Chemicals are always going to be hot, and as we move forward into a renewable focus world, things are only going to get hotter in the space. The latest Norges bank transaction highlights this fact.
In a just published Form 13, filed with the US Securities and Exchange Commission (SEC), Chemours Co. (NYSE:CC) reported that Norges Bank has picked up 8,911,449 of common stock as of 2017-01-20.
The acquisition brings the aggregate amount owned by Norges Bank to a total of 8,911,449 representing a 4.90% stake in the company.
For those not familiar with the company, The Chemours Company is a provider of performance chemicals. The Company operates through three segments: Titanium Technologies, Fluoroproducts and Chemical Solutions. The Company’s Titanium Technologies segment manufactures titanium dioxide (TiO2), which is a pigment used to deliver whiteness, opacity, brightness and protection from sunlight in applications, such as architectural and industrial coatings, plastic packaging, polyvinyl chloride (PVC) window profiles, laminate papers, coated paper and coated paperboard used for packaging. Its Fluoroproducts segment provides fluoroproducts, such as refrigerants and industrial fluoropolymer resins. Its Chemical Solutions segment provides industrial and specialty chemicals used in gold production, oil refining, agriculture, industrial polymers and other industries.
A glance at Chemours Co. (NYSE:CC)’s key stats reveals a current market capitalization of 4.35 billion based on 181.83 million shares outstanding and a price at last close of $24.78 per share.
Looking at insider activity, there are a few transactions worth noting.
Specifically, on 2016-05-13, Newman picked up 1,300 at a purchase price of $9.70. This brings their total holding to 2,800 as of the date of the filing.
On the sell side, the most recent transaction saw Newman unload 16 shares at a sale price of $9.37. This brings their total holding to 121,178.
It’s possible to gauge a company’s potential by tracking the activity of its major holders, as well as checking in on insider activity such as those transactions listed above. We’ll be keeping an eye on Chemours Co. (NYSE:CC) as things move forward to see if its progress aligns with these transactions.
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