Allianz Asset Management GmbH Acquires 227,566 Shares of 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 stake in The Chemours Company (NYSE:CC - Free Report) by 51.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). 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 about 0.45% of Chemours worth $9,060,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Corient Private Wealth LLC boosted its stake in Chemours by 4.7% during the 4th quarter. Corient Private Wealth LLC now owns 13,428 shares of the specialty chemicals company's stock valued at $227,000 after acquiring an additional 604 shares during the last quarter. UMB Bank n.a. boosted its stake in Chemours by 73.9% during the 1st quarter. UMB Bank n.a. now owns 2,231 shares of the specialty chemicals company's stock valued at $30,000 after acquiring an additional 948 shares during the last quarter. Itau Unibanco Holding S.A. boosted its stake in Chemours by 39.3% during the 4th quarter. Itau Unibanco Holding S.A. now owns 3,554 shares of the specialty chemicals company's stock valued at $60,000 after acquiring an additional 1,003 shares during the last quarter. Quadrant Capital Group LLC boosted its stake in Chemours by 100.4% during the 4th quarter. Quadrant Capital Group LLC now owns 2,234 shares of the specialty chemicals company's stock valued at $38,000 after acquiring an additional 1,119 shares during the last quarter. Finally, Captrust Financial Advisors boosted its stake in Chemours by 9.7% during the 4th quarter. Captrust Financial Advisors now owns 13,130 shares of the specialty chemicals company's stock valued at $222,000 after acquiring an additional 1,165 shares during the last quarter. 76.26% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have weighed in on CC shares. UBS Group dropped their target price on shares of Chemours from $18.00 to $17.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. Mizuho increased their target price on shares of Chemours from $13.00 to $16.00 and gave the stock an "outperform" rating in a report on Tuesday, July 15th. The Goldman Sachs Group reduced their price objective on shares of Chemours from $21.00 to $14.00 and set a "neutral" rating for the company in a report on Wednesday, May 14th. Morgan Stanley reduced their price objective on shares of Chemours from $22.00 to $15.00 and set an "equal weight" rating for the company in a report on Monday, May 12th. Finally, Truist Financial reduced their price objective on shares of Chemours from $27.00 to $22.00 and set a "buy" rating for the company in a report on Monday, April 14th. One analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $17.44.

Chemours Price Performance

NYSE:CC traded down $1.03 during trading hours on Wednesday, reaching $12.56. The company had a trading volume of 4,272,296 shares, compared to its average volume of 3,616,955. The stock has a 50-day moving average of $11.98 and a two-hundred day moving average of $13.63. The Chemours Company has a one year low of $9.13 and a one year high of $24.46. The firm has a market capitalization of $1.88 billion, a PE ratio of 62.80 and a beta of 1.65. The company has a quick ratio of 0.83, a current ratio of 1.75 and a debt-to-equity ratio of 7.01.

Chemours (NYSE:CC - Get Free Report) last announced its earnings results on Tuesday, May 6th. The specialty chemicals company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.06). The business had revenue of $1.37 billion during the quarter, compared to analyst estimates of $1.36 billion. Chemours had a return on equity of 23.82% and a net margin of 0.54%. The firm's revenue was up .4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.32 earnings per share. Analysts forecast that The Chemours Company will post 2.03 earnings per share for the current year.

Chemours Dividend Announcement

The company also recently disclosed a dividend, which was paid on Monday, June 16th. Investors of record on Monday, May 19th were paid 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 175.00%.

Insider Buying and Selling

In other Chemours news, insider Damian Gumpel acquired 13,400 shares of the stock in a transaction dated Monday, June 2nd. The shares were bought at an average cost of $9.22 per share, for a total transaction of $123,548.00. Following the completion of the acquisition, the insider directly 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Shane Hostetter acquired 4,450 shares of the stock in a transaction dated Monday, May 19th. The stock was acquired at an average price of $11.28 per share, for a total transaction of $50,196.00. Following the completion of the acquisition, the chief financial officer directly owned 59,694 shares of the company's stock, 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. In the last 90 days, insiders have purchased 25,672 shares of company stock valued at $251,573. Corporate insiders own 0.47% of the company's stock.

Chemours 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.