Seven Eight Capital LP Makes New Investment in The Chemours Company (NYSE:CC)

Seven Eight Capital LP purchased a new stake in shares of The Chemours Company (NYSE:CC) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 117,723 shares of the specialty chemicals company’s stock, valued at approximately $2,657,000. Seven Eight Capital LP owned approximately 0.08% of Chemours at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Charles Schwab Investment Management Inc. lifted its position in Chemours by 4.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,129,123 shares of the specialty chemicals company’s stock valued at $35,613,000 after purchasing an additional 50,932 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Chemours by 2.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,547,094 shares of the specialty chemicals company’s stock worth $80,342,000 after buying an additional 53,254 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of Chemours by 14.1% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 31,171 shares of the specialty chemicals company’s stock worth $965,000 after buying an additional 3,855 shares during the period. Independent Advisor Alliance bought a new stake in shares of Chemours in the 4th quarter valued at about $379,000. Finally, Norges Bank acquired a new stake in shares of Chemours in the 4th quarter valued at approximately $39,171,000. 76.26% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on CC shares. The Goldman Sachs Group cut their target price on shares of Chemours from $29.00 to $23.00 and set a “neutral” rating on the stock in a report on Tuesday, September 3rd. JPMorgan Chase & Co. reduced their price target on Chemours from $25.00 to $18.00 and set a “neutral” rating for the company in a research report on Tuesday, August 6th. Mizuho assumed coverage on Chemours in a research report on Friday, June 7th. They issued a “neutral” rating and a $25.00 target price on the stock. Barclays dropped their price target on shares of Chemours from $30.00 to $22.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 6th. Finally, BMO Capital Markets reduced 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. Six analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $26.75.

Chemours Price Performance

Shares of NYSE:CC opened at $18.49 on Wednesday. The Chemours Company has a one year low of $15.10 and a one year high of $32.70. The company has a market cap of $2.75 billion, a price-to-earnings ratio of -8.52 and a beta of 1.75. 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 firm has a 50 day simple moving average of $20.44 and a 200 day simple moving average of $23.94.

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

Chemours Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Thursday, August 15th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 5.41%. The ex-dividend date was Thursday, August 15th. Chemours’s payout ratio is -46.08%.

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.