Victory Capital Management Inc. Sells 1,470,401 Shares of Tronox Holdings PLC (NYSE:TROX)

Key Points

• Victory Capital Management Inc. has significantly reduced its stake in Tronox Holdings PLC by 98.7%, selling over 1.4 million shares, leaving it with only 20,071 shares valued at $141,000.
• Several other institutional investors have increased their holdings in Tronox, with Capital International Investors raising its stake by 14.8% and Lightrock Netherlands B.V. increasing by 82.7% during the same quarter.
• Tronox reported a loss of ($0.28) EPS for the last quarter, missing expectations and showing a year-over-year revenue decline of 10.9%.

Victory Capital Management Inc. cut its holdings in shares of Tronox Holdings PLC (NYSE:TROX - Free Report) by 98.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 20,071 shares of the company's stock after selling 1,470,401 shares during the quarter. Victory Capital Management Inc.'s holdings in Tronox were worth $141,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of TROX. Edgestream Partners L.P. acquired a new stake in Tronox during the 1st quarter valued at approximately $3,620,000. CWM LLC grew its stake in Tronox by 1,186.7% during the 1st quarter. CWM LLC now owns 10,731 shares of the company's stock valued at $76,000 after purchasing an additional 9,897 shares in the last quarter. Nisa Investment Advisors LLC grew its stake in Tronox by 763.5% during the 1st quarter. Nisa Investment Advisors LLC now owns 9,127 shares of the company's stock valued at $65,000 after purchasing an additional 8,070 shares in the last quarter. Lightrock Netherlands B.V. grew its position in shares of Tronox by 82.7% in the 1st quarter. Lightrock Netherlands B.V. now owns 1,657,579 shares of the company's stock worth $11,689,000 after acquiring an additional 750,145 shares in the last quarter. Finally, Teacher Retirement System of Texas acquired a new position in shares of Tronox in the 1st quarter worth approximately $122,000. 73.36% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

TROX has been the subject of a number of analyst reports. Morgan Stanley reduced their price objective on Tronox from $12.00 to $8.00 and set an "equal weight" rating for the company in a research report on Monday, May 5th. BMO Capital Markets lowered Tronox from a "market perform" rating to an "underperform" rating and cut their target price for the stock from $7.00 to $3.00 in a research report on Monday, June 30th. Truist Financial lowered their price objective on Tronox from $14.00 to $10.00 and set a "buy" rating on the stock in a report on Monday, April 14th. UBS Group downgraded Tronox from a "buy" rating to a "neutral" rating and decreased their target price for the company from $8.00 to $3.60 in a research note on Monday. Finally, Barclays dropped their target price on Tronox from $13.00 to $8.00 and set an "overweight" rating for the company in a report on Wednesday, May 28th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $6.51.

Tronox Trading Up 4.1%

Shares of Tronox stock traded up $0.13 during trading on Tuesday, hitting $3.31. The company's stock had a trading volume of 6,928,648 shares, compared to its average volume of 4,592,812. The company has a debt-to-equity ratio of 1.64, a current ratio of 2.10 and a quick ratio of 0.52. Tronox Holdings PLC has a 52 week low of $2.95 and a 52 week high of $15.07. The stock has a market cap of $524.50 million, a price-to-earnings ratio of -2.09 and a beta of 1.35. The stock has a 50-day moving average price of $5.40 and a two-hundred day moving average price of $6.46.

Tronox (NYSE:TROX - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The company reported ($0.28) EPS for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.24). The firm had revenue of $731.00 million for the quarter, compared to the consensus estimate of $802.03 million. Tronox had a negative net margin of 8.48% and a negative return on equity of 4.83%. The business's revenue was down 10.9% compared to the same quarter last year. During the same period last year, the company posted $0.07 EPS. Equities research analysts anticipate that Tronox Holdings PLC will post 0.49 EPS for the current fiscal year.

Tronox Cuts Dividend

The firm also recently announced a dividend, which will be paid on Friday, October 3rd. Investors of record on Tuesday, August 12th will be issued a $0.05 dividend. This represents a dividend yield of 629.0%. The ex-dividend date is Monday, August 11th. Tronox's dividend payout ratio is currently -31.65%.

Insider Buying and Selling

In other news, CEO John D. Romano purchased 100,000 shares of the business's stock in a transaction on Friday, August 1st. The stock was purchased at an average cost of $3.09 per share, with a total value of $309,000.00. Following the acquisition, the chief executive officer directly owned 1,333,485 shares in the company, valued at approximately $4,120,468.65. This trade represents a 8.11% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Jeffrey A. Engle purchased 12,600 shares of the business's stock in a transaction on Friday, August 1st. The stock was purchased at an average cost of $3.07 per share, with a total value of $38,682.00. Following the completion of the acquisition, the senior vice president owned 146,926 shares in the company, valued at approximately $451,062.82. This trade represents a 9.38% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 122,866 shares of company stock worth $397,883 in the last quarter. Insiders own 1.70% of the company's stock.

Tronox Profile

Tronox Holdings plc operates as a vertically integrated manufacturer of TiO2 pigment in North America, South and Central America, Europe, the Middle East, Africa, and the Asia Pacific. The company operates titanium-bearing mineral sand mines; and engages in beneficiation and smelting operations. It offers TiO2 pigment; ultrafine specialty TiO2; zircon; feedstock; pig iron; monazite; titanium tetrachloride; and other products.