572,262 Shares in The Chemours Company $CC Purchased by Bank of America Corp DE

Key Points

• Bank of America acquired 572,262 Chemours shares worth approximately $11.7 million, representing about 0.38% of the company. Several other institutions also initiated positions, and institutional investors collectively own 76.26% of Chemours.
• Chemours reported quarterly earnings of $0.42 per share, below the $0.49 consensus estimate, while revenue of $1.59 billion also missed expectations and declined 1.5% year over year.
• Analysts maintain a consensus “Hold” rating with an average price target of $20.10, while the stock recently traded at $14.46. Chemours also pays a quarterly dividend of $0.0875, equivalent to a 2.4% annual yield.

Bank of America Corp DE acquired a new position in The Chemours Company (NYSE:CC - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 572,262 shares of the specialty chemicals company's stock, valued at approximately $11,743,000. Bank of America Corp DE owned about 0.38% of Chemours as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in CC. BlackRock Inc. acquired a new stake in shares of Chemours during the second quarter worth about $477,769,000. Wolf Hill Capital Management LP purchased a new position in Chemours in the 2nd quarter valued at approximately $59,698,056. Bank of New York Mellon Corp acquired a new position in shares of Chemours in the second quarter worth $33,353,000. Legal & General Group Plc acquired a new position in shares of Chemours in the second quarter worth $28,400,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Chemours in the second quarter worth $18,119,000. Hedge funds and other institutional investors own 76.26% of the company's stock.

Chemours Stock Up 1.9%

Chemours stock opened at $14.46 on Friday. The stock has a 50 day moving average of $15.68 and a two-hundred day moving average of $19.43. The Chemours Company has a twelve month low of $10.44 and a twelve month high of $28.67. The stock has a market capitalization of $2.18 billion, a price-to-earnings ratio of -7.57 and a beta of 1.42. The company has a current ratio of 1.66, a quick ratio of 0.88 and a debt-to-equity ratio of 18.98.

Chemours (NYSE:CC - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The specialty chemicals company reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.07). Chemours had a positive return on equity of 60.64% and a negative net margin of 5.00%.The company had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.65 billion. During the same period in the prior year, the business earned ($2.54) earnings per share. Chemours's revenue for the quarter was down 1.5% compared to the same quarter last year. As a group, research analysts expect that The Chemours Company will post 0.87 earnings per share for the current year.

Chemours Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Friday, August 14th were paid a $0.0875 dividend. This represents a $0.35 annualized dividend and a dividend yield of 2.4%. The ex-dividend date was Friday, August 14th. Chemours's dividend payout ratio (DPR) is -18.32%.

Analyst Ratings Changes

Several analysts have recently issued reports on CC shares. JPMorgan Chase & Co. reduced their price objective on Chemours from $22.00 to $15.00 and set a "neutral" rating on the stock in a research note on Thursday, August 13th. Truist Financial lowered their target price on Chemours from $30.00 to $24.00 and set a "buy" rating for the company in a research note on Thursday, August 6th. Morgan Stanley set a $18.00 price target on Chemours in a research report on Monday, August 10th. UBS Group reiterated a "neutral" rating and issued a $18.00 price objective (down from $29.00) on shares of Chemours in a research note on Monday, August 10th. Finally, Zacks Research raised Chemours from a "strong sell" rating to a "hold" rating in a research report on Thursday, September 10th. Five analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $20.10.

Insider Transactions at Chemours

In other news, insider Calderon Gerardo Familiar purchased 1,935 shares of the company's stock in a transaction dated Wednesday, August 12th. The shares were acquired at an average cost of $15.53 per share, for a total transaction of $30,050.55. Following the completion of the purchase, the insider directly owned 58,547 shares in the company, valued at $909,234.91. The trade was a 3.42% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Denise Dignam purchased 3,378 shares of the business's stock in a transaction that occurred on Tuesday, August 11th. The shares were purchased at an average cost of $14.95 per share, with a total value of $50,501.10. Following the completion of the acquisition, the chief executive officer directly owned 339,916 shares of the company's stock, valued at $5,081,744.20. This represents a 1.00% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders bought 8,663 shares of company stock worth $130,601. Company insiders own 0.85% of the company's stock.

Chemours Company Profile

The Chemours Company NYSE: CC is a global chemistry company headquartered in Wilmington, Delaware. Formed in 2015 through a spin-off from DuPont, Chemours develops and manufactures chemical products used in industries including transportation, electronics, energy, construction, and consumer goods.

The company operates through businesses focused on thermal and specialized solutions, titanium technologies, and advanced performance materials. Its products include refrigerants and heat-transfer fluids, titanium dioxide pigments used to provide whiteness and opacity in coatings, plastics, and paper, as well as fluoropolymers, specialty fluids, and other performance materials used in demanding industrial applications.

Chemours serves customers in North America, Latin America, Europe, the Asia-Pacific region, and other international markets through manufacturing facilities, research and development operations, and commercial activities around the world.

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