Mutual of America Capital Management LLC Sells 57,169 Shares of The Chemours Company (NYSE:CC)

Key Points

• Mutual of America Capital Management LLC significantly reduced its stake in The Chemours Company by 72.4%, holding $294,000 worth of the stock after selling 57,169 shares in the first quarter.
• Despite recent sales, other large investors like Vanguard Group Inc. and Headlands Technologies LLC increased their investments in Chemours, indicating a growing institutional interest.
• Chemours reported a quarterly earnings per share of $0.58, surpassing expectations, with a revenue of $1.62 billion for the quarter, reflecting a 5.0% year-over-year increase.

Mutual of America Capital Management LLC trimmed its position in The Chemours Company (NYSE:CC - Free Report) by 72.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 21,756 shares of the specialty chemicals company's stock after selling 57,169 shares during the quarter. Mutual of America Capital Management LLC's holdings in Chemours were worth $294,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of CC. Headlands Technologies LLC raised its stake in Chemours by 28,275.9% during the first quarter. Headlands Technologies LLC now owns 8,229 shares of the specialty chemicals company's stock worth $111,000 after acquiring an additional 8,200 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in Chemours by 10.5% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,438,732 shares of the specialty chemicals company's stock worth $19,466,000 after acquiring an additional 136,460 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Chemours by 8.3% during the first quarter. Vanguard Group Inc. now owns 16,487,008 shares of the specialty chemicals company's stock worth $223,069,000 after purchasing an additional 1,263,047 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of Chemours by 17.1% during the first quarter. PNC Financial Services Group Inc. now owns 52,600 shares of the specialty chemicals company's stock worth $712,000 after purchasing an additional 7,688 shares during the last quarter. Finally, Jefferies Financial Group Inc. bought a new stake in shares of Chemours during the first quarter worth $303,000. 76.26% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on CC shares. Wall Street Zen cut Chemours from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. Barclays decreased their target price on Chemours from $16.00 to $13.00 and set an "equal weight" rating on the stock in a report on Wednesday, May 28th. Mizuho increased their target price on Chemours from $13.00 to $16.00 and gave the stock an "outperform" rating in a report on Tuesday, July 15th. Morgan Stanley decreased their price target on Chemours from $22.00 to $15.00 and set an "equal weight" rating on the stock in a report on Monday, May 12th. Finally, The Goldman Sachs Group decreased their price target on Chemours from $21.00 to $14.00 and set a "neutral" rating on the stock in a report on Wednesday, May 14th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $17.38.

Chemours Stock Down 3.2%

Shares of NYSE CC traded down $0.48 during mid-day trading on Friday, reaching $14.59. 4,347,227 shares of the company's stock were exchanged, compared to its average volume of 4,548,641. The firm has a market capitalization of $2.18 billion, a price-to-earnings ratio of -5.21 and a beta of 1.61. The company has a current ratio of 1.68, a quick ratio of 0.83 and a debt-to-equity ratio of 17.16. The business has a fifty day simple moving average of $12.57 and a 200 day simple moving average of $13.06. The Chemours Company has a twelve month low of $9.13 and a twelve month high of $22.38.

Chemours (NYSE:CC - Get Free Report) last announced its earnings results on Tuesday, August 5th. The specialty chemicals company reported $0.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.46 by $0.12. The business had revenue of $1.62 billion for the quarter, compared to analyst estimates of $1.57 billion. Chemours had a positive return on equity of 35.14% and a negative net margin of 7.19%. Chemours's revenue for the quarter was up 5.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.38 EPS. As a group, equities analysts expect that The Chemours Company will post 2.03 EPS for the current fiscal year.

Chemours Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Friday, August 15th will be paid a dividend of $0.0875 per share. This represents a $0.35 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Friday, August 15th. Chemours's payout ratio is currently -12.50%.

Insider Transactions at Chemours

In related news, insider Damian Gumpel bought 13,400 shares of the business's stock in a transaction dated Monday, June 2nd. The stock was purchased at an average cost of $9.22 per share, for a total transaction of $123,548.00. Following the transaction, the insider owned 123,879 shares in the company, valued at $1,142,164.38. The trade was a 12.13% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Shane Hostetter acquired 4,450 shares of the company's stock in a transaction that occurred on Monday, May 19th. The shares were acquired at an average price of $11.28 per share, with a total value of $50,196.00. Following the completion of the transaction, the chief financial officer owned 59,694 shares in the company, valued at $673,348.32. The trade was a 8.06% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders acquired 29,740 shares of company stock worth $300,633. 0.47% of the stock is owned by company insiders.

About Chemours

The Chemours Company provides performance chemicals in North America, the Asia Pacific, Europe, the Middle East, Africa, and Latin America. It operates through three segments: Titanium Technologies, Thermal & Specialized Solutions, and Advanced Performance Materials. The Titanium Technologies segment provides TiO2 pigment under the Ti-Pure brand for delivering whiteness, brightness, opacity, durability, efficiency, and protection in various of applications, such as architectural and industrial coatings, flexible and rigid plastic packaging, polyvinylchloride, laminate papers used for furniture and building materials, coated paper, and coated paperboard used for packaging.