Flinton Capital Management LLC raised its stake in Chemours Co (NYSE:CC) by 67.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 190,148 shares of the specialty chemicals company’s stock after acquiring an additional 76,300 shares during the quarter. Flinton Capital Management LLC owned about 0.10% of Chemours worth $9,519,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in the business. Strs Ohio bought a new position in shares of Chemours during the fourth quarter worth approximately $116,000. Clearbridge LLC increased its holdings in shares of Chemours by 93.6% during the fourth quarter. Clearbridge LLC now owns 2,689 shares of the specialty chemicals company’s stock worth $135,000 after purchasing an additional 1,300 shares during the period. Gamco Investors INC. ET AL bought a new position in shares of Chemours during the third quarter worth approximately $202,000. Bell Bank bought a new position in shares of Chemours during the third quarter worth approximately $202,000. Finally, First Allied Advisory Services Inc. bought a new position in shares of Chemours during the third quarter worth approximately $202,000. 77.83% of the stock is currently owned by hedge funds and other institutional investors.
In other Chemours news, VP Mark Newman sold 29,381 shares of the firm’s 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 sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Paul Kirsch sold 13,770 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The shares were 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 in the company, valued at approximately $3,155,280.93. The disclosure for this sale can be found here. Company insiders own 1.14% of the company’s stock.
Chemours (NYSE:CC) last posted its quarterly earnings results on Wednesday, February 14th. The specialty chemicals company reported $1.19 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.95 by $0.24. The business had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.55 billion. Chemours had a net margin of 12.06% and a return on equity of 115.54%. The firm’s revenue for the quarter was up 19.1% on a year-over-year basis. During the same quarter last year, the business posted $0.08 EPS. analysts forecast that Chemours Co will post 5.3 earnings per share for the current fiscal year.
Chemours announced that its Board of Directors has authorized a share repurchase plan on Friday, December 1st that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the specialty chemicals company to buy shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
Several brokerages have recently commented on CC. Morgan Stanley initiated coverage on shares of Chemours in a report on Tuesday, January 30th. They set an “equal weight” rating and a $57.50 target price on the stock. Jefferies Group increased their price target on shares of Chemours to $66.00 and gave the stock a “buy” rating in a research report on Monday, December 4th. Zacks Investment Research upgraded shares of Chemours from a “hold” rating to a “strong-buy” rating and set a $58.00 price target on the stock in a research report on Wednesday, February 21st. Goldman Sachs Group lowered shares of Chemours from a “buy” rating to a “neutral” rating and set a $55.00 price target on the stock. in a research report on Wednesday, December 6th. Finally, Barclays reiterated a “buy” rating and set a $60.00 price target on shares of Chemours in a research report on Wednesday, December 6th. Three research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. Chemours presently has a consensus rating of “Buy” and an average target price of $57.95.
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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