Mitsubishi UFJ Trust & Banking Corp Lowers Stake in The Chemours Company (NYSE:CC)

Posted by Defense World Staff on Aug 25th, 2023

Mitsubishi UFJ Trust & Banking Corp decreased its position in The Chemours Company (NYSE:CC – Free Report) by 45.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,229 shares of the specialty chemicals company’s stock after selling 9,324 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp’s holdings in Chemours were worth $336,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in CC. Ameritas Advisory Services LLC purchased a new stake in shares of Chemours in the 1st quarter valued at $29,000. Operose Advisors LLC purchased a new stake in Chemours during the first quarter worth about $33,000. Tanglewood Legacy Advisors LLC acquired a new stake in shares of Chemours during the fourth quarter worth about $41,000. GPS Wealth Strategies Group LLC purchased a new position in shares of Chemours in the first quarter valued at approximately $47,000. Finally, Vigilant Capital Management LLC acquired a new position in shares of Chemours in the first quarter valued at approximately $54,000. 70.80% of the stock is currently owned by institutional investors and hedge funds.

Chemours Stock Up 0.7 %

CC opened at $32.25 on Friday. The Chemours Company has a one year low of $23.58 and a one year high of $39.05. The company has a debt-to-equity ratio of 4.45, a quick ratio of 0.88 and a current ratio of 1.54. The stock has a market capitalization of $4.78 billion, a P/E ratio of -47.43, a price-to-earnings-growth ratio of 1.24 and a beta of 1.96. The business’s 50-day simple moving average is $35.82 and its 200-day simple moving average is $32.62.

Chemours (NYSE:CC – Get Free Report) last issued its quarterly earnings data on Friday, July 28th. The specialty chemicals company reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. The company had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.75 billion. Chemours had a positive return on equity of 46.14% and a negative net margin of 1.40%. During the same quarter in the previous year, the business earned $1.89 earnings per share. Analysts anticipate that The Chemours Company will post 3.38 EPS for the current year.

Chemours Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Tuesday, August 15th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Monday, August 14th. This represents a $1.00 dividend on an annualized basis and a yield of 3.10%. Chemours’s dividend payout ratio is presently -147.06%.

Insider Activity

In other Chemours news, SVP Matthew S. Abbott sold 8,912 shares of Chemours stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $34.20, for a total value of $304,790.40. Following the transaction, the senior vice president now directly owns 29,869 shares in the company, valued at approximately $1,021,519.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, SVP Matthew S. Abbott sold 8,912 shares of Chemours stock in a transaction dated Thursday, June 8th. The shares were sold at an average price of $34.20, for a total value of $304,790.40. Following the sale, the senior vice president now owns 29,869 shares of the company’s stock, valued at $1,021,519.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Mark Newman purchased 7,661 shares of the company’s stock in a transaction dated Friday, June 9th. The shares were purchased at an average price of $34.63 per share, for a total transaction of $265,300.43. Following the completion of the purchase, the chief executive officer now owns 266,955 shares of the company’s stock, valued at $9,244,651.65. The disclosure for this purchase can be found here. Corporate insiders own 1.63% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. BMO Capital Markets reduced their target price on shares of Chemours from $64.00 to $53.00 and set an “outperform” rating on the stock in a report on Wednesday, August 2nd. TheStreet lowered Chemours from a “b” rating to a “c+” rating in a report on Friday, July 28th. StockNews.com assumed coverage on Chemours in a report on Thursday, August 17th. They set a “hold” rating on the stock. Royal Bank of Canada boosted their price objective on Chemours from $37.00 to $40.00 and gave the stock a “sector perform” rating in a research report on Monday, July 31st. Finally, Credit Suisse Group reduced their target price on shares of Chemours from $27.00 to $25.00 in a report on Friday, April 28th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $38.22.

Check Out Our Latest Stock Analysis on CC

About Chemours

(Free Report)

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, Thermal & Specialized Solutions, and Advanced Performance Materials. The Titanium Technologies segment provides TiO2 pigment under the Ti-Pure brand for delivering whiteness, brightness, opacity, durability, efficiency, and protection in various of applications, such as architectural and industrial coatings, flexible and rigid plastic packaging, polyvinylchloride, laminate papers used for furniture and building materials, coated paper, and coated paperboard used for packaging.