Intech Investment Management LLC Sells 10,014 Shares of The Chemours Company (NYSE:CC)

Aug 11, 2023

Intech Investment Management LLC lowered its position in The Chemours Company (NYSE:CC - Free Report) by 26.1% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 28,398 shares of the specialty chemicals company's stock after selling 10,014 shares during the period. Intech Investment Management LLC's holdings in Chemours were worth $850,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. BlackRock Inc. boosted its holdings in shares of Chemours by 29.0% during the 1st quarter. BlackRock Inc. now owns 18,075,740 shares of the specialty chemicals company's stock valued at $569,023,000 after purchasing an additional 4,060,250 shares during the last quarter. Vanguard Group Inc. raised its position in Chemours by 5.5% in the 3rd quarter. Vanguard Group Inc. now owns 17,741,300 shares of the specialty chemicals company's stock worth $437,324,000 after purchasing an additional 932,063 shares during the period. State Street Corp increased its position in shares of Chemours by 5.8% during the first quarter. State Street Corp now owns 4,618,424 shares of the specialty chemicals company's stock worth $145,388,000 after acquiring an additional 254,243 shares during the period. JPMorgan Chase & Co. increased its position in shares of Chemours by 68.7% during the fourth quarter. JPMorgan Chase & Co. now owns 2,885,061 shares of the specialty chemicals company's stock worth $88,340,000 after acquiring an additional 1,174,536 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in Chemours by 5.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,340,813 shares of the specialty chemicals company's stock valued at $71,677,000 after buying an additional 112,091 shares during the period. Institutional investors own 70.80% of the company's stock.

In other news, SVP Matthew S. Abbott sold 8,912 shares of the stock in a transaction that occurred on Thursday, June 8th. The shares were sold at an average price of $34.20, for a total value of $304,790.40. Following the completion of the sale, the senior vice president now owns 29,869 shares of the company's stock, valued at approximately $1,021,519.80. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Chemours news, SVP Matthew S. Abbott sold 8,912 shares of the stock in a transaction that occurred on Thursday, June 8th. The shares were sold at an average price of $34.20, for a total transaction of $304,790.40. Following the sale, the senior vice president now directly owns 29,869 shares in the company, valued at approximately $1,021,519.80. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Mark Newman acquired 7,661 shares of Chemours stock in a transaction dated Friday, June 9th. The stock was purchased at an average price of $34.63 per share, for a total transaction of $265,300.43. Following the completion of the acquisition, the chief executive officer now directly owns 266,955 shares in the company, valued at approximately $9,244,651.65. The disclosure for this purchase can be found here. Corporate insiders own 1.63% of the company's stock.

CC opened at $32.74 on Friday. The Chemours Company has a twelve month low of $23.58 and a twelve month high of $39.05. The company has a quick ratio of 0.88, a current ratio of 1.54 and a debt-to-equity ratio of 4.45. The company has a 50-day moving average price of $35.80 and a 200 day moving average price of $32.58. The company has a market cap of $4.85 billion, a PE ratio of -48.15, a price-to-earnings-growth ratio of 1.25 and a beta of 1.96.

Chemours (NYSE:CC - Get Free Report) last announced its quarterly earnings data on Friday, July 28th. The specialty chemicals company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.01. Chemours had a negative net margin of 1.40% and a positive return on equity of 46.14%. The company had revenue of $1.64 billion during the quarter, compared to analysts' expectations of $1.75 billion. During the same quarter in the prior year, the company earned $1.89 EPS. Sell-side analysts expect that The Chemours Company will post 3.38 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Tuesday, August 15th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Monday, August 14th. This represents a $1.00 annualized dividend and a dividend yield of 3.05%. Chemours's dividend payout ratio (DPR) is -147.06%.

Several equities research analysts have recently commented on the stock. Bank of America downgraded shares of Chemours from a "buy" rating to a "neutral" rating and lowered their price objective for the stock from $41.00 to $37.00 in a research note on Thursday, June 22nd. Barclays raised their target price on shares of Chemours from $38.00 to $40.00 in a report on Tuesday, July 11th. Morgan Stanley reissued an "equal weight" rating and set a $33.00 target price on shares of Chemours in a report on Tuesday, August 1st. Royal Bank of Canada raised their target price on shares of Chemours from $37.00 to $40.00 and gave the stock a "sector perform" rating in a report on Monday, July 31st. Finally, UBS Group raised their target price on shares of Chemours from $41.00 to $43.00 in a report on Tuesday, June 13th. One 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 company's stock. According to data from MarketBeat.com, Chemours presently has a consensus rating of "Hold" and a consensus price target of $38.22.

Get Our Latest Stock Analysis on CC

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.

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