M&T Bank Corp Trims Holdings in The Chemours Company (NYSE:CC)

M&T Bank Corp lessened its stake in The Chemours Company (NYSE:CC) by 3.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 540,660 shares of the specialty chemicals company’s stock after selling 17,805 shares during the period. M&T Bank Corp owned about 0.36% of Chemours worth $17,053,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its position in shares of Chemours by 11.0% in the 3rd quarter. Bank of New York Mellon Corp now owns 6,196,063 shares of the specialty chemicals company’s stock worth $173,800,000 after purchasing an additional 612,071 shares during the last quarter. Massachusetts Financial Services Co. MA increased its holdings in Chemours by 10.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 3,160,740 shares of the specialty chemicals company’s stock valued at $88,659,000 after buying an additional 286,076 shares during the last quarter. Deutsche Bank AG raised its stake in Chemours by 4,407.9% during the third quarter. Deutsche Bank AG now owns 1,759,419 shares of the specialty chemicals company’s stock valued at $49,352,000 after buying an additional 1,720,389 shares in the last quarter. American Century Companies Inc. lifted its holdings in Chemours by 0.7% during the 3rd quarter. American Century Companies Inc. now owns 1,459,463 shares of the specialty chemicals company’s stock worth $40,938,000 after buying an additional 10,075 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. grew its position in shares of Chemours by 2.2% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 1,381,801 shares of the specialty chemicals company’s stock worth $43,582,000 after acquiring an additional 29,475 shares in the last quarter. 76.26% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on CC shares. BMO Capital Markets upgraded Chemours from an “underperform” rating to an “outperform” rating and raised their price objective for the stock from $19.00 to $34.00 in a research note on Tuesday, April 9th. Barclays reduced their price target on shares of Chemours from $32.00 to $30.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 2nd. Finally, UBS Group boosted their price objective on shares of Chemours from $21.00 to $28.00 and gave the company a “neutral” rating in a research report on Tuesday, April 2nd. Seven analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Chemours has a consensus rating of “Hold” and a consensus target price of $31.63.

Chemours Stock Performance

Shares of CC stock traded up $0.42 during trading hours on Friday, reaching $26.57. The stock had a trading volume of 1,709,363 shares, compared to its average volume of 1,149,144. The firm has a market capitalization of $3.96 billion, a PE ratio of -12.24 and a beta of 1.99. The firm has a 50-day simple moving average of $26.47 and a 200-day simple moving average of $27.83. The Chemours Company has a twelve month low of $15.10 and a twelve month high of $39.05. The company has a debt-to-equity ratio of 5.26, a current ratio of 1.61 and a quick ratio of 1.00.

Chemours (NYSE:CC) last announced its quarterly earnings results on Tuesday, April 30th. The specialty chemicals company reported $0.32 EPS for the quarter, beating the consensus estimate of $0.25 by $0.07. The company had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.35 billion. Chemours had a negative net margin of 5.51% and a positive return on equity of 46.67%. Chemours’s revenue was down 12.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.98 earnings per share. As a group, equities analysts forecast that The Chemours Company will post 2.16 earnings per share for the current year.

Chemours Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Wednesday, May 15th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 3.76%. The ex-dividend date of this dividend is Tuesday, May 14th. Chemours’s payout ratio is currently -46.08%.

Chemours Company Profile

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.