4 Dividend Stock Picks of David Einhorn’s Greenlight Capital

3. The Chemours Company (NYSE:CC)

Greenlight Capital’s Stake Value: $58.45 million

Greenlight Capital’s 13F Portfolio: 3.34%

Number of Hedge Fund Holders: 35

Dividend Yield (as of April 28): 3.01%

The Chemours Company (NYSE:CC) is a Delaware-based firm which provides performance chemicals to a range of industries such as plastics, coatings, transportation, semiconductor and consumer electronics, among others. Einhorn’s Greenlight Capital owned 1.74 million shares of the firm in the fourth quarter, worth $58.45 million amounting to 3.34% of the fund’s total portfolio.

RBC Capital analyst Arun Viswanathan in February maintained an ‘Outperform’ rating on The Chemours Company (NYSE:CC) shares and lowered the price target to $41 from $44. He sees headwinds such as cost inflation moderating in the second half of 2022 and continuing to improve in 2023.

The Chemours Company (NYSE:CC) posted a revenue of $1.58 billion for the fourth quarter, outperforming estimates by $7.28 million and showing an increase of 17.8% year-on-year. EPS was recorded at $0.81, which fell below analysts’ estimates by $0.07.

35 hedge funds held stakes in The Chemours Company (NYSE:CC) during the fourth quarter of 2021, with overall stakes worth $566.7 million. This is down from 38 hedge funds in the preceding quarter with $548.9 million worth of stakes in the company.

Investment firm Miller Value Partners talked about The Chemours Company (NYSE:CC) in its Q4 2021 investor letter. Here’s what the fund said:

“The Chemours Co (CC) rose 16.4% over the period after reporting Q3 revenue of $1.68Bn, +36% Y/Y and +4% ahead of consensus driven by 25% volume growth while pricing added +11%. Earnings Before Income, Taxes, Depreciation, and Amortization (EBITDA) of $372M rose +77% and beat estimates by 9% as higher top-line results more than offset incremental cost headwinds. Chemours raised FY21 guidance, including EBITDA of $1.3Bn-$1.34Bn (from $1.1Bn-$1.25Bn), Earnings Per Share (EPS) of $3.93-$4.13 (from $2.84-$3.56), and free cash flow (FCF) of at least $500M (from >$450M). Additionally, Chemours announced the closing of the previously announced sale of the Mining Solutions business for $520M.”