Cinctive Capital Management LP Cuts Stock Position in The Chemours Company $CC

Key Points

• Cinctive Capital cut its stake in Chemours by 77.6% in Q3, selling 258,396 shares and leaving 74,457 shares valued at about $1.18 million.
• Other large institutions largely increased exposure — State Street (+22.7%), Ameriprise (+13.8%), Geode (+41.4%) and UBS (+0.3%) — with institutional ownership at 76.26%.
• Chemours beat Q earnings estimates ($0.05 EPS vs. $0.01 est.) on $1.33B revenue, pays a $0.0875 quarterly dividend (≈2.0% yield), and carries a mixed analyst consensus of "Hold" with a $18.40 average price target.

Cinctive Capital Management LP decreased its stake in shares of The Chemours Company (NYSE:CC - Free Report) by 77.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 74,457 shares of the specialty chemicals company's stock after selling 258,396 shares during the quarter. Cinctive Capital Management LP's holdings in Chemours were worth $1,179,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. State Street Corp grew its position in Chemours by 22.7% during 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 position in 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 acquiring an additional 580,089 shares in the last quarter. UBS Group AG boosted its stake in Chemours by 0.3% during the 3rd quarter. UBS Group AG now owns 4,754,492 shares of the specialty chemicals company's stock valued at $75,311,000 after purchasing an additional 14,865 shares during the last quarter. Cooper Creek Partners Management LLC purchased a new position in shares of Chemours in the third quarter worth $63,103,000. Finally, Geode Capital Management LLC boosted its position in shares of Chemours by 41.4% during the second quarter. Geode Capital Management LLC now owns 3,484,416 shares of the specialty chemicals company's stock valued at $39,901,000 after buying an additional 1,020,933 shares during the last quarter. 76.26% of the stock is currently owned by institutional investors.

Chemours Trading Up 0.4%

Shares of Chemours stock opened at $17.65 on Tuesday. The company has a market capitalization of $2.65 billion, a P/E ratio of -7.11 and a beta of 1.60. The company has a debt-to-equity ratio of 16.33, a quick ratio of 0.85 and a current ratio of 1.78. The company has a fifty day moving average of $17.05 and a 200 day moving average of $14.85. The Chemours Company has a fifty-two week low of $9.13 and a fifty-two week high of $21.85.

Chemours (NYSE:CC - Get Free Report) last posted its quarterly earnings results on Thursday, February 19th. The specialty chemicals company reported $0.05 EPS for the quarter, beating analysts' consensus estimates of $0.01 by $0.04. Chemours had a positive return on equity of 41.75% and a negative net margin of 6.41%.The business had revenue of $1.33 billion for the quarter, compared to analysts' expectations of $1.33 billion. During the same period last year, the firm earned $0.09 earnings per share. The business's quarterly revenue was down 2.2% on a year-over-year basis. On average, sell-side analysts anticipate that The Chemours Company will post 2.03 earnings per share for the current fiscal year.

Chemours Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Friday, February 27th were paid a dividend of $0.0875 per share. This represents a $0.35 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend was Friday, February 27th. Chemours's dividend payout ratio (DPR) is -14.11%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. The Goldman Sachs Group lifted their price target on shares of Chemours from $14.00 to $18.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 25th. Truist Financial upped their price target on shares of Chemours from $18.00 to $21.00 and gave the company a "buy" rating in a research report on Wednesday, January 21st. Weiss Ratings reiterated a "sell (d)" rating on shares of Chemours in a research report on Wednesday, January 21st. Jefferies Financial Group reaffirmed a "hold" rating and issued a $17.00 target price on shares of Chemours in a report on Monday, February 23rd. Finally, Royal Bank Of Canada reiterated an "outperform" rating and set a $18.00 price objective on shares of Chemours in a research note on Friday, January 16th. Five research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $18.40.

Chemours Company 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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