Legal & General Group Plc Invests $28.40 Million in The Chemours Company $CC

Key Points

• Legal & General Group acquired 1.38 million Chemours shares worth approximately $28.4 million, taking a 0.92% stake. Institutional investors collectively own 76.26% of the company.
• Chemours reported quarterly earnings of $0.42 per share, below the $0.49 analyst estimate, while revenue of $1.59 billion also missed expectations and declined 1.5% year over year.
• Analyst sentiment is mixed, with the stock holding an overall “Hold” rating and an average price target of $20.10 versus a recent price of $15.64. The company declared a quarterly dividend of $0.0875 per share, representing a 2.2% annualized yield.

Legal & General Group Plc acquired a new stake in shares of The Chemours Company (NYSE:CC - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,384,024 shares of the specialty chemicals company's stock, valued at approximately $28,400,000. Legal & General Group Plc owned approximately 0.92% of Chemours as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. BlackRock Inc. acquired a new stake in Chemours during the 2nd quarter worth about $477,769,000. Cooper Creek Partners Management LLC acquired a new position in shares of Chemours in the third quarter valued at about $63,103,000. Wolf Hill Capital Management LP purchased a new position in shares of Chemours in the second quarter worth about $59,698,056. Bank of New York Mellon Corp purchased a new position in shares of Chemours in the second quarter worth about $33,353,000. Finally, Scopia Capital Management LP lifted its holdings in shares of Chemours by 71.7% during the second quarter. Scopia Capital Management LP now owns 3,355,261 shares of the specialty chemicals company's stock worth $38,418,000 after purchasing an additional 1,401,539 shares during the period. 76.26% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Chemours news, insider Calderon Gerardo Familiar bought 1,935 shares of Chemours stock in a transaction dated Wednesday, August 12th. The stock was acquired at an average cost of $15.53 per share, with a total value of $30,050.55. Following the purchase, the insider directly owned 58,547 shares in the company, valued at $909,234.91. This represents a 3.42% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Shane Hostetter bought 3,350 shares of the firm's stock in a transaction dated Thursday, August 6th. The shares were acquired at an average price of $14.94 per share, for a total transaction of $50,049.00. Following the transaction, the chief financial officer directly owned 102,698 shares in the company, valued at approximately $1,534,308.12. This represents a 3.37% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders have acquired 8,663 shares of company stock worth $130,601. 0.85% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Royal Bank Of Canada dropped their price objective on shares of Chemours from $26.00 to $22.00 and set an "outperform" rating on the stock in a report on Thursday, August 6th. Morgan Stanley set a $18.00 target price on shares of Chemours in a report on Monday, August 10th. JPMorgan Chase & Co. decreased their target price on shares of Chemours from $22.00 to $15.00 and set a "neutral" rating for the company in a research report on Thursday, August 13th. Mizuho set a $22.00 price target on shares of Chemours in a report on Wednesday, August 5th. Finally, Zacks Research lowered shares of Chemours from a "strong-buy" rating to a "strong sell" rating in a report on Tuesday, August 11th. Five investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $20.10.

Chemours Stock Performance

Shares of NYSE CC opened at $15.64 on Friday. The company has a market capitalization of $2.35 billion, a PE ratio of -8.19 and a beta of 1.43. The company has a debt-to-equity ratio of 18.98, a quick ratio of 0.88 and a current ratio of 1.66. The company's fifty day moving average price is $17.39 and its 200 day moving average price is $19.97. The Chemours Company has a 1 year low of $10.44 and a 1 year high of $28.67.

Chemours (NYSE:CC - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The specialty chemicals company reported $0.42 earnings per share for the quarter, missing analysts' consensus estimates 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 firm 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 firm posted ($2.54) EPS. The firm's quarterly revenue was down 1.5% on a year-over-year basis. On average, research analysts predict that The Chemours Company will post 0.87 earnings per share for the current year.

Chemours Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Friday, August 14th will be given a dividend of $0.0875 per share. The ex-dividend date 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 currently -18.32%.

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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