Wolfe Research Initiates Coverage on The Chemours (NYSE:CC)

Stock analysts at Wolfe Research started coverage on shares of The Chemours (NYSE:CC) in a note issued to investors on Wednesday, Price Targets.com reports. The firm set an “outperform” rating on the specialty chemicals company’s stock.

Other equities analysts have also recently issued research reports about the company. The Goldman Sachs Group raised The Chemours from a “neutral” rating to a “buy” rating and upped their price target for the company from $35.00 to $47.00 in a report on Wednesday. Citigroup upped their price target on The Chemours from $27.00 to $29.00 in a report on Wednesday, February 17th. Morgan Stanley increased their target price on The Chemours from $30.00 to $35.00 and gave the stock an “equal weight” rating in a report on Monday, May 10th. BMO Capital Markets increased their target price on The Chemours from $33.00 to $38.00 in a report on Tuesday, February 16th. Finally, Bank of America assumed coverage on The Chemours in a report on Thursday, May 20th. They issued a “buy” rating and a $42.00 target price for the company. Five analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $32.91.

The Chemours stock opened at $37.18 on Wednesday. The firm has a 50 day moving average price of $32.64. The company has a debt-to-equity ratio of 4.66, a quick ratio of 1.20 and a current ratio of 1.86. The firm has a market cap of $6.15 billion, a PE ratio of 28.82, a price-to-earnings-growth ratio of 0.44 and a beta of 2.13. The Chemours has a 12 month low of $13.40 and a 12 month high of $38.87.

The Chemours (NYSE:CC) last posted its quarterly earnings results on Sunday, May 2nd. The specialty chemicals company reported $0.71 EPS for the quarter, beating the consensus estimate of $0.63 by $0.08. The firm had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.40 billion. The Chemours had a return on equity of 43.27% and a net margin of 4.25%. The company’s revenue for the quarter was up 10.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.71 EPS. As a group, sell-side analysts expect that The Chemours will post 3.12 earnings per share for the current year.

In related news, CAO Matthew S. Abbott sold 8,913 shares of the stock in a transaction that occurred on Thursday, May 27th. The stock was sold at an average price of $35.61, for a total transaction of $317,391.93. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Edwin C. Sparks sold 28,521 shares of the stock in a transaction that occurred on Monday, June 7th. The stock was sold at an average price of $36.10, for a total value of $1,029,608.10. The disclosure for this sale can be found here. 2.78% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Meeder Asset Management Inc. boosted its position in The Chemours by 54.4% in the 1st quarter. Meeder Asset Management Inc. now owns 973 shares of the specialty chemicals company’s stock valued at $27,000 after buying an additional 343 shares during the last quarter. Koshinski Asset Management Inc. bought a new position in The Chemours in the 4th quarter valued at $498,000. CWM LLC boosted its position in The Chemours by 122.6% in the 1st quarter. CWM LLC now owns 1,153 shares of the specialty chemicals company’s stock valued at $32,000 after buying an additional 635 shares during the last quarter. Cambridge Investment Research Advisors Inc. boosted its position in The Chemours by 8.6% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 10,610 shares of the specialty chemicals company’s stock valued at $296,000 after buying an additional 838 shares during the last quarter. Finally, AdvisorNet Financial Inc boosted its position in The Chemours by 247.9% in the 1st quarter. AdvisorNet Financial Inc now owns 1,249 shares of the specialty chemicals company’s stock valued at $35,000 after buying an additional 890 shares during the last quarter. Hedge funds and other institutional investors own 72.47% of the company’s stock.

About The Chemours

The Chemours Company provides performance chemicals in North America, the Asia Pacific, Europe, the Middle East, Africa, and Latin America. It operates through four segments: Titanium Technologies, Thermal & Specialized Solutions, Advanced Performance Materials, and Chemical Solutions. The Titanium Technologies segment provides TiO2 pigment under the Ti-Pure and BaiMax brands for delivering whiteness, brightness, opacity, and protection in various of applications.

See Also: Dividend Reinvestment Plan (DRIP)

Analyst Recommendations for The Chemours (NYSE:CC)

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