Citigroup Inc. Sells 129,646 Shares of The Chemours Company $CC

Citigroup Inc. decreased its position in shares of The Chemours Company (NYSE:CC) by 32.0% during the third quarter, HoldingsChannel reports. The fund owned 275,184 shares of the specialty chemicals company’s stock after selling 129,646 shares during the quarter. Citigroup Inc.’s holdings in Chemours were worth $4,359,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. MTM Investment Management LLC purchased a new position in shares of Chemours during the 2nd quarter worth about $27,000. Evelyn Partners Asset Management Ltd bought a new stake in Chemours in the second quarter worth about $37,000. CWM LLC boosted its position in shares of Chemours by 34.7% during the second quarter. CWM LLC now owns 4,290 shares of the specialty chemicals company’s stock valued at $49,000 after buying an additional 1,104 shares during the period. Hantz Financial Services Inc. grew its stake in shares of Chemours by 334.2% during the third quarter. Hantz Financial Services Inc. now owns 4,329 shares of the specialty chemicals company’s stock valued at $69,000 after buying an additional 3,332 shares during the last quarter. Finally, Itau Unibanco Holding S.A. raised its holdings in shares of Chemours by 102.3% in the second quarter. Itau Unibanco Holding S.A. now owns 7,149 shares of the specialty chemicals company’s stock worth $82,000 after buying an additional 3,615 shares during the period. Hedge funds and other institutional investors own 76.26% of the company’s stock.

Chemours Stock Up 4.5%

NYSE:CC opened at $17.52 on Thursday. The company has a debt-to-equity ratio of 16.33, a current ratio of 1.78 and a quick ratio of 0.85. The Chemours Company has a 1-year low of $9.13 and a 1-year high of $21.85. The company has a 50-day moving average of $16.19 and a 200 day moving average of $14.71. The firm has a market cap of $2.63 billion, a PE ratio of -7.06 and a beta of 1.60.

Chemours (NYSE:CC) last posted its quarterly earnings results on Thursday, February 19th. The specialty chemicals company reported $0.05 EPS for the quarter, beating the consensus estimate of $0.01 by $0.04. Chemours had a negative net margin of 6.41% and a positive return on equity of 41.75%. The business had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.33 billion. During the same quarter in the previous year, the business posted $0.09 EPS. The company’s quarterly revenue was down 2.2% compared to the same quarter last year. As a group, research analysts anticipate that The Chemours Company will post 2.03 EPS for the current fiscal year.

Chemours Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 27th will be given a dividend of $0.0875 per share. This represents a $0.35 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Friday, February 27th. Chemours’s dividend payout ratio (DPR) is -14.11%.

Wall Street Analysts Forecast Growth

CC has been the subject of a number of recent analyst reports. UBS Group boosted their price objective on Chemours from $18.00 to $23.00 and gave the company a “buy” rating in a report on Monday, February 23rd. The Goldman Sachs Group boosted their target price on shares of Chemours from $14.00 to $18.00 and gave the company a “neutral” rating in a research note on Wednesday, February 25th. Mizuho set a $17.00 price target on shares of Chemours in a research note on Monday, February 23rd. Jefferies Financial Group reissued a “hold” rating and issued a $17.00 price objective on shares of Chemours in a research report on Monday, February 23rd. Finally, Truist Financial raised their target price on shares of Chemours from $18.00 to $21.00 and gave the stock a “buy” rating in a research report on Wednesday, January 21st. Five analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Chemours presently has a consensus rating of “Hold” and a consensus target price of $18.00.

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.