Norges Bank Takes $30.70 Million Position in The Chemours Company (NYSE:CC)

Norges Bank acquired a new stake in shares of The Chemours Company (NYSE:CC - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 1,816,696 shares of the specialty chemicals company's stock, valued at approximately $30,702,000. Norges Bank owned about 1.22% of Chemours at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of CC. HighTower Advisors LLC increased its stake in shares of Chemours by 10.1% in the third quarter. HighTower Advisors LLC now owns 15,020 shares of the specialty chemicals company's stock worth $300,000 after buying an additional 1,384 shares during the period. Jacobs Levy Equity Management Inc. bought a new stake in Chemours in the 3rd quarter worth $2,449,000. Two Sigma Advisers LP increased its position in shares of Chemours by 9.4% in the third quarter. Two Sigma Advisers LP now owns 503,100 shares of the specialty chemicals company's stock valued at $10,223,000 after acquiring an additional 43,200 shares during the period. Barclays PLC raised its stake in shares of Chemours by 28.4% during the third quarter. Barclays PLC now owns 107,549 shares of the specialty chemicals company's stock valued at $2,185,000 after acquiring an additional 23,766 shares during the last quarter. Finally, M&T Bank Corp boosted its holdings in shares of Chemours by 4.1% during the third quarter. M&T Bank Corp now owns 510,343 shares of the specialty chemicals company's stock worth $10,370,000 after purchasing an additional 20,122 shares during the period. Hedge funds and other institutional investors own 76.26% of the company's stock.

Chemours Stock Up 4.3 %

NYSE:CC traded up $0.47 on Friday, reaching $11.28. 2,251,986 shares of the stock traded hands, compared to its average volume of 1,817,331. The company has a current ratio of 1.68, a quick ratio of 0.92 and a debt-to-equity ratio of 6.70. The company has a market capitalization of $1.68 billion, a price-to-earnings ratio of 19.78 and a beta of 1.84. The Chemours Company has a 12 month low of $9.33 and a 12 month high of $29.21. The company's fifty day simple moving average is $14.54 and its 200 day simple moving average is $17.62.

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

Chemours Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were issued a $0.25 dividend. The ex-dividend date was Friday, February 28th. This represents a $1.00 annualized dividend and a yield of 8.87%. Chemours's payout ratio is 175.44%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CC. Barclays reduced their price target on Chemours from $19.00 to $16.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 1st. Royal Bank of Canada restated an "outperform" rating and set a $25.00 target price on shares of Chemours in a report on Thursday, December 12th. Morgan Stanley cut their price target on shares of Chemours from $25.00 to $22.00 and set an "equal weight" rating on the stock in a report on Monday, January 13th. Truist Financial assumed coverage on shares of Chemours in a report on Tuesday, January 28th. They issued a "buy" rating and a $27.00 price objective for the company. Finally, The Goldman Sachs Group reduced their price target on shares of Chemours from $24.00 to $21.00 and set a "neutral" rating on the stock in a research report on Tuesday, January 7th. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Chemours presently has a consensus rating of "Moderate Buy" and an average price target of $22.56.

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.