Allianz Asset Management GmbH Increases Position in The Chemours Company (NYSE:CC)

Key Points

• Allianz Asset Management GmbH has increased its stake in The Chemours Company by 51.5%, owning 669,603 shares valued at approximately $9 million.
• Insider transactions have occurred, with CFO Shane Hostetter and other insiders acquiring shares, indicating confidence in the company despite recent earnings that fell short of expectations.
• The stock opened at $14.16, with a market cap of $2.12 billion and projected earnings of 2.03 per share for the current year.

Allianz Asset Management GmbH raised its position in The Chemours Company (NYSE:CC - Free Report) by 51.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 669,603 shares of the specialty chemicals company's stock after purchasing an additional 227,566 shares during the quarter. Allianz Asset Management GmbH owned 0.45% of Chemours worth $9,060,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in Chemours in the 4th quarter valued at approximately $30,702,000. Bank of Montreal Can boosted its position in Chemours by 1,496.4% in the 4th quarter. Bank of Montreal Can now owns 953,240 shares of the specialty chemicals company's stock valued at $16,110,000 after buying an additional 893,530 shares during the period. Ameriprise Financial Inc. boosted its position in Chemours by 23.8% in the 4th quarter. Ameriprise Financial Inc. now owns 4,373,172 shares of the specialty chemicals company's stock valued at $73,907,000 after buying an additional 839,849 shares during the period. Millennium Management LLC boosted its position in Chemours by 44.6% in the 4th quarter. Millennium Management LLC now owns 2,507,262 shares of the specialty chemicals company's stock valued at $42,373,000 after buying an additional 773,537 shares during the period. Finally, Invesco Ltd. boosted its position in Chemours by 141.5% in the 4th quarter. Invesco Ltd. now owns 1,020,001 shares of the specialty chemicals company's stock valued at $17,238,000 after buying an additional 597,638 shares during the period. Hedge funds and other institutional investors own 76.26% of the company's stock.

Insider Buying and Selling at Chemours

In other Chemours news, insider Damian Gumpel acquired 13,400 shares of the stock in a transaction on Monday, June 2nd. The shares were bought at an average cost of $9.22 per share, with a total value of $123,548.00. Following the transaction, the insider owned 123,879 shares of the company's stock, valued at approximately $1,142,164.38. This trade represents a 12.13% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Shane Hostetter acquired 4,450 shares of the stock in a transaction that occurred on Monday, May 19th. The stock was purchased at an average price of $11.28 per share, for a total transaction of $50,196.00. Following the completion of the transaction, the chief financial officer owned 59,694 shares in the company, valued at $673,348.32. The trade was a 8.06% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired a total of 25,672 shares of company stock worth $251,573 over the last three months. 0.47% of the stock is currently owned by insiders.

Chemours Stock Up 1.2%

CC stock opened at $14.16 on Friday. The company has a market cap of $2.12 billion, a price-to-earnings ratio of 70.82 and a beta of 1.65. The company has a fifty day moving average price of $11.83 and a 200 day moving average price of $13.70. The company has a debt-to-equity ratio of 7.01, a current ratio of 1.75 and a quick ratio of 0.83. The Chemours Company has a 12 month low of $9.13 and a 12 month high of $24.50.

Chemours (NYSE:CC - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The specialty chemicals company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.06). Chemours had a return on equity of 23.82% and a net margin of 0.54%. The business had revenue of $1.37 billion for the quarter, compared to analysts' expectations of $1.36 billion. During the same period in the previous year, the business posted $0.32 earnings per share. The company's revenue for the quarter was up .4% on a year-over-year basis. Sell-side analysts expect that The Chemours Company will post 2.03 earnings per share for the current year.

Chemours Announces Dividend

The firm also recently disclosed a dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, May 19th were given a dividend of $0.0875 per share. This represents a yield of 3.17%. The ex-dividend date of this dividend was Friday, May 16th. Chemours's payout ratio is currently 175.00%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on CC shares. Truist Financial dropped their price objective on shares of Chemours from $27.00 to $22.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. The Goldman Sachs Group dropped their price objective on shares of Chemours from $21.00 to $14.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 14th. Barclays dropped their price objective on shares of Chemours from $16.00 to $13.00 and set an "equal weight" rating on the stock in a research report on Wednesday, May 28th. Mizuho increased their price objective on shares of Chemours from $13.00 to $16.00 and gave the company an "outperform" rating in a research report on Tuesday, July 15th. Finally, UBS Group dropped their price objective on shares of Chemours from $18.00 to $17.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $17.44.

Chemours Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.