Bank of New York Mellon Corp Takes Position in The Chemours Company $CC

Key Points

• Bank of New York Mellon purchased 1.63 million Chemours shares worth approximately $33.4 million, taking a 1.08% stake. Institutional investors collectively own 76.26% of the company.
• Analyst sentiment is mixed, with Chemours holding a consensus “Hold” rating and an average price target of $20.10; recent firms lowered ratings or price targets.
• Chemours reported quarterly EPS of $0.42, below the $0.49 consensus, while revenue of $1.59 billion also missed expectations. The company declared a quarterly dividend of $0.0875 per share, equal to a 2.2% annualized yield.

Bank of New York Mellon Corp purchased a new position in The Chemours Company (NYSE:CC - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 1,625,379 shares of the specialty chemicals company's stock, valued at approximately $33,353,000. Bank of New York Mellon Corp owned approximately 1.08% of Chemours as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CC. Vanguard Group Inc. lifted its position in Chemours by 2.8% during the fourth quarter. Vanguard Group Inc. now owns 17,920,868 shares of the specialty chemicals company's stock valued at $211,287,000 after purchasing an additional 490,778 shares during the last quarter. State Street Corp lifted its stake in shares of Chemours by 22.7% in the 2nd quarter. State Street Corp now owns 6,114,328 shares of the specialty chemicals company's stock valued at $70,009,000 after purchasing an additional 1,131,682 shares during the last quarter. Ameriprise Financial Inc. lifted its stake in shares of Chemours by 13.8% in the 3rd quarter. Ameriprise Financial Inc. now owns 4,796,153 shares of the specialty chemicals company's stock valued at $75,971,000 after purchasing an additional 580,089 shares during the last quarter. UBS Group AG boosted its holdings in shares of Chemours by 0.3% in the 3rd quarter. UBS Group AG now owns 4,754,492 shares of the specialty chemicals company's stock worth $75,311,000 after purchasing an additional 14,865 shares during the period. Finally, Cooper Creek Partners Management LLC bought a new position in shares of Chemours during the 3rd quarter valued at approximately $63,103,000. 76.26% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on CC. Zacks Research cut shares of Chemours from a "strong-buy" rating to a "strong sell" rating in a research report on Tuesday, August 11th. The Goldman Sachs Group restated a "neutral" rating and issued a $17.00 target price on shares of Chemours in a report on Thursday, August 13th. Morgan Stanley set a $18.00 price target on shares of Chemours in a research note on Monday, August 10th. BMO Capital Markets cut their price target on shares of Chemours from $26.00 to $18.00 and set an "outperform" rating on the stock in a report on Thursday, August 13th. Finally, Weiss Ratings downgraded shares of Chemours from a "sell (d)" rating to a "sell (d-)" rating in a research note on Thursday, August 6th. Five equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $20.10.

Chemours Stock Performance

CC opened at $15.64 on Friday. The company has a current ratio of 1.66, a quick ratio of 0.88 and a debt-to-equity ratio of 18.98. The Chemours Company has a 12-month low of $10.44 and a 12-month high of $28.67. The firm has a 50 day moving average of $17.39 and a two-hundred day moving average of $19.97. The firm has a market capitalization of $2.35 billion, a PE ratio of -8.19 and a beta of 1.43.

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

Chemours Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Friday, August 14th will be issued a dividend of $0.0875 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $0.35 dividend on an annualized basis and a yield of 2.2%. Chemours's dividend payout ratio is -18.32%.

Insider Activity at Chemours

In other news, CEO Denise Dignam purchased 3,378 shares of the company's stock in a transaction that occurred on Tuesday, August 11th. The shares were bought at an average price of $14.95 per share, for a total transaction of $50,501.10. Following the completion of the transaction, the chief executive officer owned 339,916 shares in the company, valued at $5,081,744.20. This represents a 1.00% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Shane Hostetter acquired 3,350 shares of the business's stock in a transaction on Thursday, August 6th. The stock was purchased at an average cost of $14.94 per share, with a total value of $50,049.00. Following the acquisition, the chief financial officer directly owned 102,698 shares of the company's stock, valued at $1,534,308.12. This represents a 3.37% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders have bought 8,663 shares of company stock worth $130,601. 0.85% of the stock is owned by company insiders.

About Chemours

Chemours Company, established in 2015 as a spin-off from E. I. du Pont de Nemours and Company, is a global chemistry organization headquartered in Wilmington, Delaware. Since its formation, Chemours has focused on delivering performance chemicals that help customers lower their carbon footprint, increase energy efficiency and conserve water. The company operates with a commitment to safety, environmental stewardship and innovation.

Chemours' principal business activities are organized into three core segments.

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