Private Management Group Inc. Has $15.60 Million Stock Position in The Chemours Company $CC

Key Points

• Private Management Group reduced its Chemours stake by 11.4% in the second quarter, but still held 760,342 shares worth approximately $15.6 million. Institutional investors and hedge funds collectively own 76.26% of the company.
• Chemours reported quarterly EPS of $0.42, below the $0.49 analyst consensus, while revenue of $1.59 billion also missed estimates and declined 1.5% year over year. Shares opened at $15.64, down 1.5%, with analysts holding a consensus “Hold” rating and an average price target of $20.10.
• The company declared a quarterly dividend of $0.0875, equivalent to an annualized $0.35 payout and a 2.2% yield. Chemours insiders also purchased 8,663 shares worth roughly $130,601 over the past three months.

Private Management Group Inc. reduced its holdings in shares of The Chemours Company (NYSE:CC - Free Report) by 11.4% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 760,342 shares of the specialty chemicals company's stock after selling 97,781 shares during the quarter. Private Management Group Inc. owned 0.51% of Chemours worth $15,602,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of CC. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of Chemours during the first quarter valued at about $3,745,000. BlackRock Inc. bought a new stake in shares of Chemours during the second quarter worth about $477,769,000. Old West Investment Management LLC acquired a new position in shares of Chemours in the second quarter valued at approximately $7,152,000. Deutsche Bank AG acquired a new position in shares of Chemours in the second quarter valued at approximately $3,291,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Chemours in the 2nd quarter valued at approximately $1,467,000. 76.26% of the stock is owned by institutional investors and hedge funds.

Chemours Trading Down 1.5%

Shares of CC stock opened at $15.64 on Friday. The company has a market cap of $2.35 billion, a P/E ratio of -8.19 and a beta of 1.43. The stock has a 50 day simple moving average of $17.39 and a two-hundred day simple moving average of $19.97. 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 Chemours Company has a fifty-two week low of $10.44 and a fifty-two week high of $28.67.

Chemours (NYSE:CC - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The specialty chemicals company reported $0.42 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.49 by ($0.07). The business had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.65 billion. Chemours had a positive return on equity of 60.64% and a negative net margin of 5.00%.Chemours's quarterly revenue was down 1.5% on a year-over-year basis. During the same quarter in the previous year, the company posted ($2.54) earnings per share. Research analysts forecast that The Chemours Company will post 0.87 earnings per share for the current year.

Chemours Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Friday, August 14th will be paid a $0.0875 dividend. The ex-dividend date is Friday, August 14th. This represents a $0.35 annualized dividend and a dividend yield of 2.2%. Chemours's dividend payout ratio (DPR) is currently -18.32%.

Insider Activity at Chemours

In other news, insider Calderon Gerardo Familiar bought 1,935 shares of the firm's stock in a transaction that occurred on 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 transaction, the insider directly owned 58,547 shares of the company's stock, valued at approximately $909,234.91. This represents a 3.42% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Shane Hostetter purchased 3,350 shares of the business's stock in a transaction on Thursday, August 6th. The stock was purchased at an average price of $14.94 per share, for a total transaction of $50,049.00. Following the acquisition, the chief financial officer owned 102,698 shares of the company's stock, valued at approximately $1,534,308.12. This represents a 3.37% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders bought 8,663 shares of company stock valued at $130,601 in the last three months. Corporate insiders own 0.85% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Truist Financial reduced their target price on shares of Chemours from $30.00 to $24.00 and set a "buy" rating on the stock in a report on Thursday, August 6th. Zacks Research downgraded shares of Chemours from a "strong-buy" rating to a "strong sell" rating in a research note on Tuesday, August 11th. Morgan Stanley set a $18.00 price target on shares of Chemours in a report on Monday, August 10th. Alembic Global Advisors reissued an "overweight" rating and issued a $30.00 price objective on shares of Chemours in a research note on Wednesday, May 13th. Finally, UBS Group restated a "neutral" rating and issued a $18.00 price objective (down from $29.00) on shares of Chemours in a report on Monday, August 10th. Five 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.com, the stock presently has a consensus rating of "Hold" and an average target price of $20.10.

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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