Algert Global LLC Sells 6,066 Shares of The Chemours Company (NYSE:CC)

Algert Global LLC lessened its holdings in The Chemours Company (NYSE:CC) by 12.2% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 43,794 shares of the specialty chemicals company’s stock after selling 6,066 shares during the quarter. Algert Global LLC’s holdings in Chemours were worth $988,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Burney Co. raised its holdings in Chemours by 0.3% in the 1st quarter. Burney Co. now owns 197,046 shares of the specialty chemicals company’s stock valued at $5,174,000 after acquiring an additional 601 shares in the last quarter. Treasurer of the State of North Carolina raised its stake in Chemours by 1.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 65,924 shares of the specialty chemicals company’s stock valued at $2,079,000 after purchasing an additional 640 shares in the last quarter. Lavaca Capital LLC lifted its position in Chemours by 2.7% during the first quarter. Lavaca Capital LLC now owns 24,658 shares of the specialty chemicals company’s stock worth $648,000 after purchasing an additional 641 shares during the period. Arizona State Retirement System grew its stake in Chemours by 2.1% during the second quarter. Arizona State Retirement System now owns 41,657 shares of the specialty chemicals company’s stock worth $940,000 after buying an additional 863 shares in the last quarter. Finally, State of Michigan Retirement System increased its holdings in Chemours by 2.5% in the 1st quarter. State of Michigan Retirement System now owns 36,479 shares of the specialty chemicals company’s stock valued at $958,000 after buying an additional 900 shares during the period. 76.26% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on CC. JPMorgan Chase & Co. cut their price target on shares of Chemours from $25.00 to $18.00 and set a “neutral” rating for the company in a report on Tuesday, August 6th. UBS Group reduced their target price on Chemours from $30.00 to $28.00 and set a “buy” rating on the stock in a report on Tuesday, August 6th. BMO Capital Markets lowered their price target on Chemours from $35.00 to $30.00 and set an “outperform” rating for the company in a report on Tuesday, August 6th. The Goldman Sachs Group dropped their price objective on Chemours from $29.00 to $23.00 and set a “neutral” rating for the company in a research report on Tuesday, September 3rd. Finally, Mizuho initiated coverage on Chemours in a research report on Friday, June 7th. They issued a “neutral” rating and a $25.00 target price on the stock. Six investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $26.63.

Chemours Price Performance

Shares of NYSE:CC opened at $19.57 on Friday. The firm has a market cap of $2.91 billion, a PE ratio of -9.02 and a beta of 1.74. The Chemours Company has a 52 week low of $15.10 and a 52 week high of $32.70. The firm’s fifty day moving average is $19.24 and its 200-day moving average is $23.50. The company has a debt-to-equity ratio of 5.45, a quick ratio of 1.01 and a current ratio of 1.89.

Chemours (NYSE:CC) last released its quarterly earnings results on Thursday, August 1st. The specialty chemicals company reported $0.38 EPS for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $1.53 billion. During the same quarter last year, the firm posted $1.10 EPS. The company’s quarterly revenue was down 6.4% on a year-over-year basis. Sell-side analysts predict that The Chemours Company will post 1.33 earnings per share for the current year.

Chemours Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Thursday, August 15th were given a $0.25 dividend. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 5.11%. Chemours’s dividend payout ratio (DPR) is currently -46.08%.

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.