Chemours Co (CC) Stake Lowered by Janus Henderson Group PLC
Janus Henderson Group PLC decreased its position in shares of Chemours Co (NYSE:CC) by 35.7% during the second quarter, Holdings Channel reports. The institutional investor owned 433,374 shares of the specialty chemicals company’s stock after selling 240,100 shares during the period. Janus Henderson Group PLC’s holdings in Chemours were worth $19,225,000 as of its most recent SEC filing.
Several other large investors have also recently bought and sold shares of CC. Iridian Asset Management LLC CT purchased a new stake in shares of Chemours during the first quarter valued at approximately $221,537,000. LSV Asset Management boosted its holdings in Chemours by 588.7% in the second quarter. LSV Asset Management now owns 1,607,336 shares of the specialty chemicals company’s stock worth $71,301,000 after purchasing an additional 1,373,936 shares during the last quarter. Point72 Asset Management L.P. boosted its holdings in Chemours by 153.7% in the first quarter. Point72 Asset Management L.P. now owns 1,633,884 shares of the specialty chemicals company’s stock worth $79,586,000 after purchasing an additional 989,926 shares during the last quarter. Millennium Management LLC boosted its holdings in Chemours by 201.1% in the first quarter. Millennium Management LLC now owns 1,370,449 shares of the specialty chemicals company’s stock worth $66,755,000 after purchasing an additional 915,367 shares during the last quarter. Finally, Mackay Shields LLC purchased a new stake in Chemours in the second quarter worth approximately $25,434,000. Hedge funds and other institutional investors own 76.73% of the company’s stock.
CC has been the topic of several research reports. ValuEngine cut shares of Chemours from a “sell” rating to a “strong sell” rating in a report on Thursday, August 2nd. Morgan Stanley dropped their target price on shares of Chemours from $57.50 to $48.00 and set a “hold” rating on the stock in a report on Tuesday, July 17th. Vertical Research initiated coverage on shares of Chemours in a report on Monday, May 21st. They issued a “buy” rating on the stock. Royal Bank of Canada initiated coverage on shares of Chemours in a report on Wednesday, July 18th. They issued an “outperform” rating and a $60.00 target price on the stock. Finally, Barclays restated a “buy” rating and issued a $62.00 target price on shares of Chemours in a report on Tuesday, August 7th. One analyst has rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average 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. The business had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $1.82 billion. Chemours had a net margin of 15.11% and a return on equity of 107.22%. The company’s revenue was up 14.4% compared to the same quarter last year. During the same quarter last year, the company posted $0.87 EPS. equities analysts expect that Chemours Co will post 5.77 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 14th. Stockholders of record on Friday, August 17th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.51%. The ex-dividend date is Thursday, August 16th. This is a boost from Chemours’s previous quarterly dividend of $0.17. Chemours’s dividend payout ratio (DPR) is currently 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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