M&T Bank Corp Increases Position in The Chemours Company (NYSE:CC)

M&T Bank Corp grew its position in shares of The Chemours Company (NYSE:CC) by 4.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 510,343 shares of the specialty chemicals company’s stock after purchasing an additional 20,122 shares during the period. M&T Bank Corp’s holdings in Chemours were worth $10,370,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. KBC Group NV boosted its position in Chemours by 19.5% during the third quarter. KBC Group NV now owns 4,468 shares of the specialty chemicals company’s stock valued at $91,000 after buying an additional 728 shares during the period. Blue Trust Inc. lifted its stake in shares of Chemours by 166.9% in the 3rd quarter. Blue Trust Inc. now owns 1,169 shares of the specialty chemicals company’s stock valued at $26,000 after acquiring an additional 731 shares during the last quarter. Arizona State Retirement System boosted its holdings in Chemours by 2.1% during the 2nd quarter. Arizona State Retirement System now owns 41,657 shares of the specialty chemicals company’s stock valued at $940,000 after acquiring an additional 863 shares during the period. State of Alaska Department of Revenue grew its position in Chemours by 7.3% during the 3rd quarter. State of Alaska Department of Revenue now owns 17,205 shares of the specialty chemicals company’s stock worth $349,000 after acquiring an additional 1,175 shares during the last quarter. Finally, Signaturefd LLC increased its stake in Chemours by 163.7% in the 3rd quarter. Signaturefd LLC now owns 1,959 shares of the specialty chemicals company’s stock worth $40,000 after purchasing an additional 1,216 shares during the period. 76.26% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Chemours

In other news, SVP Alvenia Scarborough sold 7,500 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $20.64, for a total value of $154,800.00. Following the sale, the senior vice president now directly owns 16,645 shares of the company’s stock, valued at approximately $343,552.80. This represents a 31.06 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.47% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on CC shares. The Goldman Sachs Group dropped their price objective on Chemours from $29.00 to $23.00 and set a “neutral” rating for the company in a research note on Tuesday, September 3rd. BMO Capital Markets increased their price target on shares of Chemours from $30.00 to $32.00 and gave the company an “outperform” rating in a research report on Monday, October 7th. Morgan Stanley decreased their price objective on shares of Chemours from $30.00 to $25.00 and set an “equal weight” rating on the stock in a research report on Tuesday, November 5th. Royal Bank of Canada dropped their target price on shares of Chemours from $28.00 to $25.00 and set an “outperform” rating for the company in a report on Wednesday, November 6th. Finally, Barclays raised their target price on Chemours from $21.00 to $23.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $24.88.

Chemours Stock Performance

Shares of CC opened at $19.43 on Thursday. The company has a 50-day simple moving average of $19.93 and a two-hundred day simple moving average of $20.91. The company has a debt-to-equity ratio of 6.05, a current ratio of 1.73 and a quick ratio of 0.92. The firm has a market capitalization of $2.90 billion, a PE ratio of 38.86 and a beta of 1.80. The Chemours Company has a one year low of $15.10 and a one year high of $32.70.

Chemours (NYSE:CC) last released its earnings results on Monday, November 4th. The specialty chemicals company reported $0.40 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.08. The company had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $1.44 billion. Chemours had a return on equity of 29.48% and a net margin of 1.34%. The firm’s revenue for the quarter was up .9% compared to the same quarter last year. During the same quarter last year, the business posted $0.64 EPS. On average, analysts anticipate that The Chemours Company will post 1.35 EPS for the current fiscal year.

Chemours Announces Dividend

The firm 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 $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 5.15%. The ex-dividend date of this dividend is Friday, November 15th. Chemours’s dividend payout ratio is presently 200.00%.

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.