The Chemours Company (NYSE:CC) Shares Bought by Forest Avenue Capital Management LP

Forest Avenue Capital Management LP grew its position in The Chemours Company (NYSE:CC) by 236.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 845,728 shares of the specialty chemicals company’s stock after buying an additional 594,660 shares during the period. Chemours accounts for approximately 2.6% of Forest Avenue Capital Management LP’s investment portfolio, making the stock its 19th largest position. Forest Avenue Capital Management LP owned 0.57% of Chemours worth $19,088,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Dimensional Fund Advisors LP boosted its stake in Chemours by 2.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,547,094 shares of the specialty chemicals company’s stock worth $80,342,000 after buying an additional 53,254 shares during the period. Norges Bank purchased a new position in shares of Chemours during the 4th quarter worth approximately $39,171,000. Corient Private Wealth LLC increased its holdings in Chemours by 32.1% in the 4th quarter. Corient Private Wealth LLC now owns 20,004 shares of the specialty chemicals company’s stock valued at $631,000 after purchasing an additional 4,866 shares during the last quarter. Trexquant Investment LP raised its position in Chemours by 21.2% in the fourth quarter. Trexquant Investment LP now owns 50,426 shares of the specialty chemicals company’s stock valued at $1,590,000 after purchasing an additional 8,809 shares during the period. Finally, Hsbc Holdings PLC acquired a new position in Chemours during the fourth quarter worth $1,376,000. Hedge funds and other institutional investors own 76.26% of the company’s stock.

Chemours Stock Down 2.9 %

Shares of NYSE:CC opened at $18.69 on Friday. The company has a debt-to-equity ratio of 5.45, a current ratio of 1.89 and a quick ratio of 1.01. The stock has a market cap of $2.78 billion, a P/E ratio of -8.61 and a beta of 1.75. The Chemours Company has a 1-year low of $15.10 and a 1-year high of $32.70. The firm has a fifty day moving average price of $20.05 and a 200 day moving average price of $23.84.

Chemours (NYSE:CC) last posted its quarterly earnings data on Thursday, August 1st. The specialty chemicals company reported $0.38 EPS for the quarter, missing the consensus estimate of $0.57 by ($0.19). Chemours had a net margin of 2.16% and a return on equity of 33.21%. The company had revenue of $1.54 billion for the quarter, compared to analysts’ expectations of $1.53 billion. During the same period in the prior year, the company earned $1.10 earnings per share. The firm’s revenue was down 6.4% on a year-over-year basis. Sell-side analysts predict that The Chemours Company will post 1.33 EPS for the current year.

Chemours Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Thursday, August 15th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 5.35%. The ex-dividend date was Thursday, August 15th. Chemours’s payout ratio is currently -46.08%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CC. Mizuho started coverage on shares of Chemours in a research report on Friday, June 7th. They set a “neutral” rating and a $25.00 price target on the stock. The Goldman Sachs Group reduced their target price on shares of Chemours from $29.00 to $23.00 and set a “neutral” rating on the stock in a report on Tuesday, September 3rd. Barclays dropped their price target on shares of Chemours from $30.00 to $22.00 and set an “equal weight” rating for the company in a research note on Tuesday, August 6th. BMO Capital Markets reduced their price objective on Chemours from $35.00 to $30.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 6th. Finally, JPMorgan Chase & Co. decreased their target price on Chemours from $25.00 to $18.00 and set a “neutral” rating for the company in a report on Tuesday, August 6th. Six analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $26.75.

Chemours Profile

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, Thermal & Specialized Solutions, and Advanced Performance Materials. The Titanium Technologies segment provides TiO2 pigment under the Ti-Pure brand for delivering whiteness, brightness, opacity, durability, efficiency, 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.