The Chemours Company (NYSE:CC) Plans Dividend of $0.09

The Chemours Company (NYSE:CC) announced a dividend on Friday, May 16th, investing.com reports. Shareholders of record on Monday, May 19th will be given a dividend of 0.0875 per share by the specialty chemicals company on Monday, June 16th. This represents a yield of 3.17%. The ex-dividend date of this dividend is Friday, May 16th.

Chemours has a payout ratio of 14.2% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Chemours to earn $2.71 per share next year, which means the company should continue to be able to cover its $0.35 annual dividend with an expected future payout ratio of 12.9%.

Chemours Stock Down 2.9%

CC stock opened at $11.09 on Friday. The firm has a 50 day moving average of $12.36 and a 200 day moving average of $16.35. The stock has a market capitalization of $1.66 billion, a PE ratio of 19.46 and a beta of 1.76. Chemours has a 52 week low of $9.33 and a 52 week high of $29.17. The company has a quick ratio of 0.92, a current ratio of 1.68 and a debt-to-equity ratio of 6.70.

Chemours (NYSE:CC) last issued its earnings results on Tuesday, May 6th. The specialty chemicals company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.06). Chemours had a net margin of 1.51% and a return on equity of 26.54%. The firm had revenue of $1.37 billion during the quarter, compared to analysts’ expectations of $1.36 billion. During the same quarter in the prior year, the company earned $0.32 EPS. Chemours’s quarterly revenue was up .4% on a year-over-year basis. Sell-side analysts forecast that Chemours will post 2.03 earnings per share for the current year.

Hedge Funds Weigh In On Chemours

Several institutional investors and hedge funds have recently bought and sold shares of the company. Baird Financial Group Inc. purchased a new position in shares of Chemours during the 1st quarter worth $148,000. Royal Bank of Canada increased its position in shares of Chemours by 6.8% during the first quarter. Royal Bank of Canada now owns 585,702 shares of the specialty chemicals company’s stock valued at $7,926,000 after acquiring an additional 37,382 shares during the last quarter. Finally, AQR Capital Management LLC purchased a new stake in shares of Chemours in the 1st quarter valued at approximately $161,000. 76.26% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on CC shares. UBS Group lowered their price target on shares of Chemours from $18.00 to $17.00 and set a “buy” rating on the stock in a report on Wednesday, May 7th. Mizuho set a $15.00 price target on Chemours in a research report on Tuesday, April 15th. Barclays reduced their target price on Chemours from $19.00 to $16.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 1st. Truist Financial dropped their target price on shares of Chemours from $27.00 to $22.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Finally, Morgan Stanley cut their price objective on Chemours from $22.00 to $15.00 and set an “equal weight” rating for the company in a research note on Monday. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $17.56.

Chemours Company Profile

The Chemours Company provides performance chemicals in North America, the Asia Pacific, Europe, the Middle East, Africa, and Latin America. It operates through three segments: Titanium Technologies, Thermal & Specialized Solutions, and Advanced Performance Materials. The Titanium Technologies segment provides TiO2 pigment under the Ti-Pure brand for delivering whiteness, brightness, opacity, durability, efficiency, and protection in various of applications, such as architectural and industrial coatings, flexible and rigid plastic packaging, polyvinylchloride, laminate papers used for furniture and building materials, coated paper, and coated paperboard used for packaging.