Massachusetts Financial Services Co. MA Sells 967,691 Shares of The Chemours Company (NYSE:CC)

Massachusetts Financial Services Co. MA reduced its position in shares of The Chemours Company (NYSE:CC) by 38.8% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 1,526,108 shares of the specialty chemicals company’s stock after selling 967,691 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Chemours were worth $31,011,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Marshall Wace LLP grew its holdings in shares of Chemours by 23.8% during the second quarter. Marshall Wace LLP now owns 7,009,868 shares of the specialty chemicals company’s stock worth $158,213,000 after purchasing an additional 1,347,710 shares during the last quarter. Khrom Capital Management LLC lifted its stake in shares of Chemours by 54.6% in the second quarter. Khrom Capital Management LLC now owns 3,456,626 shares of the specialty chemicals company’s stock worth $78,016,000 after acquiring an additional 1,220,967 shares during the period. Vaughan Nelson Investment Management L.P. lifted its stake in shares of Chemours by 6.8% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 2,824,301 shares of the specialty chemicals company’s stock worth $63,744,000 after acquiring an additional 178,625 shares during the period. American Century Companies Inc. lifted its stake in shares of Chemours by 26.7% in the second quarter. American Century Companies Inc. now owns 1,811,957 shares of the specialty chemicals company’s stock worth $40,896,000 after acquiring an additional 382,100 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in shares of Chemours by 1.4% in the second quarter. Bank of New York Mellon Corp now owns 1,606,453 shares of the specialty chemicals company’s stock worth $36,258,000 after acquiring an additional 22,209 shares during the period. 76.26% of the stock is currently owned by institutional investors.

Insider Transactions at Chemours

In related news, SVP Alvenia Scarborough sold 7,500 shares of the company’s 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 completion of the sale, the senior vice president now owns 16,645 shares in the company, valued at approximately $343,552.80. This represents a 31.06 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.47% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on CC shares. Morgan Stanley cut their price objective on Chemours from $30.00 to $25.00 and set an “equal weight” rating on the stock in a research note on Tuesday, November 5th. Royal Bank of Canada cut their price objective on Chemours from $28.00 to $25.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 6th. Barclays lifted their price objective on Chemours from $21.00 to $23.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. JPMorgan Chase & Co. dropped their price target on Chemours from $25.00 to $18.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 6th. Finally, 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 note on Tuesday, September 3rd. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $24.88.

Chemours Price Performance

Shares of CC opened at $21.94 on Tuesday. The company has a debt-to-equity ratio of 6.05, a quick ratio of 0.92 and a current ratio of 1.73. The Chemours Company has a 52-week low of $15.10 and a 52-week high of $32.70. The business’s 50 day moving average price is $19.47 and its two-hundred day moving average price is $21.44. The firm has a market cap of $3.28 billion, a PE ratio of 43.88 and a beta of 1.75.

Chemours (NYSE:CC) last issued its earnings results on Monday, November 4th. The specialty chemicals company reported $0.40 earnings per share for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $1.44 billion. During the same period in the prior year, the firm earned $0.64 earnings per share. Chemours’s revenue for the quarter was up .9% on a year-over-year basis. On average, equities analysts anticipate that The Chemours Company will post 1.35 EPS for the current year.

Chemours Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 15th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 4.56%. The ex-dividend date of this dividend is Friday, November 15th. Chemours’s payout ratio is 200.00%.

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.