Easterly Investment Partners LLC Makes New $1.15 Million Investment in The Chemours Company (NYSE:CC)

Easterly Investment Partners LLC acquired a new stake in shares of The Chemours Company (NYSE:CC) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 43,896 shares of the specialty chemicals company’s stock, valued at approximately $1,153,000.

Several other hedge funds have also recently made changes to their positions in the company. Hexagon Capital Partners LLC acquired a new stake in Chemours during the 4th quarter valued at approximately $25,000. North Star Investment Management Corp. lifted its position in Chemours by 1,510.0% during the first quarter. North Star Investment Management Corp. now owns 1,288 shares of the specialty chemicals company’s stock valued at $34,000 after purchasing an additional 1,208 shares during the period. Morton Brown Family Wealth LLC purchased a new stake in Chemours in the fourth quarter valued at $35,000. Sunbelt Securities Inc. grew its position in Chemours by 1,969.7% during the 1st quarter. Sunbelt Securities Inc. now owns 1,366 shares of the specialty chemicals company’s stock worth $36,000 after purchasing an additional 1,300 shares during the period. Finally, Neo Ivy Capital Management acquired a new stake in Chemours during the fourth quarter worth about $40,000. 76.26% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have commented on CC. Barclays lowered their price objective on Chemours from $32.00 to $30.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 2nd. BMO Capital Markets upgraded shares of Chemours from an “underperform” rating to an “outperform” rating and raised their price target for the company from $19.00 to $34.00 in a research report on Tuesday, April 9th. Mizuho initiated coverage on shares of Chemours in a research report on Friday, June 7th. They issued a “neutral” rating and a $25.00 price objective for the company. Finally, UBS Group upgraded Chemours from a “neutral” rating to a “buy” rating and raised their target price for the company from $28.00 to $30.00 in a research report on Tuesday. Six equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, Chemours presently has an average rating of “Hold” and a consensus target price of $30.38.

Chemours Price Performance

Shares of CC traded up $0.45 during mid-day trading on Wednesday, hitting $22.90. 341,364 shares of the company were exchanged, compared to its average volume of 1,635,677. The stock has a market cap of $3.41 billion, a price-to-earnings ratio of -10.55 and a beta of 1.80. The Chemours Company has a 1-year low of $15.10 and a 1-year high of $39.05. The company has a 50 day moving average of $25.23 and a 200-day moving average of $27.27. The company has a debt-to-equity ratio of 5.26, a quick ratio of 0.99 and a current ratio of 1.61.

Chemours (NYSE:CC) last announced its earnings results on Tuesday, April 30th. The specialty chemicals company reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.25 by $0.07. Chemours had a positive return on equity of 46.67% and a negative net margin of 5.51%. The business had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.35 billion. During the same quarter in the prior year, the firm earned $0.98 earnings per share. The business’s revenue was down 12.1% compared to the same quarter last year. Analysts expect that The Chemours Company will post 1.88 EPS for the current fiscal year.

Chemours Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Wednesday, May 15th were issued a dividend of $0.25 per share. The ex-dividend date was Tuesday, May 14th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 4.37%. Chemours’s payout ratio is currently -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.