicals company’s stock valued at $117,000 after acquiring an additional 100 shares during the period. Gamco Investors INC. ET AL acquired a new position in shares of Chemours during the third quarter valued at $202,000. Aull & Monroe Investment Management Corp acquired a new position in shares of Chemours during the third quarter valued at $204,000. Essex Financial Services Inc. acquired a new position in shares of Chemours during the third quarter valued at $204,000. Finally, Argyle Capital Management Inc. acquired a new position in shares of Chemours during the third quarter valued at $210,000. 74.42% of the stock is currently owned by institutional investors.
In related news, SVP David C. Shelton sold 13,397 shares of the stock in a transaction that occurred on Tuesday, October 10th. The stock was sold at an average price of $55.00, for a total transaction of $736,835.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider E Bryan Snell sold 11,878 shares of the stock in a transaction that occurred on Monday, November 6th. The shares were sold at an average price of $53.25, for a total value of $632,503.50. Following the transaction, 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 quarter, insiders have sold 50,183 shares of company stock valued at $2,720,166. 1.14% of the stock is owned by corporate insiders.
Chemours Co (NYSE:CC) opened at $47.51 on Thursday. Chemours Co has a one year low of $20.76 and a one year high of $58.08. The company has a quick ratio of 1.63, a current ratio of 2.19 and a debt-to-equity ratio of 5.07. The firm has a market capitalization of $8,900.79, a PE ratio of 17.05, a price-to-earnings-growth ratio of 0.85 and a beta of 3.38.
Chemours (NYSE:CC) last released its earnings results on Thursday, November 2nd. The specialty chemicals company reported $1.12 earnings per share for the quarter, beating the 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 firm had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.59 billion. During the same quarter in the prior year, the firm posted $0.61 earnings per share. The company’s quarterly revenue was up 13.3% on a year-over-year basis. equities research analysts expect that Chemours Co will post 3.65 EPS for the current fiscal year.
Chemours declared that its Board of Directors has approved a stock repurchase plan on Friday, December 1st that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the specialty chemicals company to purchase shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 15th. Investors 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 is an increase from Chemours’s previous quarterly dividend of $0.03. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.43%. Chemours’s dividend payout ratio (DPR) is presently 8.28%.
CC has been the topic of several research reports. BidaskClub raised Chemours from a “hold” rating to a “buy” rating in a research note on Thursday, August 24th. Zacks Investment Research lowered Chemours from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 12th. UBS increased their target price on Chemours from $50.00 to $59.00 and gave the company a “neutral” rating in a research note on Friday, November 3rd. Barclays increased their target price 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 increased their target price on Chemours to $66.00 and gave the company a “buy” rating in a research note on Monday, December 4th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $57.89.
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 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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