Advisors Asset Management Inc. lowered its stake in shares of The Chemours Company (NYSE:CC – Get Rating) by 91.8% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 8,711 shares of the specialty chemicals company’s stock after selling 97,744 shares during the period. Advisors Asset Management Inc.’s holdings in Chemours were worth $279,000 as of its most recent filing with the SEC.
A number of other large investors have also made changes to their positions in CC. BlackRock Inc. increased its stake in Chemours by 29.0% in the first quarter. BlackRock Inc. now owns 18,075,740 shares of the specialty chemicals company’s stock valued at $569,023,000 after acquiring an additional 4,060,250 shares during the period. First Trust Advisors LP increased its stake in Chemours by 214.1% in the first quarter. First Trust Advisors LP now owns 1,314,288 shares of the specialty chemicals company’s stock valued at $41,374,000 after acquiring an additional 895,847 shares during the period. Massachusetts Financial Services Co. MA bought a new stake in Chemours in the first quarter valued at about $19,175,000. Bank of America Corp DE increased its stake in Chemours by 75.8% in the first quarter. Bank of America Corp DE now owns 1,083,843 shares of the specialty chemicals company’s stock valued at $34,119,000 after acquiring an additional 467,394 shares during the period. Finally, Jupiter Asset Management Ltd. bought a new stake in Chemours in the first quarter valued at about $12,781,000. Institutional investors and hedge funds own 70.86% of the company’s stock.
Wall Street Analyst Weigh In
CC has been the topic of several research analyst reports. Credit Suisse Group initiated coverage on shares of Chemours in a research note on Tuesday, November 1st. They set an “underperform” rating and a $24.00 price objective on the stock. Citigroup upped their price objective on shares of Chemours to $30.00 in a research note on Thursday, October 27th. StockNews.com cut shares of Chemours from a “buy” rating to a “hold” rating in a research note on Monday, November 14th. UBS Group upped their price objective on shares of Chemours from $35.00 to $37.00 and gave the stock a “neutral” rating in a research note on Friday, July 29th. Finally, Royal Bank of Canada decreased their price objective on shares of Chemours from $48.00 to $35.00 and set an “outperform” rating on the stock in a research note on Thursday, September 22nd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Chemours currently has a consensus rating of “Hold” and a consensus target price of $33.00.
Chemours Price Performance
Chemours (NYSE:CC – Get Rating) last announced its quarterly earnings data on Tuesday, October 25th. The specialty chemicals company reported $1.24 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.08. Chemours had a net margin of 12.91% and a return on equity of 73.45%. The business had revenue of $1.80 billion for the quarter, compared to analyst estimates of $1.67 billion. During the same period in the prior year, the business posted $1.27 earnings per share. Chemours’s revenue was up 7.1% compared to the same quarter last year. Sell-side analysts forecast that The Chemours Company will post 4.93 EPS for the current fiscal year.
Chemours Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Tuesday, November 15th will be issued a $0.25 dividend. The ex-dividend date is Monday, November 14th. This represents a $1.00 annualized dividend and a yield of 3.02%. Chemours’s dividend payout ratio is currently 17.83%.
The Chemours Company provides performance chemicals in North America, the Asia Pacific, Europe, the Middle East, Africa, and Latin America. It operates through four segments: Titanium Technologies, Thermal & Specialized Solutions, Advanced Performance Materials, and Chemical Solutions. The Titanium Technologies segment provides TiO2 pigment under the Ti-Pure and BaiMax brands for delivering whiteness, brightness, opacity, and protection in various of applications, such as architectural and industrial coatings, flexible and rigid plastic packaging, polyvinylchloride, laminate papers used for furniture and building materials, coated paper, and coated paperboard used for packaging.
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