117,723 Shares in The Chemours Company (NYSE:CC) Bought by Seven Eight Capital LP

Seven Eight Capital LP purchased a new stake in The Chemours Company (NYSE:CC) in the 2nd quarter, HoldingsChannel reports. The fund purchased 117,723 shares of the specialty chemicals company’s stock, valued at approximately $2,657,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of CC. New Covenant Trust Company N.A. bought a new stake in shares of Chemours during the first quarter worth about $29,000. North Star Investment Management Corp. raised its stake in shares of Chemours by 1,510.0% in the first quarter. North Star Investment Management Corp. now owns 1,288 shares of the specialty chemicals company’s stock worth $34,000 after purchasing an additional 1,208 shares during the last quarter. Sunbelt Securities Inc. lifted its holdings in shares of Chemours by 1,969.7% in the first quarter. Sunbelt Securities Inc. now owns 1,366 shares of the specialty chemicals company’s stock valued at $36,000 after purchasing an additional 1,300 shares in the last quarter. Neo Ivy Capital Management purchased a new position in shares of Chemours during the fourth quarter valued at approximately $40,000. Finally, Headlands Technologies LLC bought a new stake in Chemours during the first quarter worth $42,000. Institutional investors own 76.26% of the company’s stock.

Chemours Stock Up 2.5 %

CC stock opened at $18.49 on Wednesday. The Chemours Company has a fifty-two week low of $15.10 and a fifty-two week high of $32.70. The stock has a fifty day moving average of $20.44 and a 200-day moving average of $23.94. The company has a market capitalization of $2.75 billion, a price-to-earnings ratio of -8.52 and a beta of 1.75. 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 posted its earnings results on Thursday, August 1st. The specialty chemicals company reported $0.38 earnings per share for the quarter, missing the consensus estimate of $0.57 by ($0.19). The business had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.53 billion. Chemours had a return on equity of 33.21% and a net margin of 2.16%. Chemours’s revenue for the quarter was down 6.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.10 EPS. As a group, equities research analysts predict that The Chemours Company will post 1.33 earnings per share for the current year.

Chemours Announces Dividend

The business 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. This represents a $1.00 annualized dividend and a dividend yield of 5.41%. The ex-dividend date of this dividend was Thursday, August 15th. Chemours’s dividend payout ratio (DPR) is presently -46.08%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on CC. UBS Group cut their price objective on shares of Chemours from $30.00 to $28.00 and set a “buy” rating on the stock in a report on Tuesday, August 6th. The Goldman Sachs Group cut their price target 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. Mizuho initiated coverage on shares of Chemours in a research note on Friday, June 7th. They issued a “neutral” rating and a $25.00 price objective for the company. BMO Capital Markets cut their target price 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 price target on Chemours from $25.00 to $18.00 and set a “neutral” rating for the company in a research report on Tuesday, August 6th. Six investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Chemours currently has a consensus rating of “Hold” and an average price target of $26.75.

About Chemours

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.