SummitTX Capital L.P. Invests $3.37 Million in The Chemours Company $CC

SummitTX Capital L.P. bought a new stake in shares of The Chemours Company (NYSE:CC) in the 1st quarter, HoldingsChannel.com reports. The firm bought 152,938 shares of the specialty chemicals company’s stock, valued at approximately $3,369,000.

Several other hedge funds have also modified their holdings of the stock. Atlas Capital Advisors Inc. purchased a new position in Chemours in the 4th quarter worth about $26,000. Aster Capital Management DIFC Ltd purchased a new stake in Chemours during the fourth quarter valued at about $28,000. Covestor Ltd boosted its holdings in shares of Chemours by 204.7% in the fourth quarter. Covestor Ltd now owns 2,602 shares of the specialty chemicals company’s stock worth $31,000 after buying an additional 1,748 shares during the period. Eurizon Capital SGR S.p.A. acquired a new position in shares of Chemours in the fourth quarter worth about $31,000. Finally, Rothschild Investment LLC increased its position in shares of Chemours by 87.0% in the fourth quarter. Rothschild Investment LLC now owns 2,698 shares of the specialty chemicals company’s stock worth $32,000 after acquiring an additional 1,255 shares in the last quarter. 76.26% of the stock is owned by hedge funds and other institutional investors.

Chemours Trading Down 1.4%

Shares of NYSE CC opened at $16.97 on Tuesday. The company has a current ratio of 1.82, a quick ratio of 0.87 and a debt-to-equity ratio of 18.98. The Chemours Company has a one year low of $10.44 and a one year high of $28.67. The business has a 50-day moving average price of $20.23 and a two-hundred day moving average price of $19.95. The firm has a market capitalization of $2.55 billion, a PE ratio of -6.43 and a beta of 1.41.

Chemours (NYSE:CC) last issued its earnings results on Tuesday, May 5th. The specialty chemicals company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.10. The company had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $1.40 billion. Chemours had a positive return on equity of 52.49% and a negative net margin of 6.82%.The firm’s quarterly revenue was up 1.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.13 EPS. As a group, analysts predict that The Chemours Company will post 1.18 earnings per share for the current fiscal year.

Chemours Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 16th. Investors of record on Sunday, May 17th were given a dividend of $0.0875 per share. The ex-dividend date of this dividend was Friday, May 15th. This represents a $0.35 dividend on an annualized basis and a yield of 2.1%. Chemours’s payout ratio is presently -13.26%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on CC. UBS Group boosted their price target on shares of Chemours from $29.00 to $30.00 and gave the company a “buy” rating in a report on Friday, May 8th. Alembic Global Advisors reaffirmed an “overweight” rating and issued a $30.00 price objective on shares of Chemours in a research note on Wednesday, May 13th. Zacks Research upgraded shares of Chemours from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 21st. JPMorgan Chase & Co. lifted their price objective on shares of Chemours from $17.00 to $22.00 and gave the stock a “neutral” rating in a research report on Thursday, May 21st. Finally, Morgan Stanley boosted their target price on shares of Chemours from $17.00 to $21.00 and gave the company an “equal weight” rating in a research note on Monday, May 11th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $24.10.

About Chemours

Chemours Company, established in 2015 as a spin-off from E. I. du Pont de Nemours and Company, is a global chemistry organization headquartered in Wilmington, Delaware. Since its formation, Chemours has focused on delivering performance chemicals that help customers lower their carbon footprint, increase energy efficiency and conserve water. The company operates with a commitment to safety, environmental stewardship and innovation.

Chemours’ principal business activities are organized into three core segments.