Goldman Sachs Group lowered shares of Chemours (NYSE:CC) from a buy rating to a neutral rating in a research note published on Wednesday morning. Goldman Sachs Group currently has $55.00 target price on the specialty chemicals company’s stock.
Other analysts have also issued reports about the stock. Zacks Investment Research lowered shares of Chemours from a strong-buy rating to a hold rating in a report on Tuesday, September 12th. Argus reiterated a buy rating and set a $55.00 target price (up from $50.00) on shares of Chemours in a report on Thursday, August 10th. Barclays raised their price objective on shares of Chemours from $55.00 to $58.00 and gave the stock an overweight rating in a report on Monday, November 6th. BidaskClub upgraded shares of Chemours from a hold rating to a buy rating in a report on Thursday, August 24th. Finally, UBS raised their price objective on shares of Chemours from $50.00 to $59.00 and gave the stock a neutral rating in a report on Friday, November 3rd. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The company has a consensus rating of Buy and an average price target of $57.89.
Shares of Chemours (CC) traded up $1.38 during trading hours on Wednesday, hitting $47.73. The stock had a trading volume of 1,828,945 shares, compared to its average volume of 2,773,563. Chemours has a 52-week low of $20.76 and a 52-week high of $58.08. The company has a market capitalization of $9,128.54, a PE ratio of 17.48, a P/E/G ratio of 0.87 and a beta of 3.38. The company has a quick ratio of 1.63, a current ratio of 2.19 and a debt-to-equity ratio of 5.07.
Chemours (NYSE:CC) last announced its quarterly earnings data on Thursday, November 2nd. The specialty chemicals company reported $1.12 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.01 by $0.11. The firm had revenue of $1.58 billion for the quarter, compared to analysts’ expectations of $1.59 billion. Chemours had a return on equity of 116.80% and a net margin of 4.86%. The company’s revenue for the quarter was up 13.3% compared to the same quarter last year. During the same period last year, the firm earned $0.61 earnings per share. research analysts expect that Chemours will post 3.65 EPS for the current fiscal year.
Chemours declared that its Board of Directors has authorized a share buyback plan on Friday, December 1st that allows the company to buyback $500.00 million in shares. This buyback authorization allows the specialty chemicals company to buy shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 15th. Shareholders of record on Thursday, February 15th will be paid a dividend of $0.17 per share. This is an increase from Chemours’s previous quarterly dividend of $0.03. The ex-dividend date of this dividend is Wednesday, February 14th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.42%. Chemours’s dividend payout ratio (DPR) is currently 8.28%.
In other Chemours news, SVP David C. Shelton sold 19,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 5th. The shares were sold at an average price of $53.68, for a total transaction of $1,019,920.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider E Bryan Snell sold 11,878 shares of the firm’s stock in a transaction that occurred on Monday, November 6th. The shares were sold at an average price of $53.25, for a total transaction of $632,503.50. Following the transaction, the insider now directly owns 63,063 shares of the company’s stock, valued at approximately $3,358,104.75. The disclosure for this sale can be found here. Insiders have sold 50,183 shares of company stock valued at $2,720,166 in the last ninety days. Insiders own 1.14% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in the stock. Public Employees Retirement System of Ohio increased its position in shares of Chemours by 40.9% during the third quarter. Public Employees Retirement System of Ohio now owns 138,898 shares of the specialty chemicals company’s stock valued at $7,030,000 after acquiring an additional 40,308 shares in the last quarter. Gofen & Glossberg LLC IL bought a new stake in shares of Chemours during the third quarter valued at approximately $240,000. Moors & Cabot Inc. bought a new stake in shares of Chemours during the third quarter valued at approximately $290,000. Cetera Advisors LLC bought a new stake in shares of Chemours during the third quarter valued at approximately $204,000. Finally, Sterling Capital Management LLC increased its position in shares of Chemours by 539.2% during the third quarter. Sterling Capital Management LLC now owns 56,235 shares of the specialty chemicals company’s stock valued at $2,846,000 after acquiring an additional 47,437 shares in the last quarter. 74.42% of the stock is owned by institutional investors.
Chemours Company Profile
The Chemours Company is a provider of performance chemicals. The Company operates through three segments: Titanium Technologies, Fluoroproducts and Chemical Solutions. The Titanium Technologies segment is a producer of titanium dioxide (TiO2). The Fluoroproducts segment is a provider of fluoroproducts, including refrigerants and industrial fluoropolymer resins.
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