Private Management Group Inc. Purchases 172,392 Shares of The Chemours Company (NYSE:CC)

Key Points

• Private Management Group Inc. has increased its ownership of The Chemours Company by 22.1%, acquiring an additional 172,392 shares in the 1st quarter, bringing its total shares to 953,058 valued at approximately $12.9 million.
• Several institutional investors have adjusted their stakes in Chemours, with Sei Investments Co. significantly increasing its holdings by 779.5% in the 4th quarter.
• Chemours reported $0.13 earnings per share for the last quarter, which was below analysts’ expectations, while its revenue slightly exceeded forecasts at $1.37 billion.

Private Management Group Inc. grew its stake in shares of The Chemours Company (NYSE:CC - Free Report) by 22.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 953,058 shares of the specialty chemicals company's stock after purchasing an additional 172,392 shares during the quarter. Private Management Group Inc. owned approximately 0.64% of Chemours worth $12,895,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in CC. Raymond James Financial Inc. acquired a new position in shares of Chemours during the fourth quarter worth approximately $2,283,000. Corient Private Wealth LLC boosted its position in shares of Chemours by 4.7% during the fourth quarter. Corient Private Wealth LLC now owns 13,428 shares of the specialty chemicals company's stock worth $227,000 after buying an additional 604 shares during the period. Xponance Inc. lifted its position in Chemours by 6.7% in the fourth quarter. Xponance Inc. now owns 18,648 shares of the specialty chemicals company's stock worth $315,000 after purchasing an additional 1,177 shares during the period. American Century Companies Inc. lifted its position in Chemours by 7.6% in the fourth quarter. American Century Companies Inc. now owns 1,625,019 shares of the specialty chemicals company's stock worth $27,463,000 after purchasing an additional 115,436 shares during the period. Finally, Sei Investments Co. lifted its position in Chemours by 779.5% in the fourth quarter. Sei Investments Co. now owns 174,555 shares of the specialty chemicals company's stock worth $2,950,000 after purchasing an additional 154,709 shares during the period. 76.26% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have weighed in on CC. Mizuho upped their target price on Chemours from $13.00 to $16.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 15th. Truist Financial cut their target price on Chemours from $27.00 to $22.00 and set a "buy" rating for the company in a research report on Monday, April 14th. UBS Group cut their target price on Chemours from $18.00 to $17.00 and set a "buy" rating for the company in a research report on Wednesday, May 7th. Morgan Stanley cut their target price on Chemours from $22.00 to $15.00 and set an "equal weight" rating for the company in a research report on Monday, May 12th. Finally, Barclays cut their target price on Chemours from $16.00 to $13.00 and set an "equal weight" rating for the company in a research report on Wednesday, May 28th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, Chemours presently has an average rating of "Hold" and an average target price of $17.44.

Insiders Place Their Bets

In other Chemours news, CFO Shane Hostetter acquired 4,450 shares of the firm's stock in a transaction that occurred on Monday, May 19th. The stock was purchased at an average cost of $11.28 per share, for a total transaction of $50,196.00. Following the completion of the acquisition, the chief financial officer owned 59,694 shares of the company's stock, valued at approximately $673,348.32. This trade represents a 8.06% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Damian Gumpel acquired 13,400 shares of the firm's stock in a transaction that occurred on Monday, June 2nd. The stock was acquired at an average price of $9.22 per share, with a total value of $123,548.00. Following the completion of the acquisition, the insider directly owned 123,879 shares of the company's stock, valued at $1,142,164.38. This represents a 12.13% increase in their position. The disclosure for this purchase can be found here. Insiders bought 25,672 shares of company stock worth $251,573 over the last ninety days. 0.34% of the stock is currently owned by company insiders.

Chemours Stock Down 1.8%

NYSE:CC traded down $0.25 during trading hours on Tuesday, hitting $13.64. 928,741 shares of the stock traded hands, compared to its average volume of 3,427,274. The firm has a 50 day moving average price of $11.89 and a 200 day moving average price of $13.64. The company has a current ratio of 1.75, a quick ratio of 0.83 and a debt-to-equity ratio of 7.01. The Chemours Company has a fifty-two week low of $9.13 and a fifty-two week high of $24.46. The firm has a market cap of $2.04 billion, a price-to-earnings ratio of 68.11 and a beta of 1.65.

Chemours (NYSE:CC - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The specialty chemicals company reported $0.13 earnings per share for the quarter, missing analysts' consensus estimates of $0.19 by ($0.06). Chemours had a return on equity of 23.82% and a net margin of 0.54%. The company had revenue of $1.37 billion during the quarter, compared to analyst estimates of $1.36 billion. During the same period last year, the company posted $0.32 earnings per share. The company's revenue was up .4% compared to the same quarter last year. Equities research analysts anticipate that The Chemours Company will post 2.03 earnings per share for the current year.

Chemours Announces Dividend

The business also recently declared a dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, May 19th were paid a $0.0875 dividend. This represents a dividend yield of 3.17%. The ex-dividend date of this dividend was Friday, May 16th. Chemours's dividend payout ratio (DPR) is presently 175.00%.

Chemours Company Profile

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.