Tronox (NYSE:TROX) Shares Gap Up – Here’s What Happened

Shares of Tronox Holdings PLC (NYSE:TROX) gapped up before the market opened on Tuesday . The stock had previously closed at $3.75, but opened at $4.65. Tronox shares last traded at $4.5130, with a volume of 12,219,421 shares.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on TROX. Weiss Ratings restated a “sell (d)” rating on shares of Tronox in a research note on Wednesday, October 8th. Mizuho lowered their price objective on Tronox from $3.50 to $3.00 and set an “underperform” rating on the stock in a research report on Thursday, November 6th. UBS Group reduced their target price on Tronox from $3.90 to $3.80 and set a “neutral” rating for the company in a research report on Tuesday, November 11th. JPMorgan Chase & Co. reiterated a “neutral” rating on shares of Tronox in a research note on Friday, October 3rd. Finally, Truist Financial dropped their price objective on shares of Tronox from $6.00 to $5.00 and set a “buy” rating for the company in a research note on Monday, October 20th. Four investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $4.92.

Tronox Trading Up 27.4%

The business has a 50 day simple moving average of $3.63 and a 200 day simple moving average of $4.42. The company has a debt-to-equity ratio of 1.97, a current ratio of 2.72 and a quick ratio of 0.73. The company has a market cap of $757.71 million, a price-to-earnings ratio of -2.27 and a beta of 1.19.

Tronox (NYSE:TROX) last released its quarterly earnings results on Thursday, November 6th. The company reported ($0.46) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.25). The business had revenue of $699.00 million during the quarter, compared to the consensus estimate of $776.21 million. Tronox had a negative net margin of 11.39% and a negative return on equity of 8.10%. The business’s quarterly revenue was down 13.1% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.13) earnings per share. As a group, equities analysts forecast that Tronox Holdings PLC will post 0.49 EPS for the current year.

Tronox Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 6th. Stockholders of record on Monday, November 10th will be paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 4.2%. The ex-dividend date of this dividend is Monday, November 10th. Tronox’s dividend payout ratio is -9.76%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. XTX Topco Ltd acquired a new stake in shares of Tronox in the 1st quarter valued at $211,000. Charles Schwab Investment Management Inc. boosted its holdings in Tronox by 15.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 2,832,510 shares of the company’s stock valued at $19,941,000 after acquiring an additional 375,643 shares during the last quarter. Wolverine Asset Management LLC increased its position in Tronox by 27.4% in the first quarter. Wolverine Asset Management LLC now owns 92,872 shares of the company’s stock worth $654,000 after purchasing an additional 20,000 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Tronox in the first quarter worth about $665,000. Finally, Invesco Ltd. raised its holdings in Tronox by 3.9% during the 1st quarter. Invesco Ltd. now owns 120,486 shares of the company’s stock worth $848,000 after purchasing an additional 4,498 shares during the last quarter. Institutional investors and hedge funds own 73.36% of the company’s stock.

Tronox Company Profile

Tronox Holdings plc operates as a vertically integrated manufacturer of TiO2 pigment in North America, South and Central America, Europe, the Middle East, Africa, and the Asia Pacific. The company operates titanium-bearing mineral sand mines; and engages in beneficiation and smelting operations. It offers TiO2 pigment; ultrafine specialty TiO2; zircon; feedstock; pig iron; monazite; titanium tetrachloride; and other products.