Tronox (NYSE:TROX) Posts Quarterly Earnings Results, Misses Estimates By $0.13 EPS

Tronox (NYSE:TROX) released its quarterly earnings data on Wednesday. The company reported ($0.51) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.38) by ($0.13), Zacks reports. Tronox had a negative net margin of 15.82% and a negative return on equity of 19.93%. The company had revenue of $868.00 million for the quarter, compared to the consensus estimate of $832.59 million. During the same quarter in the previous year, the firm posted ($0.28) earnings per share. The business’s revenue for the quarter was up 18.7% compared to the same quarter last year.

Tronox Stock Down 0.9%

Shares of NYSE:TROX opened at $5.89 on Thursday. The firm has a market capitalization of $939.44 million, a PE ratio of -2.02 and a beta of 0.82. The company has a debt-to-equity ratio of 2.36, a quick ratio of 0.66 and a current ratio of 2.42. Tronox has a 52-week low of $2.86 and a 52-week high of $10.59. The firm has a fifty day moving average of $6.75 and a 200 day moving average of $7.55.

Tronox Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Monday, August 10th will be given a $0.05 dividend. The ex-dividend date is Monday, August 10th. This represents a $0.20 annualized dividend and a yield of 3.4%. Tronox’s payout ratio is -6.85%.

Hedge Funds Weigh In On Tronox

Hedge funds and other institutional investors have recently modified their holdings of the company. AQR Capital Management LLC purchased a new position in shares of Tronox during the 1st quarter valued at about $1,188,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Tronox by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 70,574 shares of the company’s stock worth $497,000 after acquiring an additional 3,042 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Tronox by 12.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 366,203 shares of the company’s stock worth $2,578,000 after acquiring an additional 41,092 shares in the last quarter. Jane Street Group LLC lifted its holdings in shares of Tronox by 93.2% in the 1st quarter. Jane Street Group LLC now owns 118,637 shares of the company’s stock worth $835,000 after acquiring an additional 57,237 shares during the last quarter. Finally, Prudential Financial Inc. bought a new stake in shares of Tronox in the 2nd quarter worth approximately $79,000. 73.36% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have issued reports on TROX. The Goldman Sachs Group lowered their target price on shares of Tronox from $9.00 to $6.50 and set a “sell” rating on the stock in a research note on Wednesday, July 22nd. Weiss Ratings downgraded Tronox from a “sell (d)” rating to a “sell (d-)” rating in a research report on Monday, May 11th. UBS Group lifted their price objective on Tronox from $7.50 to $9.00 and gave the company a “neutral” rating in a research note on Thursday, April 9th. Wall Street Zen cut Tronox from a “hold” rating to a “sell” rating in a research report on Saturday, June 6th. Finally, Truist Financial upgraded Tronox from a “sell” rating to a “hold” rating and set a $7.00 target price on the stock in a research note on Thursday, June 11th. Two equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, Tronox currently has an average rating of “Reduce” and a consensus target price of $7.25.

Tronox Company Profile

Tronox Holdings plc is a vertically integrated global producer of titanium dioxide (TiO?) pigment and specialty materials. The company’s operations encompass the full supply chain for TiO?, from mining and processing titanium-bearing ores—such as ilmenite and rutile—to the production of high-purity pigment for use in paints, coatings, plastics, paper and other industrial applications. In addition to TiO?, Tronox’s product portfolio includes zircon, rare earth byproducts and other specialty minerals that serve a range of industrial markets.

Tronox operates a network of mines, processing facilities and pigment plants located across North America, Europe, the Middle East, Australia and South Africa.