Raymond James Financial Services Advisors Inc. increased its stake in Chemours Co (NYSE:CC) by 6.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 22,514 shares of the specialty chemicals company’s stock after buying an additional 1,352 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Chemours were worth $1,127,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. Nationwide Fund Advisors increased its position in Chemours by 10.3% during the 3rd quarter. Nationwide Fund Advisors now owns 545,708 shares of the specialty chemicals company’s stock valued at $27,618,000 after purchasing an additional 51,098 shares during the period. Crossmark Global Holdings Inc. purchased a new position in Chemours during the 3rd quarter valued at about $942,000. Gamco Investors INC. ET AL purchased a new position in Chemours during the 3rd quarter valued at about $202,000. Smith Asset Management Group LP increased its position in Chemours by 3.1% during the 3rd quarter. Smith Asset Management Group LP now owns 44,489 shares of the specialty chemicals company’s stock valued at $2,252,000 after purchasing an additional 1,333 shares during the period. Finally, Essex Financial Services Inc. purchased a new position in Chemours during the 3rd quarter valued at about $204,000. 76.92% of the stock is currently owned by institutional investors.
A number of research firms have commented on CC. Barclays reissued a “buy” rating and set a $60.00 target price on shares of Chemours in a research report on Wednesday, December 6th. Zacks Investment Research raised shares of Chemours from a “hold” rating to a “strong-buy” rating and set a $58.00 target price on the stock in a research report on Wednesday, February 21st. Morgan Stanley began coverage on shares of Chemours in a research report on Tuesday, January 30th. They set an “equal weight” rating and a $57.50 target price on the stock. Jefferies Group raised their target price on shares of Chemours to $66.00 and gave the company a “buy” rating in a research report on Monday, December 4th. Finally, Goldman Sachs Group downgraded shares of Chemours from a “buy” rating to a “neutral” rating and set a $55.00 target price on the stock. in a research report on Wednesday, December 6th. Three analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $57.95.
Chemours (NYSE:CC) last released its quarterly earnings results on Wednesday, February 14th. The specialty chemicals company reported $1.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.24. Chemours had a net margin of 12.06% and a return on equity of 115.54%. The business had revenue of $1.58 billion for the quarter, compared to analysts’ expectations of $1.55 billion. During the same period last year, the business earned $0.08 EPS. The company’s revenue was up 19.1% compared to the same quarter last year. sell-side analysts predict that Chemours Co will post 5.3 earnings per share for the current fiscal year.
Chemours announced that its board has approved a share repurchase program on Friday, December 1st that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the specialty chemicals company to repurchase shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.
In related news, VP Mark Newman sold 29,381 shares of Chemours stock in a transaction that occurred on Friday, March 9th. The shares were sold at an average price of $49.19, for a total value of $1,445,251.39. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Paul Kirsch sold 13,770 shares of Chemours stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $50.01, for a total transaction of $688,637.70. Following the completion of the sale, the insider now owns 63,093 shares of the company’s stock, valued at $3,155,280.93. The disclosure for this sale can be found here. Insiders sold a total of 58,239 shares of company stock worth $2,848,608 over the last 90 days. Company insiders own 1.14% of the company’s stock.
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The Chemours Company is a provider of performance chemicals. The Company operates through three segments: Titanium Technologies, Fluoroproducts and Chemical Solutions. The Titanium Technologies segment is a producer of titanium dioxide (TiO2). The Fluoroproducts segment is a provider of fluoroproducts, including refrigerants and industrial fluoropolymer resins.
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