Hsbc Holdings PLC Trims Stake in The Chemours Company $CC

Key Points

• HSBC Holdings PLC cut its stake in Chemours by 47.1% in the fourth quarter, selling 109,392 shares and ending with 122,968 shares valued at about $1.46 million.
• Chemours shares rose 2.4% to $17.81 in Friday trading, while the company reported mixed quarterly results earlier this year: EPS beat estimates, but revenue came in slightly below expectations.
• Analyst sentiment is mixed but leaning neutral, with a consensus rating of “Hold” and an average price target of $24.10; the company also recently paid a quarterly dividend of $0.0875 per share, implying a 2.0% annual yield.

Hsbc Holdings PLC lessened its position in The Chemours Company (NYSE:CC - Free Report) by 47.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 122,968 shares of the specialty chemicals company's stock after selling 109,392 shares during the quarter. Hsbc Holdings PLC owned 0.08% of Chemours worth $1,462,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in CC. Corient Private Wealth LLC raised its position in Chemours by 63.7% in the 4th quarter. Corient Private Wealth LLC now owns 31,680 shares of the specialty chemicals company's stock worth $374,000 after purchasing an additional 12,328 shares during the period. Alpine Global Management LLC purchased a new position in shares of Chemours during the fourth quarter valued at approximately $176,000. Invesco Ltd. grew its stake in shares of Chemours by 14.0% during the fourth quarter. Invesco Ltd. now owns 948,125 shares of the specialty chemicals company's stock valued at $11,178,000 after buying an additional 116,385 shares during the last quarter. Mercer Global Advisors Inc. ADV purchased a new stake in shares of Chemours in the fourth quarter worth approximately $191,000. Finally, Empowered Funds LLC lifted its stake in shares of Chemours by 7.8% during the 4th quarter. Empowered Funds LLC now owns 40,577 shares of the specialty chemicals company's stock worth $478,000 after acquiring an additional 2,936 shares during the last quarter. 76.26% of the stock is owned by hedge funds and other institutional investors.

Chemours Stock Up 2.4%

NYSE:CC traded up $0.42 during mid-day trading on Friday, reaching $17.81. The company's stock had a trading volume of 1,952,003 shares, compared to its average volume of 2,611,242. The company has a quick ratio of 0.87, a current ratio of 1.82 and a debt-to-equity ratio of 18.98. The Chemours Company has a 1 year low of $10.44 and a 1 year high of $28.67. The stock has a fifty day moving average of $21.73 and a 200-day moving average of $19.46. The firm has a market capitalization of $2.68 billion, a PE ratio of -6.75 and a beta of 1.41.

Chemours (NYSE:CC - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The specialty chemicals company reported $0.05 EPS for the quarter, beating the consensus estimate of ($0.05) by $0.10. Chemours had a negative net margin of 6.82% and a positive return on equity of 52.49%. The business had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the previous year, the business posted $0.13 EPS. The company's quarterly revenue was up 1.0% compared to the same quarter last year. Equities research analysts forecast that The Chemours Company will post 1.16 earnings per share for the current year.

Chemours Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 16th. Shareholders of record on Sunday, May 17th were issued a dividend of $0.0875 per share. The ex-dividend date was Friday, May 15th. This represents a $0.35 dividend on an annualized basis and a yield of 2.0%. Chemours's dividend payout ratio is currently -13.26%.

Wall Street Analysts Forecast Growth

CC has been the subject of several research analyst reports. Morgan Stanley lifted their target price on Chemours from $17.00 to $21.00 and gave the stock an "equal weight" rating in a research report on Monday, May 11th. Mizuho lowered their price objective on shares of Chemours from $30.00 to $25.00 and set an "outperform" rating for the company in a research report on Wednesday, July 1st. UBS Group upped their target price on shares of Chemours from $29.00 to $30.00 and gave the stock a "buy" rating in a research note on Friday, May 8th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Chemours in a research report on Monday, April 20th. Finally, Alembic Global Advisors reaffirmed an "overweight" rating and set a $30.00 price target on shares of Chemours in a research note on Wednesday, May 13th. Six research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $24.10.

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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