Point72 Asset Management L.P. Takes Position in Chemours Co (CC)
Point72 Asset Management L.P. bought a new stake in shares of Chemours Co (NYSE:CC) during the 3rd quarter, according to its most recent filing with the SEC. The firm bought 65,700 shares of the specialty chemicals company’s stock, valued at approximately $3,325,000.
Other large investors also recently made changes to their positions in the company. Acrospire Investment Management LLC grew its stake in Chemours by 3.4% during the 2nd quarter. Acrospire Investment Management LLC now owns 3,076 shares of the specialty chemicals company’s stock valued at $117,000 after purchasing an additional 100 shares in the last quarter. Alps Advisors Inc. acquired a new stake in Chemours during the 2nd quarter valued at approximately $202,000. Gamco Investors INC. ET AL acquired a new stake in Chemours during the 3rd quarter valued at approximately $202,000. Bell Bank acquired a new stake in Chemours during the 3rd quarter valued at approximately $202,000. Finally, First Allied Advisory Services Inc. acquired a new stake in Chemours during the 3rd quarter valued at approximately $202,000. Institutional investors and hedge funds own 74.34% of the company’s stock.
A number of equities research analysts have weighed in on CC shares. Zacks Investment Research upgraded Chemours from a “hold” rating to a “buy” rating and set a $57.00 price objective for the company in a research note on Thursday, November 9th. Jefferies Group raised their price objective on Chemours to $66.00 and gave the company a “buy” rating in a research note on Monday, December 4th. Goldman Sachs Group lowered Chemours from a “buy” rating to a “neutral” rating and set a $55.00 price objective for the company. in a research note on Wednesday, December 6th. BidaskClub upgraded Chemours from a “hold” rating to a “buy” rating in a research note on Thursday, August 24th. Finally, Barclays restated a “buy” rating and set a $60.00 price objective on shares of Chemours in a research note on Wednesday, December 6th. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Chemours presently has a consensus rating of “Buy” and a consensus price target of $57.89.
Chemours Co (CC) opened at $49.75 on Wednesday. The company has a market capitalization of $9,287.78, a P/E ratio of 17.79, a PEG ratio of 0.89 and a beta of 3.38. The company has a debt-to-equity ratio of 5.07, a current ratio of 2.19 and a quick ratio of 1.63. Chemours Co has a 12-month low of $20.76 and a 12-month high of $58.08.
Chemours (NYSE:CC) last issued its earnings results on Thursday, November 2nd. The specialty chemicals company reported $1.12 EPS for the quarter, topping the consensus estimate of $1.01 by $0.11. The company had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.59 billion. Chemours had a return on equity of 116.80% and a net margin of 4.86%. The business’s revenue was up 13.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.61 EPS. research analysts expect that Chemours Co will post 3.65 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, March 15th. Stockholders of record on Thursday, February 15th will be given a $0.17 dividend. This is a positive change from Chemours’s previous quarterly dividend of $0.03. The ex-dividend date is Wednesday, February 14th. This represents a $0.68 annualized dividend and a dividend yield of 1.37%. Chemours’s dividend payout ratio (DPR) is presently 8.28%.
Chemours announced that its Board of Directors has initiated a stock repurchase program on Friday, December 1st that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the specialty chemicals company to reacquire shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.
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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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