BlackRock Inc. Purchases Shares of 23,283,074 The Chemours Company $CC

Key Points

• BlackRock acquired 23.28 million Chemours shares during the second quarter, valued at approximately $477.8 million and representing a 15.48% stake. Institutional investors collectively own 76.26% of the company.
• Chemours reported quarterly EPS of $0.42, below the $0.49 consensus estimate, while revenue of $1.59 billion also missed expectations and declined 1.5% year over year.
• Analyst sentiment is mixed, with an overall “Hold” rating and an average price target of $20.10; shares recently traded at $15.40. The company also declared a quarterly dividend of $0.0875 per share, yielding about 2.3%.

BlackRock Inc. acquired a new position in shares of The Chemours Company (NYSE:CC - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 23,283,074 shares of the specialty chemicals company's stock, valued at approximately $477,769,000. BlackRock Inc. owned about 15.48% of Chemours as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Annis Gardner Whiting Capital Advisors LLC bought a new position in Chemours during the 1st quarter worth $3,745,000. Old West Investment Management LLC bought a new stake in shares of Chemours in the second quarter valued at about $7,152,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Chemours in the second quarter valued at about $1,467,000. Versor Investments LP acquired a new position in shares of Chemours in the fourth quarter valued at about $314,000. Finally, Penn Capital Management Company LLC increased its position in Chemours by 113.0% during the fourth quarter. Penn Capital Management Company LLC now owns 1,386,819 shares of the specialty chemicals company's stock worth $16,366,000 after acquiring an additional 735,668 shares during the period. Institutional investors own 76.26% of the company's stock.

Analyst Upgrades and Downgrades

CC has been the subject of a number of recent research reports. JPMorgan Chase & Co. cut their price objective on shares of Chemours from $22.00 to $15.00 and set a "neutral" rating for the company in a report on Thursday, August 13th. Zacks Research cut shares of Chemours from a "strong-buy" rating to a "strong sell" rating in a report on Tuesday, August 11th. Truist Financial dropped their price target on shares of Chemours from $30.00 to $24.00 and set a "buy" rating for the company in a research report on Thursday, August 6th. Royal Bank Of Canada cut their price target on Chemours from $26.00 to $22.00 and set an "outperform" rating for the company in a research note on Thursday, August 6th. Finally, The Goldman Sachs Group reissued a "neutral" rating and set a $17.00 price target on shares of Chemours in a research report on Thursday, August 13th. Five analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Chemours presently has an average rating of "Hold" and an average target price of $20.10.

Chemours Price Performance

Shares of NYSE:CC opened at $15.40 on Tuesday. The firm has a 50 day moving average of $17.87 and a 200-day moving average of $20.04. The Chemours Company has a 12 month low of $10.44 and a 12 month high of $28.67. 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 stock has a market capitalization of $2.32 billion, a PE ratio of -8.06 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 earnings per share (EPS) 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 firm had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.65 billion. During the same quarter in the prior year, the business posted ($2.54) EPS. The business's revenue was down 1.5% on a year-over-year basis. On average, equities research analysts predict that The Chemours Company will post 0.87 EPS for the current fiscal year.

Chemours Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Friday, August 14th will be issued a $0.0875 dividend. This represents a $0.35 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend is Friday, August 14th. Chemours's dividend payout ratio (DPR) is currently -18.32%.

Insider Activity

In other Chemours news, CEO Denise Dignam purchased 3,378 shares of the firm's stock in a transaction dated 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 purchase, the chief executive officer owned 339,916 shares in the company, valued at approximately $5,081,744.20. This trade represents a 1.00% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Calderon Gerardo Familiar purchased 1,935 shares of the stock in a transaction dated Wednesday, August 12th. The shares were acquired at an average cost of $15.53 per share, with a total value of $30,050.55. Following the acquisition, the insider directly owned 58,547 shares in the company, valued at $909,234.91. This represents a 3.42% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders have acquired 8,663 shares of company stock worth $130,601. Insiders own 0.85% of the company's stock.

Chemours Profile

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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