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Fund Buys Millions in Falling Chemours Stock
1 Dec
Summary
- Cooper Creek Partners Management acquired nearly 4 million Chemours shares.
- The new position was valued at $63.1 million as of September 30.
- Chemours stock is down 41% over the past year.
In the third quarter, New York City-based Cooper Creek Partners Management established a notable new stake in The Chemours Company. Regulatory filings revealed the acquisition of almost 4 million shares, amounting to an investment of $63.1 million by the end of September. This strategic move represented 1.9% of Cooper Creek's total reported assets under management for the period.
Chemours, a producer of titanium dioxide pigments and refrigerants, has faced significant market headwinds. As of Friday's closing bell, its shares were priced at $12.79, marking a 41% decrease over the preceding year. This performance starkly contrasts with the broader S&P 500's 14% gain during the same timeframe.
Despite the stock's steep decline, Cooper Creek's investment suggests a belief in Chemours' long-term prospects. The company, known for brands like Ti-Pure, serves diverse industries including coatings, automotive, and electronics. Recent performance indicates stabilization and continued cash flow generation, even amidst soft industrial demand, potentially presenting an undervalued opportunity.
