New York State Teachers Retirement System Cuts Stake in The Chemours Company (NYSE:CC)

Posted by Defense World Staff on Apr 16th, 2023

New York State Teachers Retirement System lowered its holdings in shares of The Chemours Company (NYSE:CC – Get Rating) by 6.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 226,980 shares of the specialty chemicals company’s stock after selling 15,261 shares during the quarter. New York State Teachers Retirement System owned approximately 0.15% of Chemours worth $6,950,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Lindbrook Capital LLC grew its position in shares of Chemours by 117.3% during the fourth quarter. Lindbrook Capital LLC now owns 969 shares of the specialty chemicals company’s stock worth $30,000 after purchasing an additional 523 shares in the last quarter. TCI Wealth Advisors Inc. grew its holdings in Chemours by 19.7% during the 3rd quarter. TCI Wealth Advisors Inc. now owns 2,179 shares of the specialty chemicals company’s stock valued at $54,000 after buying an additional 358 shares in the last quarter. Private Trust Co. NA purchased a new position in Chemours during the 2nd quarter valued at approximately $81,000. Wipfli Financial Advisors LLC purchased a new position in Chemours during the 3rd quarter valued at approximately $63,000. Finally, Harbor Investment Advisory LLC grew its holdings in Chemours by 20.1% during the 4th quarter. Harbor Investment Advisory LLC now owns 3,299 shares of the specialty chemicals company’s stock valued at $101,000 after buying an additional 551 shares in the last quarter. Hedge funds and other institutional investors own 71.89% of the company’s stock.

Chemours Price Performance

Shares of CC stock opened at $29.80 on Friday. The Chemours Company has a 52-week low of $23.58 and a 52-week high of $44.95. The company has a debt-to-equity ratio of 3.24, a quick ratio of 0.96 and a current ratio of 1.70. The firm has a market capitalization of $4.43 billion, a P/E ratio of 8.35, a P/E/G ratio of 1.18 and a beta of 1.87. The stock has a 50 day moving average price of $31.96 and a 200 day moving average price of $31.22.

Chemours Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 15th. Investors of record on Friday, February 24th were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.36%. The ex-dividend date was Thursday, February 23rd. Chemours’s dividend payout ratio is currently 28.01%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on CC shares. Bank of America upgraded Chemours from a “neutral” rating to a “buy” rating and raised their price target for the company from $37.00 to $40.00 in a report on Wednesday, January 11th. StockNews.com started coverage on Chemours in a report on Thursday, March 16th. They set a “hold” rating for the company. UBS Group upgraded Chemours from a “neutral” rating to a “buy” rating and raised their price target for the company from $31.00 to $43.00 in a report on Tuesday, January 24th. Credit Suisse Group raised their price objective on Chemours from $24.00 to $27.00 and gave the company an “underperform” rating in a research note on Friday, February 10th. Finally, Royal Bank of Canada raised their price objective on Chemours from $33.00 to $36.00 and gave the company a “sector perform” rating in a research note on Monday, February 13th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $36.33.

Insider Buying and Selling

In related news, insider Alisha Bellezza sold 27,716 shares of the firm’s stock in a transaction that occurred on 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 sale, the insider now directly owns 43,931 shares of the company’s stock, valued at approximately $1,558,232.57. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.63% of the stock is owned by corporate insiders.

About Chemours

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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.