Tronox Holdings PLC $TROX Stock Acquired by Shah Capital Management

Shah Capital Management lifted its holdings in Tronox Holdings PLC (NYSE:TROX) by 13.4% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,915,807 shares of the company’s stock after purchasing an additional 344,993 shares during the quarter. Tronox accounts for approximately 1.9% of Shah Capital Management’s investment portfolio, making the stock its 6th largest position. Shah Capital Management owned 1.83% of Tronox worth $11,517,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. CoreCap Advisors LLC purchased a new stake in Tronox during the third quarter valued at approximately $30,000. Squarepoint Ops LLC purchased a new position in shares of Tronox during the 2nd quarter worth about $4,355,000. AlphaGrep UK Ltd bought a new position in Tronox during the 2nd quarter valued at about $198,000. Public Employees Retirement System of Ohio purchased a new stake in Tronox in the 2nd quarter worth about $114,000. Finally, Converium Capital Inc. boosted its position in shares of Tronox by 33.3% during the first quarter. Converium Capital Inc. now owns 200,000 shares of the company’s stock valued at $1,954,000 after buying an additional 50,000 shares during the period. Hedge funds and other institutional investors own 73.36% of the company’s stock.

Tronox Stock Down 3.0%

Tronox stock traded down $0.12 during mid-day trading on Friday, reaching $3.67. 547,881 shares of the company were exchanged, compared to its average volume of 3,117,133. The company has a debt-to-equity ratio of 2.62, a quick ratio of 0.81 and a current ratio of 2.55. The firm has a market cap of $585.30 million, a P/E ratio of -1.06 and a beta of 0.92. The business has a fifty day moving average of $4.98 and a 200 day moving average of $6.87. Tronox Holdings PLC has a 12-month low of $2.86 and a 12-month high of $10.59.

Tronox (NYSE:TROX) last released its quarterly earnings results on Wednesday, August 5th. The company reported ($0.51) EPS for the quarter, missing the consensus estimate of ($0.38) by ($0.13). Tronox had a negative return on equity of 24.34% and a negative net margin of 17.96%.The company had revenue of $868.00 million during the quarter, compared to the consensus estimate of $832.59 million. During the same period in the previous year, the firm posted ($0.28) earnings per share. The company’s revenue was up 18.7% on a year-over-year basis. Research analysts anticipate that Tronox Holdings PLC will post -1.37 earnings per share for the current fiscal year.

Tronox Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Monday, August 10th will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 5.5%. The ex-dividend date is Monday, August 10th. Tronox’s dividend payout ratio (DPR) is -5.78%.

Analysts Set New Price Targets

Several analysts have recently weighed in on TROX shares. The Goldman Sachs Group reiterated a “sell” rating and set a $4.00 target price on shares of Tronox in a research report on Friday. Mizuho lowered their price target on Tronox from $5.50 to $4.50 and set an “underperform” rating for the company in a report on Wednesday, September 30th. Weiss Ratings reissued a “sell (d-)” rating on shares of Tronox in a research note on Friday, August 7th. Truist Financial raised Tronox from a “sell” rating to a “hold” rating and set a $7.00 target price for the company in a research report on Thursday, June 11th. Finally, JPMorgan Chase & Co. cut Tronox from a “neutral” rating to an “underweight” rating and lowered their target price for the stock from $7.00 to $5.00 in a report on Thursday, August 13th. One equities research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Reduce” and a consensus price target of $5.83.

About Tronox

Tronox Holdings plc (NYSE:TROX) is a global producer of titanium dioxide pigment, a white pigment used to provide brightness, opacity and durability in products such as paints and coatings, plastics, paper and specialty materials. The company also produces titanium feedstocks, including titanium slag and synthetic rutile, as well as zircon and other mineral-sands products.

Tronox operates an integrated business that spans the mining and processing of mineral sands, the production of titanium feedstocks and the manufacture of titanium dioxide pigment.