Bayesian Capital Management LP Acquires New Position in Chemours Company (The) (CC)
Bayesian Capital Management LP bought a new position in Chemours Company (The) (NYSE:CC) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 7,800 shares of the specialty chemicals company’s stock, valued at approximately $296,000.
Several other institutional investors and hedge funds have also recently made changes to their positions in CC. Zacks Investment Management raised its stake in Chemours Company (The) by 1.6% during the 2nd quarter. Zacks Investment Management now owns 62,894 shares of the specialty chemicals company’s stock valued at $2,385,000 after purchasing an additional 973 shares during the period. OxFORD Asset Management LLP purchased a new stake in shares of Chemours Company (The) in the second quarter valued at $9,961,000. Virtu KCG Holdings LLC lifted its holdings in shares of Chemours Company (The) by 1,274.5% in the second quarter. Virtu KCG Holdings LLC now owns 82,500 shares of the specialty chemicals company’s stock valued at $3,128,000 after purchasing an additional 76,498 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of Chemours Company (The) by 10.3% in the second quarter. Renaissance Technologies LLC now owns 3,342,200 shares of the specialty chemicals company’s stock worth $126,736,000 after buying an additional 310,800 shares during the period. Finally, Advisor Group Inc. boosted its position in shares of Chemours Company (The) by 76.2% in the second quarter. Advisor Group Inc. now owns 9,048 shares of the specialty chemicals company’s stock worth $291,000 after buying an additional 3,912 shares during the period. Institutional investors own 72.90% of the company’s stock.
Chemours Company (CC) opened at 52.75 on Tuesday. The stock has a market capitalization of $9.75 billion, a PE ratio of 34.52 and a beta of 3.60. Chemours Company has a 12-month low of $14.41 and a 12-month high of $52.75. The stock’s 50 day moving average is $50.84 and its 200 day moving average is $50.84.
Chemours Company (The) (NYSE:CC) last announced its quarterly earnings results on Wednesday, August 2nd. The specialty chemicals company reported $0.87 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.85 by $0.02. The firm had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.49 billion. Chemours Company (The) had a net margin of 4.96% and a return on equity of 122.97%. The business’s revenue was up 14.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.27 earnings per share. Analysts forecast that Chemours Company will post $3.51 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Thursday, August 17th were given a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a dividend yield of 0.23%. The ex-dividend date of this dividend was Tuesday, August 15th. Chemours Company (The)’s dividend payout ratio is 8.11%.
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In related news, SVP David C. Shelton sold 13,337 shares of the business’s stock in a transaction on Thursday, August 31st. The shares were sold at an average price of $48.48, for a total value of $646,577.76. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Amy Trojanowski sold 2,500 shares of the business’s stock in a transaction on Friday, August 11th. The shares were sold at an average price of $46.03, for a total transaction of $115,075.00. The disclosure for this sale can be found here. Insiders have sold 38,837 shares of company stock valued at $1,865,603 in the last three months. 1.14% of the stock is owned by insiders.
CC has been the topic of a number of research analyst reports. BidaskClub downgraded Chemours Company (The) from a “buy” rating to a “hold” rating in a report on Saturday, June 17th. Citigroup Inc. increased their price objective on Chemours Company (The) from $45.00 to $59.00 and gave the stock a “buy” rating in a research note on Friday, August 4th. Jefferies Group LLC reissued a “buy” rating and issued a $50.00 price objective (up from $48.00) on shares of Chemours Company (The) in a research note on Thursday, July 13th. UBS AG upgraded Chemours Company (The) from a “sell” rating to a “neutral” rating and raised their price objective for the stock from $36.00 to $50.00 in a research report on Monday, August 7th. Finally, Zacks Investment Research lowered Chemours Company (The) from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 12th. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $51.50.
Chemours Company (The) Profile
The Chemours Company is a provider of performance chemicals. The Company operates through three segments: Titanium Technologies, Fluoroproducts and Chemical Solutions. The Titanium Technologies segment is a producer of titanium dioxide (TiO2). The Fluoroproducts segment is a provider of fluoroproducts, including refrigerants and industrial fluoropolymer resins.
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