The Chemours Company (NYSE:CC) Position Increased by Commonwealth Equity Services LLC

Posted by Defense World Staff on Mar 10th, 2023

Commonwealth Equity Services LLC raised its position in shares of The Chemours Company (NYSE:CC – Get Rating) by 12.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 139,753 shares of the specialty chemicals company’s stock after buying an additional 15,745 shares during the quarter. Commonwealth Equity Services LLC owned 0.09% of Chemours worth $3,444,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of CC. BlackRock Inc. grew its holdings in Chemours by 29.0% during the first quarter. BlackRock Inc. now owns 18,075,740 shares of the specialty chemicals company’s stock valued at $569,023,000 after purchasing an additional 4,060,250 shares during the last quarter. First Trust Advisors LP lifted its position in Chemours by 214.1% in the first quarter. First Trust Advisors LP now owns 1,314,288 shares of the specialty chemicals company’s stock worth $41,374,000 after purchasing an additional 895,847 shares during the period. Appian Way Asset Management LP lifted its position in Chemours by 428.1% in the third quarter. Appian Way Asset Management LP now owns 768,907 shares of the specialty chemicals company’s stock worth $18,954,000 after purchasing an additional 623,307 shares during the period. Prudential Financial Inc. lifted its position in Chemours by 824.2% in the third quarter. Prudential Financial Inc. now owns 691,017 shares of the specialty chemicals company’s stock worth $17,033,000 after purchasing an additional 616,244 shares during the period. Finally, Massachusetts Financial Services Co. MA lifted its holdings in shares of Chemours by 89.2% during the second quarter. Massachusetts Financial Services Co. MA now owns 1,152,671 shares of the specialty chemicals company’s stock valued at $36,909,000 after acquiring an additional 543,559 shares during the period. 71.89% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CC has been the subject of a number of analyst reports. Royal Bank of Canada lifted their price objective on Chemours from $33.00 to $36.00 and gave the company a “sector perform” rating in a report on Monday, February 13th. UBS Group raised Chemours from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $31.00 to $43.00 in a report on Tuesday, January 24th. Citigroup lifted their price objective on Chemours from $33.00 to $35.00 and gave the company a “neutral” rating in a report on Monday, February 13th. Bank of America upgraded Chemours from a “neutral” rating to a “buy” rating and raised their target price for the company from $37.00 to $40.00 in a research note on Wednesday, January 11th. Finally, The Goldman Sachs Group raised their target price on Chemours from $34.00 to $38.00 and gave the company a “neutral” rating in a research note on Tuesday, February 14th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $36.33.

Insider Transactions at Chemours

In other news, insider Alisha Bellezza sold 27,716 shares of the business’s stock in a transaction dated Monday, March 6th. The stock was sold at an average price of $35.47, for a total transaction of $983,086.52. Following the completion of the transaction, the insider now directly owns 43,931 shares in the company, valued at approximately $1,558,232.57. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 3.04% of the company’s stock.

Chemours Price Performance

Shares of CC stock opened at $32.72 on Friday. The stock has a 50-day moving average price of $34.00 and a 200 day moving average price of $31.82. The company has a quick ratio of 0.96, a current ratio of 1.70 and a debt-to-equity ratio of 3.24. The firm has a market cap of $4.85 billion, a price-to-earnings ratio of 9.17, a PEG ratio of 1.37 and a beta of 1.88. The Chemours Company has a 12 month low of $23.58 and a 12 month high of $44.95.

Chemours Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 15th. Investors of record on Friday, February 24th will be given a $0.25 dividend. The ex-dividend date of this dividend is Thursday, February 23rd. This represents a $1.00 dividend on an annualized basis and a yield of 3.06%. Chemours’s payout ratio is 28.01%.

Chemours Profile

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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.