Renaissance Technologies LLC Takes Position in The Chemours Company (NYSE:CC)

Posted by on Mar 5th, 2023

Renaissance Technologies LLC purchased a new stake in The Chemours Company (NYSE:CC – Get Rating) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 500,711 shares of the specialty chemicals company’s stock, valued at approximately $12,343,000. Renaissance Technologies LLC owned 0.33% of Chemours as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in CC. Raymond James & Associates grew its holdings in shares of Chemours by 31.0% in the 1st quarter. Raymond James & Associates now owns 135,617 shares of the specialty chemicals company’s stock valued at $4,269,000 after buying an additional 32,121 shares during the period. Cetera Advisor Networks LLC grew its holdings in shares of Chemours by 21.3% in the 1st quarter. Cetera Advisor Networks LLC now owns 9,636 shares of the specialty chemicals company’s stock valued at $303,000 after buying an additional 1,695 shares during the period. Bank of Montreal Can grew its holdings in shares of Chemours by 36.4% in the 1st quarter. Bank of Montreal Can now owns 73,197 shares of the specialty chemicals company’s stock valued at $2,361,000 after buying an additional 19,552 shares during the period. D.A. Davidson & CO. acquired a new position in shares of Chemours in the 1st quarter valued at $208,000. Finally, MetLife Investment Management LLC grew its holdings in shares of Chemours by 35.7% in the 1st quarter. MetLife Investment Management LLC now owns 107,133 shares of the specialty chemicals company’s stock valued at $3,373,000 after buying an additional 28,160 shares during the period. Institutional investors and hedge funds own 71.89% of the company’s stock.

Chemours Trading Up 1.7 %

Shares of NYSE:CC opened at $36.73 on Friday. The company’s 50-day moving average price is $33.72 and its two-hundred day moving average price is $31.86. The company has a debt-to-equity ratio of 3.24, a current ratio of 1.70 and a quick ratio of 0.96. The Chemours Company has a one year low of $22.56 and a one year high of $44.95. The stock has a market capitalization of $5.45 billion, a PE ratio of 10.29, a price-to-earnings-growth ratio of 1.44 and a beta of 1.88.

Chemours Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 15th. Shareholders of record on Friday, February 24th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, February 23rd. This represents a $1.00 annualized dividend and a yield of 2.72%. Chemours’s dividend payout ratio (DPR) is presently 28.01%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Bank of America raised shares of Chemours from a “neutral” rating to a “buy” rating and upped their target price for the stock from $37.00 to $40.00 in a research note on Wednesday, January 11th. Citigroup upped their target price on shares of Chemours from $33.00 to $35.00 and gave the stock a “neutral” rating in a research note on Monday, February 13th. Royal Bank of Canada upped their target price on shares of Chemours from $33.00 to $36.00 and gave the stock a “sector perform” rating in a research note on Monday, February 13th. UBS Group raised shares of Chemours from a “neutral” rating to a “buy” rating and upped their target price for the stock from $31.00 to $43.00 in a research note on Tuesday, January 24th. Finally, The Goldman Sachs Group upped their target price on shares of Chemours from $34.00 to $38.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 14th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, Chemours presently has an average rating of “Hold” and a consensus target price of $36.33.

Chemours Company Profile

(Get Rating)

The Chemours Co is a holding company, which engages in the provision of performance chemicals. The firm delivers solutions, which include a range of industrial and chemical products for markets including coatings, plastics, refrigeration and air conditioning, transportation, semiconductor and consumer electronics, and general industrial.

Further Reading

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Institutional Ownership by Quarter for Chemours (NYSE:CC)

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