Point72 Asset Management L.P. Has $5.35 Million Position in Chemours Co (NYSE:CC)
Point72 Asset Management L.P. lowered its holdings in Chemours Co (NYSE:CC) by 59.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 357,937 shares of the specialty chemicals company’s stock after selling 519,063 shares during the quarter. Point72 Asset Management L.P. owned 0.22% of Chemours worth $5,348,000 at the end of the most recent quarter.
A number of other large investors have also bought and sold shares of CC. State of Tennessee Treasury Department raised its stake in Chemours by 4.4% during the third quarter. State of Tennessee Treasury Department now owns 58,254 shares of the specialty chemicals company’s stock worth $870,000 after acquiring an additional 2,444 shares in the last quarter. Creative Planning grew its holdings in shares of Chemours by 37.8% in the 3rd quarter. Creative Planning now owns 22,971 shares of the specialty chemicals company’s stock worth $343,000 after purchasing an additional 6,306 shares during the last quarter. Envestnet Asset Management Inc. grew its holdings in shares of Chemours by 536.3% in the 2nd quarter. Envestnet Asset Management Inc. now owns 162,713 shares of the specialty chemicals company’s stock worth $3,905,000 after purchasing an additional 137,143 shares during the last quarter. Victory Capital Management Inc. increased its position in shares of Chemours by 74.5% during the 2nd quarter. Victory Capital Management Inc. now owns 98,548 shares of the specialty chemicals company’s stock worth $2,365,000 after purchasing an additional 42,074 shares in the last quarter. Finally, Boenning & Scattergood Inc. increased its position in shares of Chemours by 3.2% during the 3rd quarter. Boenning & Scattergood Inc. now owns 37,576 shares of the specialty chemicals company’s stock worth $561,000 after purchasing an additional 1,160 shares in the last quarter. 76.25% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE:CC opened at $15.71 on Tuesday. Chemours Co has a 12 month low of $11.71 and a 12 month high of $41.60. The company’s 50-day moving average price is $16.90 and its two-hundred day moving average price is $17.94. The company has a quick ratio of 0.98, a current ratio of 1.72 and a debt-to-equity ratio of 5.05. The firm has a market cap of $2.58 billion, a P/E ratio of 2.77, a P/E/G ratio of 0.42 and a beta of 2.53.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 15th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $1.00 annualized dividend and a dividend yield of 6.37%. Chemours’s dividend payout ratio (DPR) is currently 17.64%.
In related news, COO Mark Newman purchased 20,000 shares of the stock in a transaction that occurred on Wednesday, September 11th. The stock was acquired at an average price of $16.42 per share, with a total value of $328,400.00. Following the completion of the acquisition, the chief operating officer now directly owns 114,261 shares in the company, valued at approximately $1,876,165.62. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.34% of the company’s stock.
A number of equities analysts have commented on the stock. BMO Capital Markets reduced their price target on shares of Chemours from $31.00 to $23.00 and set an “outperform” rating on the stock in a research report on Monday, September 9th. Cfra raised shares of Chemours from a “hold” rating to a “buy” rating in a research note on Wednesday, November 6th. Royal Bank of Canada lowered shares of Chemours from an “outperform” rating to a “sector perform” rating and dropped their price objective for the stock from $32.00 to $16.00 in a report on Friday, August 9th. Argus cut shares of Chemours from a “buy” rating to a “hold” rating in a research note on Tuesday, August 6th. Finally, SunTrust Banks boosted their target price on Chemours to $20.00 and gave the stock a “hold” rating in a report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $26.86.
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, Fluoroproducts, and Chemical Solutions. The Titanium Technologies segment manufactures and sells titanium dioxide under the Ti-Pure and BaiMax brands for various applications in architectural and industrial coatings, flexible and rigid plastic packaging, polyvinylchloride window profiles, laminate papers used for furniture and building materials, and coated papers and paperboards used for packaging.
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