670,430 Shares in The Chemours Company (NYSE:CC) Bought by Scopia Capital Management LP

Scopia Capital Management LP bought a new position in The Chemours Company (NYSE:CC) in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 670,430 shares of the specialty chemicals company’s stock, valued at approximately $13,623,000. Chemours comprises 2.8% of Scopia Capital Management LP’s portfolio, making the stock its 19th largest position.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Appian Way Asset Management LP purchased a new position in Chemours in the 3rd quarter worth $34,151,000. Brooklyn Investment Group purchased a new position in Chemours in the 3rd quarter worth $37,000. FMR LLC raised its stake in Chemours by 3.5% in the 3rd quarter. FMR LLC now owns 18,142,202 shares of the specialty chemicals company’s stock worth $368,650,000 after acquiring an additional 618,361 shares during the last quarter. Truvestments Capital LLC purchased a new position in Chemours in the 3rd quarter worth $35,000. Finally, Charles Schwab Investment Management Inc. raised its stake in Chemours by 2.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,229,052 shares of the specialty chemicals company’s stock worth $24,974,000 after acquiring an additional 32,590 shares during the last quarter. Hedge funds and other institutional investors own 76.26% of the company’s stock.

Chemours Price Performance

Shares of Chemours stock opened at $21.74 on Friday. The stock has a market capitalization of $3.25 billion, a P/E ratio of 43.48 and a beta of 1.75. The business has a 50 day simple moving average of $19.65 and a two-hundred day simple moving average of $21.39. The Chemours Company has a 12 month low of $15.10 and a 12 month high of $32.70. The company has a debt-to-equity ratio of 6.05, a current ratio of 1.73 and a quick ratio of 0.92.

Chemours (NYSE:CC) last posted its quarterly earnings data on Monday, November 4th. The specialty chemicals company reported $0.40 EPS for the quarter, beating the consensus estimate of $0.32 by $0.08. Chemours had a return on equity of 29.48% and a net margin of 1.34%. The firm had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.44 billion. During the same period in the prior year, the company earned $0.64 EPS. The firm’s revenue was up .9% compared to the same quarter last year. As a group, analysts predict that The Chemours Company will post 1.35 EPS for the current fiscal year.

Chemours Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 15th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.00 dividend on an annualized basis and a yield of 4.60%. Chemours’s payout ratio is presently 200.00%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on CC shares. BMO Capital Markets increased their price target on Chemours from $30.00 to $32.00 and gave the stock an “outperform” rating in a research report on Monday, October 7th. The Goldman Sachs Group cut their price target on Chemours from $29.00 to $23.00 and set a “neutral” rating on the stock in a research report on Tuesday, September 3rd. Morgan Stanley cut their price target on Chemours from $30.00 to $25.00 and set an “equal weight” rating on the stock in a research report on Tuesday, November 5th. JPMorgan Chase & Co. cut their price target on Chemours from $25.00 to $18.00 and set a “neutral” rating on the stock in a research report on Tuesday, August 6th. Finally, Barclays raised their target price on Chemours from $21.00 to $23.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, Chemours presently has a consensus rating of “Hold” and a consensus target price of $24.88.

Insider Activity at Chemours

In related news, SVP Alvenia Scarborough sold 7,500 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $20.64, for a total value of $154,800.00. Following the completion of the sale, the senior vice president now owns 16,645 shares of the company’s stock, valued at approximately $343,552.80. This trade represents a 31.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.47% of the stock is owned by corporate insiders.

Chemours Profile

The Chemours Company provides performance chemicals in North America, the Asia Pacific, Europe, the Middle East, Africa, and Latin America. It operates through three segments: Titanium Technologies, Thermal & Specialized Solutions, and Advanced Performance Materials. The Titanium Technologies segment provides TiO2 pigment under the Ti-Pure brand for delivering whiteness, brightness, opacity, durability, efficiency, and protection in various of applications, such as architectural and industrial coatings, flexible and rigid plastic packaging, polyvinylchloride, laminate papers used for furniture and building materials, coated paper, and coated paperboard used for packaging.