Truist Financial Corp Sells 787 Shares of The Chemours Company (NYSE:CC)

Truist Financial Corp decreased its holdings in The Chemours Company (NYSE:CC) by 4.6% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 16,376 shares of the specialty chemicals company’s stock after selling 787 shares during the period. Truist Financial Corp’s holdings in Chemours were worth $370,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. William B. Walkup & Associates Inc. bought a new position in shares of Chemours in the second quarter worth about $107,000. Scientech Research LLC bought a new position in shares of Chemours in the second quarter worth about $357,000. Mackenzie Financial Corp boosted its stake in shares of Chemours by 16.4% in the second quarter. Mackenzie Financial Corp now owns 877,246 shares of the specialty chemicals company’s stock worth $19,799,000 after acquiring an additional 123,418 shares during the period. AQR Capital Management LLC boosted its stake in shares of Chemours by 28.1% in the second quarter. AQR Capital Management LLC now owns 158,585 shares of the specialty chemicals company’s stock worth $3,579,000 after acquiring an additional 34,817 shares during the period. Finally, Point72 Hong Kong Ltd bought a new position in shares of Chemours in the second quarter worth about $789,000. Institutional investors own 76.26% of the company’s stock.

Chemours Price Performance

NYSE:CC opened at $19.76 on Friday. The firm has a market capitalization of $2.94 billion, a price-to-earnings ratio of -9.11 and a beta of 1.74. The Chemours Company has a 1 year low of $15.10 and a 1 year high of $32.70. The business has a 50 day simple moving average of $18.93 and a 200-day simple moving average of $22.97. The company has a debt-to-equity ratio of 5.45, a current ratio of 1.89 and a quick ratio of 1.01.

Chemours (NYSE:CC) last posted its quarterly earnings data on Thursday, August 1st. The specialty chemicals company reported $0.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.57 by ($0.19). The company had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.53 billion. Chemours had a net margin of 2.16% and a return on equity of 33.21%. Chemours’s revenue for the quarter was down 6.4% on a year-over-year basis. During the same period in the previous year, the business earned $1.10 earnings per share. Equities analysts forecast that The Chemours Company will post 1.32 EPS for the current year.

Chemours Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Thursday, August 15th were issued a $0.25 dividend. The ex-dividend date was Thursday, August 15th. This represents a $1.00 annualized dividend and a dividend yield of 5.06%. Chemours’s payout ratio is -46.08%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. The Goldman Sachs Group dropped their price target on Chemours from $29.00 to $23.00 and set a “neutral” rating for the company in a research note on Tuesday, September 3rd. Barclays dropped their price target on Chemours from $22.00 to $21.00 and set an “equal weight” rating for the company in a research note on Wednesday, September 25th. BMO Capital Markets increased their price target on Chemours from $30.00 to $32.00 and gave the company an “outperform” rating in a research note on Monday, October 7th. JPMorgan Chase & Co. dropped their price target on Chemours from $25.00 to $18.00 and set a “neutral” rating for the company in a research note on Tuesday, August 6th. Finally, UBS Group dropped their price target on Chemours from $30.00 to $28.00 and set a “buy” rating for the company in a research note on Tuesday, August 6th. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, Chemours presently has an average rating of “Hold” and an average price target of $25.38.

Chemours Company 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.