This Fund Bought $63 Million of Chemours Stock Even as Shares Sit 80% Below 2017 Highs
Key Points
New York City-based Cooper Creek Partners bought nearly 4 million shares of The Chemours Company in the third quarter.
The shares were worth about $63.1 million at the end of the quarter.
The value of the shares represented about 1.9% of reportable assets as of September 30.
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New York City-based Cooper Creek Partners Management disclosed a new position in The Chemours Company (NYSE:CC) during the third quarter, adding nearly 4 million shares valued at $63.1 million, according to a November 14 SEC filing.
What Happened
According to a filing with the U.S. Securities and Exchange Commission dated November 14, Cooper Creek Partners Management initiated a new position in The Chemours Company (NYSE:CC), acquiring nearly 4 million shares during the third quarter. The stake was valued at $63.1 million as of September 30. To compare, the fund reported total U.S. equity holdings of $3.3 billion across 88 positions for the quarter.
What Else to Know
The purchase established a new position representing 1.9% of the fund’s 13F reportable assets under management.
Top holdings after the filing:
- NYSE:OI: $130.5 million (4.9% of AUM)
- NASDAQ:NWL: $130.2 million (4.9% of AUM)
- NYSE:CXW: $129.7 million (4.9% of AUM)
- NYSE:BBWI: $129 million (4.8% of AUM)
- NYSE:AAP: $107 million (4% of AUM)
As of Friday's market close, Chemours shares were priced at $12.79, down 41% over the past year and well underperforming the S&P 500, which is up 14% in the same period.
Company Overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $5.8 billion |
| Net income (TTM) | ($320 million) |
| Dividend yield | 2.7% |
| Price (as of market close Friday) | $12.79 |
Company Snapshot
The Chemours Company produces titanium dioxide pigments, refrigerants, advanced performance materials, and industrial chemicals, with key brands including Ti-Pure and BaiMax. The company leverages its advanced technologies and established brands to supply critical materials for high-value applications in multiple end markets, and it serves a diverse customer base across industries such as coatings, packaging, electronics, automotive, energy, and water treatment, primarily targeting industrial and commercial clients worldwide.
Foolish Take
A big new position in an out-of-favor chemicals name seems like a signal that a fund sees value that the broader market is missing. Chemours fits that profile. The stock is down more than 40% this year and remains nearly 80% below its 2017 peak, but its latest earnings show a company stabilizing after operational disruptions and still generating meaningful cash flow despite soft industrial demand.
Cooper Creek Partners built a significant new stake in The Chemours Company during the third quarter that represents 1.9% of the fund’s 13F assets, a notable allocation for a portfolio of 88 holdings.
Chemours posted $1.5 billion in third-quarter revenue—roughly flat year over year—and $60 million in net income, reversing a $32 million loss from the prior-year quarter. Strength in Opteon refrigerants offset weakness in titanium dioxide and advanced materials, and management reaffirmed that strategic execution remains on track. As CEO Denise Dignam noted, “Our consolidated results exceeded our expectations for the quarter,” highlighting progress on operational stability.
For investors, the combination of depressed valuation, improving operations, and a new institutional buyer makes Chemours a potential turnaround idea—though its leverage and end-market cyclicality still require patience.
Glossary
13F reportable assets: The total value of U.S. equity holdings that an institutional investment manager must disclose in quarterly SEC Form 13F filings.
Assets under management (AUM): The total market value of investments managed on behalf of clients by a fund or firm.
Position: The amount of a particular security or asset held by an investor or fund.
Dividend yield: Annual dividends per share divided by the share price, expressed as a percentage.
Forward P/E ratio: The current share price divided by projected earnings per share over the next 12 months.
Enterprise value to EBITDA: A valuation metric comparing a company's total value to its earnings before interest, taxes, depreciation, and amortization.
Stake: The ownership interest or shareholding a person or entity has in a company.
Trailing twelve months (TTM): The 12-month period ending with the most recent quarterly report.
Initiated a new position: When an investor or fund buys a security for the first time, creating a new holding.
Exposure: The degree to which an investor or fund is invested in a particular asset, sector, or market.
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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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