Massachusetts Financial Services Co. MA Sells 43,110 Shares of The Chemours Company $CC

Key Points

• Massachusetts Financial Services trimmed its Chemours stake by 3.4%, selling 43,110 shares and now holds 1,208,242 shares (about 0.81% of the company) valued at $14.245 million.
• Several brokers have raised price targets (e.g., Truist to $27, Mizuho to $21, Goldman to $18), but the consensus rating remains "Hold" with an average target of $20.40.
• Chemours beat Q4 EPS estimates (EPS $0.05 vs. $0.01 expected) on roughly flat revenue of $1.33B, the stock opened at $23.86 near its 52-week high, and the company pays a quarterly dividend yielding about 1.5%.

Massachusetts Financial Services Co. MA lessened its position in shares of The Chemours Company (NYSE:CC - Free Report) by 3.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,208,242 shares of the specialty chemicals company's stock after selling 43,110 shares during the period. Massachusetts Financial Services Co. MA owned about 0.81% of Chemours worth $14,245,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd bought a new position in Chemours during the 3rd quarter worth about $43,000. Advisory Services Network LLC bought a new position in Chemours during the 3rd quarter worth about $54,000. Hantz Financial Services Inc. increased its holdings in Chemours by 334.2% during the 3rd quarter. Hantz Financial Services Inc. now owns 4,329 shares of the specialty chemicals company's stock worth $69,000 after purchasing an additional 3,332 shares in the last quarter. CWM LLC increased its holdings in Chemours by 32.4% during the 3rd quarter. CWM LLC now owns 5,682 shares of the specialty chemicals company's stock worth $90,000 after purchasing an additional 1,392 shares in the last quarter. Finally, B. Riley Wealth Advisors Inc. bought a new position in Chemours during the 2nd quarter worth about $116,000. Institutional investors own 76.26% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on CC. The Goldman Sachs Group raised their price objective on Chemours from $14.00 to $18.00 and gave the company a "neutral" rating in a report on Wednesday, February 25th. Truist Financial raised their price objective on Chemours from $21.00 to $27.00 and gave the company a "buy" rating in a report on Thursday, April 9th. Jefferies Financial Group restated a "hold" rating and issued a $17.00 price objective on shares of Chemours in a report on Monday, February 23rd. JPMorgan Chase & Co. raised their price objective on Chemours from $13.00 to $17.00 and gave the company a "neutral" rating in a report on Monday, February 23rd. Finally, Mizuho raised their price objective on Chemours from $17.00 to $21.00 and gave the company an "outperform" rating in a report on Thursday, March 5th. Five research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Chemours currently has a consensus rating of "Hold" and an average target price of $20.40.

Chemours Trading Up 3.6%

Chemours stock opened at $23.86 on Friday. The Chemours Company has a 52 week low of $9.13 and a 52 week high of $24.13. 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 stock has a market capitalization of $3.58 billion, a P/E ratio of -9.62 and a beta of 1.41. The stock has a 50-day simple moving average of $19.76 and a 200 day simple moving average of $15.66.

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, topping 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 during the quarter, compared to analysts' expectations of $1.33 billion. During the same quarter last year, the company posted $0.09 earnings per share. Chemours's quarterly revenue was down 2.2% on a year-over-year basis. Analysts expect that The Chemours Company will post 2.03 earnings per share for the current year.

Chemours Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Friday, February 27th were issued a dividend of $0.0875 per share. The ex-dividend date was Friday, February 27th. This represents a $0.35 dividend on an annualized basis and a yield of 1.5%. Chemours's dividend payout ratio (DPR) is presently -14.11%.

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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