Penn Capital Management Company LLC Sells 190,774 Shares of The Chemours Company $CC

Penn Capital Management Company LLC lowered its position in The Chemours Company (NYSE:CC) by 19.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 790,591 shares of the specialty chemicals company’s stock after selling 190,774 shares during the quarter. Penn Capital Management Company LLC owned approximately 0.53% of Chemours worth $16,253,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Wall Street Analyst Weigh In

CC has been the subject of several recent research reports. The Goldman Sachs Group reissued a “neutral” rating and issued a $17.00 price target on shares of Chemours in a research note on Thursday, August 13th. Morgan Stanley set a $18.00 price objective on Chemours in a research note on Monday, August 10th. Mizuho set a $22.00 price objective on Chemours in a report on Wednesday, August 5th. Truist Financial lowered their target price on Chemours from $30.00 to $24.00 and set a “buy” rating for the company in a research note on Thursday, August 6th. Finally, Alembic Global Advisors restated an “overweight” rating and set a $30.00 target price on shares of Chemours in a report on Wednesday, May 13th. Five investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $20.10.

Insiders Place Their Bets

In other news, insider Calderon Gerardo Familiar bought 1,935 shares of Chemours stock in a transaction on Wednesday, August 12th. The shares were purchased at an average price of $15.53 per share, for a total transaction of $30,050.55. Following the acquisition, the insider owned 58,547 shares of the company’s stock, valued at approximately $909,234.91. The trade was a 3.42% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Denise Dignam bought 3,378 shares of Chemours stock in a transaction on Tuesday, August 11th. The shares were purchased at an average price of $14.95 per share, for a total transaction of $50,501.10. Following the acquisition, the chief executive officer directly owned 339,916 shares in the company, valued at approximately $5,081,744.20. This trade represents a 1.00% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders purchased 8,663 shares of company stock worth $130,601 over the last three months. Company insiders own 0.85% of the company’s stock.

Chemours Stock Down 1.5%

Shares of NYSE:CC opened at $15.64 on Friday. The stock’s 50-day moving average is $17.39 and its 200 day moving average is $19.97. The company has a market cap of $2.35 billion, a PE ratio of -8.19 and a beta of 1.43. The company has a debt-to-equity ratio of 18.98, a current ratio of 1.66 and a quick ratio of 0.88. The Chemours Company has a 1 year low of $10.44 and a 1 year high of $28.67.

Chemours (NYSE:CC) last released its quarterly earnings data on Tuesday, August 4th. The specialty chemicals company reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.07). Chemours had a positive return on equity of 60.64% and a negative net margin of 5.00%.The business had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.65 billion. During the same quarter last year, the business posted ($2.54) EPS. The company’s quarterly revenue was down 1.5% compared to the same quarter last year. Sell-side analysts anticipate that The Chemours Company will post 0.87 EPS for the current year.

Chemours Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Friday, August 14th will be paid a $0.0875 dividend. This represents a $0.35 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend is Friday, August 14th. Chemours’s dividend payout ratio is presently -18.32%.

Chemours Company Profile

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.