Penn Capital Management Company LLC Trims Holdings in The Chemours Company $CC

Penn Capital Management Company LLC trimmed its holdings in The Chemours Company (NYSE:CC) by 19.4% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 790,591 shares of the specialty chemicals company’s stock after selling 190,774 shares during the quarter. Penn Capital Management Company LLC’s holdings in Chemours were worth $16,253,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently bought and sold shares of the business. Atlas Capital Advisors Inc. bought a new stake in Chemours during the fourth quarter worth about $26,000. Aster Capital Management DIFC Ltd purchased a new stake in Chemours in the fourth quarter worth about $28,000. Covestor Ltd increased its stake in shares of Chemours by 204.7% during the fourth quarter. Covestor Ltd now owns 2,602 shares of the specialty chemicals company’s stock valued at $31,000 after purchasing an additional 1,748 shares in the last quarter. Eurizon Capital SGR S.p.A. purchased a new position in shares of Chemours during the fourth quarter valued at approximately $31,000. Finally, Rothschild Investment LLC lifted its holdings in shares of Chemours by 87.0% during the fourth quarter. Rothschild Investment LLC now owns 2,698 shares of the specialty chemicals company’s stock valued at $32,000 after purchasing an additional 1,255 shares during the last quarter. 76.26% of the stock is owned by hedge funds and other institutional investors.

Chemours Trading Down 1.5%

Shares of NYSE CC opened at $15.64 on Friday. The firm’s 50 day moving average price is $17.39 and its 200-day moving average price is $19.97. The company has a market cap of $2.35 billion, a PE ratio of -8.19 and a beta of 1.43. The Chemours Company has a 52-week low of $10.44 and a 52-week high of $28.67. The company has a debt-to-equity ratio of 18.98, a quick ratio of 0.88 and a current ratio of 1.66.

Chemours (NYSE:CC) last announced its quarterly earnings results on Tuesday, August 4th. The specialty chemicals company reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.07). The firm had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.65 billion. Chemours had a negative net margin of 5.00% and a positive return on equity of 60.64%. Chemours’s revenue was down 1.5% on a year-over-year basis. During the same period last year, the business earned ($2.54) EPS. On average, equities research analysts expect that The Chemours Company will post 0.87 EPS for the current fiscal year.

Chemours Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Friday, August 14th will be paid a dividend of $0.0875 per share. The ex-dividend date is Friday, August 14th. This represents a $0.35 annualized dividend and a yield of 2.2%. Chemours’s dividend payout ratio is currently -18.32%.

Insider Buying and Selling at Chemours

In related news, CFO Shane Hostetter purchased 3,350 shares of the company’s stock in a transaction dated Thursday, August 6th. The shares were purchased at an average price of $14.94 per share, with a total value of $50,049.00. Following the acquisition, the chief financial officer directly owned 102,698 shares in the company, valued at $1,534,308.12. The trade was a 3.37% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Calderon Gerardo Familiar purchased 1,935 shares of the company’s stock in a transaction dated Wednesday, August 12th. The shares were bought at an average cost of $15.53 per share, for a total transaction of $30,050.55. Following the acquisition, the insider owned 58,547 shares in the company, valued at approximately $909,234.91. The trade was a 3.42% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders have purchased 8,663 shares of company stock worth $130,601. Company insiders own 0.85% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on CC shares. Truist Financial dropped their price target on Chemours from $30.00 to $24.00 and set a “buy” rating on the stock in a research report on Thursday, August 6th. Alembic Global Advisors reiterated an “overweight” rating and set a $30.00 price objective on shares of Chemours in a research note on Wednesday, May 13th. Morgan Stanley set a $18.00 target price on Chemours in a report on Monday, August 10th. Weiss Ratings cut Chemours from a “sell (d)” rating to a “sell (d-)” rating in a research note on Thursday, August 6th. Finally, Royal Bank Of Canada cut their target price on Chemours from $26.00 to $22.00 and set an “outperform” rating on the stock in a research note on Thursday, August 6th. Five equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $20.10.

Chemours Profile

Chemours Company, established in 2015 as a spin-off from E. I. du Pont de Nemours and Company, is a global chemistry organization headquartered in Wilmington, Delaware. Since its formation, Chemours has focused on delivering performance chemicals that help customers lower their carbon footprint, increase energy efficiency and conserve water. The company operates with a commitment to safety, environmental stewardship and innovation.

Chemours’ principal business activities are organized into three core segments.