Tronox Holdings plc (NYSE:TROX) was the recipient of a significant increase in short interest during the month of August. As of August 31st, there was short interest totalling 5,800,000 shares, an increase of 39.1% from the August 15th total of 4,170,000 shares. Based on an average daily trading volume, of 1,510,000 shares, the days-to-cover ratio is presently 3.8 days. Approximately 5.2% of the shares of the stock are short sold.
A number of research firms recently commented on TROX. JPMorgan Chase & Co. raised their price objective on shares of Tronox from $26.00 to $30.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 15th. They noted that the move was a valuation call. Zacks Investment Research raised shares of Tronox from a “sell” rating to a “hold” rating in a research note on Tuesday, August 17th. Two analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, Tronox currently has a consensus rating of “Buy” and an average price target of $26.75.
Several hedge funds and other institutional investors have recently bought and sold shares of TROX. Parametric Portfolio Associates LLC grew its position in Tronox by 14.5% during the second quarter. Parametric Portfolio Associates LLC now owns 202,840 shares of the company’s stock valued at $4,544,000 after buying an additional 25,739 shares during the period. Morgan Stanley lifted its holdings in Tronox by 14.6% during the second quarter. Morgan Stanley now owns 1,508,824 shares of the company’s stock valued at $33,798,000 after purchasing an additional 192,367 shares during the last quarter. Brookfield Asset Management Inc. purchased a new stake in Tronox during the second quarter valued at about $1,722,000. Invesco Ltd. lifted its holdings in shares of Tronox by 10.8% in the second quarter. Invesco Ltd. now owns 216,822 shares of the company’s stock worth $4,857,000 after buying an additional 21,115 shares in the last quarter. Finally, Maverick Capital Ltd. lifted its holdings in shares of Tronox by 170.0% in the second quarter. Maverick Capital Ltd. now owns 3,642 shares of the company’s stock worth $82,000 after buying an additional 2,293 shares in the last quarter. Hedge funds and other institutional investors own 66.55% of the company’s stock.
Tronox (NYSE:TROX) last issued its quarterly earnings results on Wednesday, July 28th. The company reported $0.61 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.50 by $0.11. Tronox had a net margin of 31.53% and a return on equity of 10.66%. The firm had revenue of $927.00 million for the quarter, compared to the consensus estimate of $921.43 million. On average, sell-side analysts anticipate that Tronox will post 2.34 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 10th. Stockholders of record on Monday, August 9th were paid a $0.10 dividend. The ex-dividend date was Friday, August 6th. This represents a $0.40 annualized dividend and a dividend yield of 1.71%. Tronox’s payout ratio is 71.43%.
Tronox Company Profile
Tronox Holdings Plc engages in the mining and inorganic chemical business. Its products include Titanium Dioxide Mineral Sands. The firm also mines and processes titanium ore, zircon and other minerals, and manufactures titanium dioxide pigments. The company was founded in 2006 and is headquartered in Stamford, CT.
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