Scopia Capital Management LP Takes Position in The Chemours Company (NYSE:CC)

Scopia Capital Management LP acquired a new stake in The Chemours Company (NYSE:CC) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 670,430 shares of the specialty chemicals company’s stock, valued at approximately $13,623,000. Chemours makes up 2.8% of Scopia Capital Management LP’s portfolio, making the stock its 19th largest position. Scopia Capital Management LP owned about 0.45% of Chemours as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. Matrix Trust Co purchased a new stake in shares of Chemours in the third quarter worth about $25,000. Blue Trust Inc. lifted its position in shares of Chemours by 166.9% in the third quarter. Blue Trust Inc. now owns 1,169 shares of the specialty chemicals company’s stock worth $26,000 after buying an additional 731 shares in the last quarter. Truvestments Capital LLC purchased a new stake in shares of Chemours in the third quarter worth about $35,000. Brooklyn Investment Group purchased a new stake in shares of Chemours in the third quarter worth about $37,000. Finally, Signaturefd LLC lifted its position in shares of Chemours by 163.7% in the third quarter. Signaturefd LLC now owns 1,959 shares of the specialty chemicals company’s stock worth $40,000 after buying an additional 1,216 shares in the last quarter. 76.26% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Chemours

In other Chemours news, SVP Alvenia Scarborough sold 7,500 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $20.64, for a total transaction of $154,800.00. Following 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.47% of the company’s stock.

Chemours Trading Down 0.4 %

CC opened at $21.74 on Friday. The Chemours Company has a one year low of $15.10 and a one year high of $32.70. The stock has a market cap of $3.25 billion, a price-to-earnings ratio of 43.48 and a beta of 1.75. The stock’s 50 day moving average price is $19.65 and its 200-day moving average price is $21.39. The company has a debt-to-equity ratio of 6.05, a quick ratio of 0.92 and a current ratio of 1.73.

Chemours (NYSE:CC) last announced its quarterly earnings data on Monday, November 4th. The specialty chemicals company reported $0.40 earnings per share (EPS) for the quarter, topping 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 company had revenue of $1.50 billion for the quarter, compared to analysts’ expectations of $1.44 billion. During the same quarter in the prior year, the firm earned $0.64 earnings per share. Chemours’s revenue was up .9% compared to the same quarter last year. On average, equities analysts forecast that The Chemours Company will post 1.35 EPS for the current year.

Chemours Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 15th will be paid a $0.25 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.00 annualized dividend and a yield of 4.60%. Chemours’s dividend payout ratio (DPR) is currently 200.00%.

Analyst Ratings Changes

CC has been the topic of a number of research analyst reports. JPMorgan Chase & Co. decreased their target price on Chemours from $25.00 to $18.00 and set a “neutral” rating on the stock in a research report on Tuesday, August 6th. Barclays upped their price objective on Chemours from $21.00 to $23.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. Morgan Stanley decreased their price objective 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. Royal Bank of Canada decreased their price objective on Chemours from $28.00 to $25.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 6th. Finally, The Goldman Sachs Group decreased their price objective on Chemours from $29.00 to $23.00 and set a “neutral” rating on the stock in a research report on Tuesday, September 3rd. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $24.88.

About Chemours

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.