Susquehanna Portfolio Strategies LLC Sells 58,854 Shares of The Chemours Company (NYSE:CC)

Susquehanna Portfolio Strategies LLC cut its holdings in The Chemours Company (NYSE:CC) by 84.9% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 10,492 shares of the specialty chemicals company’s stock after selling 58,854 shares during the period. Susquehanna Portfolio Strategies LLC’s holdings in Chemours were worth $237,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in CC. New Covenant Trust Company N.A. purchased a new stake in shares of Chemours in the first quarter worth approximately $29,000. Neo Ivy Capital Management bought a new stake in shares of Chemours during the fourth quarter worth $40,000. North Star Investment Management Corp. boosted its stake in shares of Chemours by 1,510.0% during the first quarter. North Star Investment Management Corp. now owns 1,288 shares of the specialty chemicals company’s stock valued at $34,000 after purchasing an additional 1,208 shares during the period. Sunbelt Securities Inc. grew its holdings in shares of Chemours by 1,969.7% in the first quarter. Sunbelt Securities Inc. now owns 1,366 shares of the specialty chemicals company’s stock worth $36,000 after purchasing an additional 1,300 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new position in Chemours in the 1st quarter worth about $42,000. 76.26% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have commented on CC. Barclays dropped their target price on shares of Chemours from $22.00 to $21.00 and set an “equal weight” rating on the stock in a research note on Wednesday, September 25th. Mizuho initiated coverage on Chemours in a report on Friday, June 7th. They set a “neutral” rating and a $25.00 price objective on the stock. BMO Capital Markets lowered their target price on Chemours from $35.00 to $30.00 and set an “outperform” rating for the company in a report on Tuesday, August 6th. The Goldman Sachs Group dropped 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. Finally, JPMorgan Chase & Co. decreased their price objective on Chemours from $25.00 to $18.00 and set a “neutral” rating for the company in a report on Tuesday, August 6th. Six research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $26.63.

Chemours Price Performance

Shares of NYSE CC opened at $20.72 on Monday. The Chemours Company has a fifty-two week low of $15.10 and a fifty-two week high of $32.70. The company has a market cap of $3.09 billion, a PE ratio of -9.55 and a beta of 1.74. The company has a debt-to-equity ratio of 5.45, a quick ratio of 1.01 and a current ratio of 1.89. The business has a 50-day simple moving average of $19.57 and a two-hundred day simple moving average of $23.65.

Chemours (NYSE:CC) last announced its quarterly earnings data on Thursday, August 1st. The specialty chemicals company reported $0.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.57 by ($0.19). Chemours had a return on equity of 33.21% and a net margin of 2.16%. The firm had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.53 billion. During the same quarter in the previous year, the business earned $1.10 earnings per share. The company’s revenue for the quarter was down 6.4% compared to the same quarter last year. As a group, equities analysts expect that The Chemours Company will post 1.33 EPS for the current fiscal year.

Chemours Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Thursday, August 15th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 4.83%. The ex-dividend date of this dividend was Thursday, August 15th. Chemours’s payout ratio is currently -46.08%.

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.