CenterBook Partners LP Sells 135,066 Shares of The Chemours Company (NYSE:CC)

CenterBook Partners LP decreased its position in The Chemours Company (NYSE:CC - Free Report) by 54.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 114,141 shares of the specialty chemicals company's stock after selling 135,066 shares during the quarter. CenterBook Partners LP owned approximately 0.08% of Chemours worth $1,929,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Pinnacle Holdings LLC purchased a new position in Chemours during the 4th quarter valued at $1,094,000. Raymond James Financial Inc. bought a new stake in shares of Chemours during the 4th quarter valued at about $2,283,000. Renaissance Technologies LLC increased its position in shares of Chemours by 7.3% during the fourth quarter. Renaissance Technologies LLC now owns 288,400 shares of the specialty chemicals company's stock valued at $4,874,000 after buying an additional 19,500 shares during the period. Legal & General Group Plc raised its stake in Chemours by 26.3% in the fourth quarter. Legal & General Group Plc now owns 1,247,096 shares of the specialty chemicals company's stock worth $21,076,000 after buying an additional 259,860 shares in the last quarter. Finally, Invesco Ltd. lifted its holdings in Chemours by 141.5% in the fourth quarter. Invesco Ltd. now owns 1,020,001 shares of the specialty chemicals company's stock worth $17,238,000 after buying an additional 597,638 shares during the period. 76.26% of the stock is owned by institutional investors.

Chemours Price Performance

NYSE:CC traded down $0.40 on Tuesday, reaching $11.13. 1,744,657 shares of the company's stock traded hands, compared to its average volume of 2,763,417. The firm has a market cap of $1.66 billion, a PE ratio of 19.52 and a beta of 1.84. The company has a quick ratio of 0.92, a current ratio of 1.68 and a debt-to-equity ratio of 6.70. The Chemours Company has a 12 month low of $9.33 and a 12 month high of $29.21. The stock has a 50-day simple moving average of $14.40 and a 200-day simple moving average of $17.54.

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Chemours (NYSE:CC - Get Free Report) last posted its earnings results on Tuesday, February 18th. The specialty chemicals company reported $0.11 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.01. The company had revenue of $1.36 billion during the quarter, compared to analysts' expectations of $1.37 billion. Chemours had a net margin of 1.51% and a return on equity of 26.54%. Equities research analysts forecast that The Chemours Company will post 2.03 earnings per share for the current year.

Chemours Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were given a $0.25 dividend. The ex-dividend date was Friday, February 28th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 8.99%. Chemours's dividend payout ratio is currently 175.44%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on CC shares. Morgan Stanley decreased their price target on shares of Chemours from $25.00 to $22.00 and set an "equal weight" rating for the company in a research note on Monday, January 13th. The Goldman Sachs Group cut their target price on Chemours from $24.00 to $21.00 and set a "neutral" rating on the stock in a research note on Tuesday, January 7th. Mizuho set a $15.00 price target on Chemours in a research report on Tuesday. Truist Financial cut their price objective on shares of Chemours from $27.00 to $22.00 and set a "buy" rating on the stock in a research report on Monday. Finally, BMO Capital Markets decreased their target price on shares of Chemours from $34.00 to $27.00 and set an "outperform" rating for the company in a report on Wednesday, February 19th. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat, Chemours has a consensus rating of "Moderate Buy" and an average price target of $21.56.

Chemours Company 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.