Los Angeles Capital Management & Equity Research Inc. reduced its stake in shares of Chemours Co (NYSE:CC) by 88.7% during the 3rd quarter, HoldingsChannel reports. The fund owned 16,326 shares of the specialty chemicals company’s stock after selling 127,654 shares during the quarter. Los Angeles Capital Management & Equity Research Inc.’s holdings in Chemours were worth $644,000 as of its most recent SEC filing.
A number of other large investors also recently made changes to their positions in CC. FMR LLC grew its position in Chemours by 5.8% during the 2nd quarter. FMR LLC now owns 23,927,129 shares of the specialty chemicals company’s stock worth $1,061,408,000 after purchasing an additional 1,321,767 shares during the last quarter. Iridian Asset Management LLC CT grew its position in Chemours by 53.5% during the 2nd quarter. Iridian Asset Management LLC CT now owns 6,981,122 shares of the specialty chemicals company’s stock worth $309,683,000 after purchasing an additional 2,433,033 shares during the last quarter. LSV Asset Management grew its position in Chemours by 588.7% during the 2nd 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. Morgan Stanley grew its position in Chemours by 78.1% during the 2nd quarter. Morgan Stanley now owns 1,090,495 shares of the specialty chemicals company’s stock worth $48,374,000 after purchasing an additional 478,183 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. grew its position in Chemours by 46.8% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,017,155 shares of the specialty chemicals company’s stock worth $45,121,000 after purchasing an additional 324,058 shares during the last quarter. Hedge funds and other institutional investors own 80.97% of the company’s stock.
CC has been the topic of several research reports. Zacks Investment Research downgraded shares of Chemours from a “hold” rating to a “strong sell” rating in a research report on Thursday, October 11th. SunTrust Banks lowered their price objective on shares of Chemours to $38.00 and set a “hold” rating on the stock in a research report on Monday, November 5th. Royal Bank of Canada reissued an “outperform” rating on shares of Chemours in a research report on Thursday, September 13th. ValuEngine downgraded shares of Chemours from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 15th. Finally, Susquehanna Bancshares lowered their target price on shares of Chemours from $65.00 to $44.00 and set a “positive” rating on the stock in a report on Monday, November 5th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $52.60.
Chemours (NYSE:CC) last issued its earnings results on Thursday, November 1st. The specialty chemicals company reported $1.49 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.42 by $0.07. The business had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.71 billion. Chemours had a net margin of 16.02% and a return on equity of 106.98%. The business’s quarterly revenue was up 2.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.12 earnings per share. On average, equities analysts predict that Chemours Co will post 5.69 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 14th. Stockholders of record on Friday, November 16th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 3.45%. The ex-dividend date of this dividend is Thursday, November 15th. Chemours’s payout ratio is 26.18%.
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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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