Chemours (NYSE:CC) Trading 7.8% Higher – Here’s What Happened

Shares of The Chemours Company (NYSE:CC) were up 7.8% during mid-day trading on Tuesday . The company traded as high as $19.95 and last traded at $19.9440. Approximately 839,986 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 3,614,777 shares. The stock had previously closed at $18.50.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on CC. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $18.00 price target on shares of Chemours in a research note on Friday, January 16th. Weiss Ratings reissued a “sell (d)” rating on shares of Chemours in a research report on Wednesday, January 21st. Jefferies Financial Group reissued a “hold” rating and set a $17.00 price target on shares of Chemours in a report on Monday, February 23rd. JPMorgan Chase & Co. raised their price objective on shares of Chemours from $13.00 to $17.00 and gave the stock a “neutral” rating in a report on Monday, February 23rd. Finally, BMO Capital Markets reduced their price target on Chemours from $20.00 to $19.00 and set an “outperform” rating for the company in a research report on Monday, February 23rd. Five equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $18.40.

Chemours Trading Up 3.9%

The stock has a market capitalization of $3.24 billion, a P/E ratio of -8.70 and a beta of 1.60. The stock’s fifty day moving average price is $17.76 and its 200 day moving average price is $15.04. The company has a debt-to-equity ratio of 16.33, a current ratio of 1.78 and a quick ratio of 0.85.

Chemours (NYSE:CC) last announced its quarterly earnings results on Thursday, February 19th. The specialty chemicals company reported $0.05 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.04. Chemours had a negative net margin of 6.41% and a positive return on equity of 41.75%. The firm had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.33 billion. During the same quarter in the prior year, the company earned $0.09 EPS. The company’s revenue was down 2.2% compared to the same quarter last year. Research analysts forecast that The Chemours Company will post 2.03 earnings per share for the current year.

Chemours Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Friday, February 27th were issued a $0.0875 dividend. This represents a $0.35 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend was Friday, February 27th. Chemours’s payout ratio is -14.11%.

Institutional Trading of Chemours

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Atlas Capital Advisors Inc. purchased a new stake in Chemours during the 4th quarter valued at about $26,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Chemours during the fourth quarter valued at about $28,000. Covestor Ltd raised its holdings in shares of Chemours by 204.7% in the 4th quarter. Covestor Ltd now owns 2,602 shares of the specialty chemicals company’s stock valued at $31,000 after buying an additional 1,748 shares during the period. Eurizon Capital SGR S.p.A. acquired a new stake in shares of Chemours during the fourth quarter worth about $31,000. Finally, Rothschild Investment LLC boosted its position in Chemours by 87.0% in the 4th quarter. Rothschild Investment LLC now owns 2,698 shares of the specialty chemicals company’s stock valued at $32,000 after buying an additional 1,255 shares during the period. 76.26% of the stock is currently owned by hedge funds and other institutional investors.

About Chemours

Chemours Company, established in 2015 as a spin-off from E. I. du Pont de Nemours and Company, is a global chemistry organization headquartered in Wilmington, Delaware. Since its formation, Chemours has focused on delivering performance chemicals that help customers lower their carbon footprint, increase energy efficiency and conserve water. The company operates with a commitment to safety, environmental stewardship and innovation.

Chemours’ principal business activities are organized into three core segments.