New Mexico Educational Retirement Board Grows Position in The Chemours Company (NYSE:CC)

Posted by Defense World Staff on Oct 1st, 2023

New Mexico Educational Retirement Board grew its stake in shares of The Chemours Company (NYSE:CC – Free Report) by 11.0% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 30,300 shares of the specialty chemicals company’s stock after purchasing an additional 3,000 shares during the quarter. New Mexico Educational Retirement Board’s holdings in Chemours were worth $1,118,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in CC. BlackRock Inc. lifted its stake in Chemours by 29.0% in the first quarter. BlackRock Inc. now owns 18,075,740 shares of the specialty chemicals company’s stock worth $569,023,000 after acquiring an additional 4,060,250 shares during the period. FMR LLC lifted its stake in Chemours by 29.0% in the first quarter. FMR LLC now owns 15,256,880 shares of the specialty chemicals company’s stock worth $456,791,000 after acquiring an additional 3,427,490 shares during the period. Norges Bank purchased a new stake in Chemours in the fourth quarter worth $47,013,000. JPMorgan Chase & Co. lifted its stake in Chemours by 68.7% in the fourth quarter. JPMorgan Chase & Co. now owns 2,885,061 shares of the specialty chemicals company’s stock worth $88,340,000 after acquiring an additional 1,174,536 shares during the period. Finally, Balyasny Asset Management LLC raised its holdings in Chemours by 1,845.6% in the third quarter. Balyasny Asset Management LLC now owns 997,478 shares of the specialty chemicals company’s stock worth $24,588,000 after purchasing an additional 946,210 shares in the last quarter. Hedge funds and other institutional investors own 76.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. BMO Capital Markets decreased their price objective on Chemours from $64.00 to $53.00 and set an “outperform” rating for the company in a report on Wednesday, August 2nd. Royal Bank of Canada raised their price target on Chemours from $37.00 to $40.00 and gave the company a “sector perform” rating in a report on Monday, July 31st. Bank of America downgraded Chemours from a “buy” rating to a “neutral” rating and reduced their price target for the company from $41.00 to $37.00 in a report on Thursday, June 22nd. UBS Group raised their price target on Chemours from $41.00 to $43.00 in a report on Tuesday, June 13th. Finally, StockNews.com assumed coverage on Chemours in a research report on Thursday, August 17th. They set a “hold” rating on the stock. One analyst has rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $38.22.

Get Our Latest Report on Chemours

Chemours Trading Up 0.9 %

Shares of NYSE:CC opened at $28.05 on Friday. The stock has a market capitalization of $4.15 billion, a price-to-earnings ratio of -41.25, a PEG ratio of 1.08 and a beta of 1.98. 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’s 50-day simple moving average is $33.38 and its two-hundred day simple moving average is $32.16. The Chemours Company has a 52-week low of $24.25 and a 52-week high of $39.05.

Chemours (NYSE:CC – Get Free Report) last posted 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. Chemours had a positive return on equity of 46.14% and a negative net margin of 1.40%. The firm had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.75 billion. During the same period in the previous year, the firm earned $1.89 EPS. Analysts expect that The Chemours Company will post 3.37 EPS for the current year.

Chemours Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Tuesday, August 15th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 3.57%. The ex-dividend date was Monday, August 14th. Chemours’s dividend payout ratio (DPR) is presently -147.06%.

Chemours Company Profile

(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.