Forest Avenue Capital Management LP Grows Stock Position in The Chemours Company (NYSE:CC)

Forest Avenue Capital Management LP raised its holdings in The Chemours Company (NYSE:CC) by 236.9% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 845,728 shares of the specialty chemicals company’s stock after buying an additional 594,660 shares during the quarter. Chemours makes up approximately 2.6% of Forest Avenue Capital Management LP’s holdings, making the stock its 19th largest holding. Forest Avenue Capital Management LP’s holdings in Chemours were worth $19,088,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently modified their holdings of the company. New Covenant Trust Company N.A. acquired a new position in Chemours in the first quarter valued at $29,000. North Star Investment Management Corp. lifted its stake in shares of Chemours by 1,510.0% in the 1st 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 in the last quarter. Sunbelt Securities Inc. grew its holdings in shares of Chemours by 1,969.7% during the 1st 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 period. Neo Ivy Capital Management acquired a new stake in Chemours during the 4th quarter worth approximately $40,000. Finally, Headlands Technologies LLC purchased a new position in Chemours in the first quarter valued at approximately $42,000. Institutional investors and hedge funds own 76.26% of the company’s stock.

Chemours Stock Performance

Shares of CC stock opened at $18.69 on Friday. The company has a debt-to-equity ratio of 5.45, a current ratio of 1.89 and a quick ratio of 1.01. The company’s fifty day moving average price is $20.05 and its two-hundred day moving average price is $23.84. The firm has a market capitalization of $2.78 billion, a P/E ratio of -8.61 and a beta of 1.75. The Chemours Company has a 12 month low of $15.10 and a 12 month high of $32.70.

Chemours (NYSE:CC) last released its quarterly earnings results on Thursday, August 1st. The specialty chemicals company reported $0.38 EPS for the quarter, missing the consensus estimate of $0.57 by ($0.19). The business had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.53 billion. Chemours had a return on equity of 33.21% and a net margin of 2.16%. The company’s revenue was down 6.4% compared to the same quarter last year. During the same quarter last year, the firm posted $1.10 EPS. On average, research analysts anticipate that The Chemours Company will post 1.33 earnings per share for the current fiscal year.

Chemours Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Thursday, August 15th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 5.35%. The ex-dividend date was Thursday, August 15th. Chemours’s payout ratio is -46.08%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on CC shares. Barclays decreased their price objective on shares of Chemours from $30.00 to $22.00 and set an “equal weight” rating for the company in a research note on Tuesday, August 6th. UBS Group reduced their target price on shares of Chemours from $30.00 to $28.00 and set a “buy” rating on the stock in a report on Tuesday, August 6th. BMO Capital Markets lowered their price target 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 reduced their price objective on Chemours from $29.00 to $23.00 and set a “neutral” rating on the stock in a research note on Tuesday, September 3rd. Finally, JPMorgan Chase & Co. decreased their target price on Chemours from $25.00 to $18.00 and set a “neutral” rating for the company in a research report on Tuesday, August 6th. Six analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $26.75.

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.