Tronox (NYSE:TROX) Shares Gap Up – Here’s What Happened

Tronox Holdings plc (NYSE:TROX)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $10.13, but opened at $10.54. Tronox shares last traded at $10.29, with a volume of 72,025 shares trading hands.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. BMO Capital Markets dropped their price target on shares of Tronox from $21.00 to $17.00 and set an “outperform” rating for the company in a research note on Tuesday, October 29th. Barclays dropped their price target on shares of Tronox from $18.00 to $16.00 and set an “overweight” rating for the company in a research note on Monday, October 28th. Truist Financial assumed coverage on shares of Tronox in a research note on Tuesday. They set a “buy” rating and a $17.00 price target for the company. The Goldman Sachs Group dropped their price target on shares of Tronox from $15.00 to $13.00 and set a “buy” rating for the company in a research note on Tuesday, January 7th. Finally, Morgan Stanley dropped their price target on shares of Tronox from $16.00 to $12.00 and set an “equal weight” rating for the company in a research note on Monday, January 13th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $16.57.

Tronox Price Performance

The business’s 50 day moving average is $10.64 and its two-hundred day moving average is $12.56. The firm has a market cap of $1.60 billion, a P/E ratio of -21.22 and a beta of 1.62. The company has a quick ratio of 0.90, a current ratio of 2.72 and a debt-to-equity ratio of 1.42.

Tronox Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Monday, November 11th were paid a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a yield of 4.92%. The ex-dividend date was Friday, November 8th. Tronox’s dividend payout ratio is presently -104.16%.

Institutional Investors Weigh In On Tronox

A number of large investors have recently bought and sold shares of TROX. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Tronox in the second quarter worth $76,000. The Manufacturers Life Insurance Company grew its holdings in Tronox by 5.0% in the second quarter. The Manufacturers Life Insurance Company now owns 45,701 shares of the company’s stock worth $717,000 after purchasing an additional 2,180 shares during the period. Susquehanna Fundamental Investments LLC acquired a new position in shares of Tronox during the second quarter valued at about $325,000. Algert Global LLC grew its holdings in shares of Tronox by 127.2% during the second quarter. Algert Global LLC now owns 309,051 shares of the company’s stock valued at $4,849,000 after buying an additional 173,054 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new position in shares of Tronox during the third quarter valued at about $263,000. 73.36% of the stock is currently owned by institutional investors and hedge funds.

About Tronox

Tronox Holdings plc operates as a vertically integrated manufacturer of TiO2 pigment in North America, South and Central America, Europe, the Middle East, Africa, and the Asia Pacific. The company operates titanium-bearing mineral sand mines; and engages in beneficiation and smelting operations. It offers TiO2 pigment; ultrafine specialty TiO2; zircon; feedstock; pig iron; monazite; titanium tetrachloride; and other products.