Corsair Capital Management L.P. Decreases Stake in Tronox Ltd (TROX)
Corsair Capital Management L.P. decreased its position in Tronox Ltd (OTCMKTS:TROX) by 1.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 975,714 shares of the basic materials company’s stock after selling 17,106 shares during the quarter. Tronox accounts for approximately 2.7% of Corsair Capital Management L.P.’s holdings, making the stock its 15th largest position. Corsair Capital Management L.P.’s holdings in Tronox were worth $11,660,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently modified their holdings of TROX. Schwab Charles Investment Management Inc. boosted its position in Tronox by 7.0% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 778,924 shares of the basic materials company’s stock valued at $15,330,000 after purchasing an additional 51,174 shares during the period. Gendell Jeffrey L boosted its position in Tronox by 21.3% during the 2nd quarter. Gendell Jeffrey L now owns 448,165 shares of the basic materials company’s stock valued at $8,820,000 after purchasing an additional 78,594 shares during the period. Oppenheimer Asset Management Inc. acquired a new position in Tronox during the 3rd quarter valued at approximately $121,000. Maple Rock Capital Partners Inc. boosted its position in Tronox by 13.8% during the 2nd quarter. Maple Rock Capital Partners Inc. now owns 2,272,173 shares of the basic materials company’s stock valued at $44,716,000 after purchasing an additional 275,000 shares during the period. Finally, Bbva Compass Bancshares Inc. boosted its position in Tronox by 62.0% during the 3rd quarter. Bbva Compass Bancshares Inc. now owns 23,392 shares of the basic materials company’s stock valued at $280,000 after purchasing an additional 8,953 shares during the period.
Shares of TROX stock opened at $7.69 on Friday. Tronox Ltd has a 1 year low of $6.46 and a 1 year high of $22.15.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 7th. Stockholders of record on Monday, November 26th will be paid a $0.045 dividend. This represents a $0.18 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date of this dividend is Friday, November 23rd.
A number of brokerages have issued reports on TROX. BMO Capital Markets reduced their price target on Tronox to $13.00 and set an “outperform” rating for the company in a research report on Tuesday, October 2nd. Morgan Stanley set a $16.00 price target on Tronox and gave the stock a “hold” rating in a research report on Tuesday, September 25th. Alembic Global Advisors set a $35.00 price target on Tronox and gave the stock a “buy” rating in a research report on Monday, October 29th. Zacks Investment Research upgraded Tronox from a “strong sell” rating to a “hold” rating in a research report on Wednesday, August 15th. Finally, UBS Group set a $10.00 price target on Tronox and gave the stock a “sell” rating in a research report on Thursday. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $22.80.
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Tronox Limited is engaged in production and marketing of titanium bearing mineral sands and titanium dioxide pigment (TiO2). The Company’s TiO2 products are critical components of everyday applications, such as coatings, plastics, paper and other applications. The Company’s mineral sands business consists primarily of two product streams: titanium feedstock and zircon.
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