MetLife Investment Management LLC has reduced its shareholding in The Chemours Company by 4.7% during the fourth quarter of the financial year 2020-2021, according to a recent report filed with the Securities and Exchange Commission (SEC). The institutional investor held 98,591 shares of the specialty chemicals company’s stock worth approximately $3,019,000 at the end of the last reporting period after selling 4,884 shares during the period. The decrease in holding came after Chemours reported higher than expected quarterly earnings results on April 28th, with earnings per share of $0.98 that beat analysts’ consensus estimates by $0.36. Despite this optimistic outlook for investors, research firms have expressed mixed opinions on Chemours in recent weeks.
Credit Suisse Group decreased their price objective for Chemours from $27 to $25; StockNews.com downgraded shares of Chemours from a “buy” rating to a “hold” rating; UBS Group raised their target price on shares of Chemours from $41.00 to $43.00; Royal Bank of Canada increased their price target on Chemours from $36.00 to $37.00 in a report on June 9th; and BMO Capital Markets raised their price objective on Chemours from $54.00 to $64.00 in a research note on June 5th.
Despite these varied ratings, Bloomberg reports that the consensus rating is currently “Hold,” and an average target price of $38.78 has been established for CC stock.
Chemours’ revenue for this past quarter was reported at 12.9% lower compared to the same quarter last year when they earned a higher per-share earning than what they earned this year ($1.46 per share compared to this year’s earnings per share of $.98). Even though business analysts expect that The Chemours Company will post EPS of $3.99 for the current year, investors should still take note of the mixed ratings given by research firms and adjust their investments accordingly.
It remains to be seen how Chemours will respond to its recent earnings numbers and investment climate, but investors would do well to stay alert regarding any future developments that may affect this specialty chemical company’s long-term success in the market.
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Chemours sees institutional investor interest and changes in positions
Chemours, a specialty chemicals company with a market capitalisation of $5.06bn, has seen changes in positions from institutional investors and hedge funds. B. Riley Wealth Advisors acquired a new stake in Chemours for $202,000 in Q4 2017, whilst Rockefeller Capital Management boosted its position by 46.9% during the same period, now owning almost 40,000 shares of the company’s stock. Natixis also bought a new stake at the end of last year for approximately $2.12m and Northwestern Mutual Wealth Management increased its share by 6%. Finally, State of Wyoming lifted its position in the company by 10.2% to own over 6,000 shares. Institutional investors and hedge funds now own over 71% of Chemours’ stock. The interest is reflected in the fact that NYSE CC opened at $33.90 on Monday.
Although some research firms have downgraded their rating for CC from buy to hold or sell due to a decrease in credit ratings and reduced price targets between April and June this year, others have increased their target prices significantly . For example, BMO Capital Markets has raised CC’s target price from $54 to $64.
In other news recently reported about Chemours is their CEO Mark Newman acquiring an additional 7,661 shares worth approximately $265k on June 9th this year; he then sold these ten days later according to further SEC filings released yesterday after trading close. His actions were followed by SVP Matthew Abbott selling nearly 9k shares elsewhere on June 8th giving him around $304k.
