The Chemours Company (NYSE:CC – Get Free Report)’s share price passed below its fifty day moving average during trading on Wednesday. The stock has a fifty day moving average of $15.81 and traded as low as $14.64. Chemours shares last traded at $14.7420, with a volume of 1,053,872 shares traded.
Analyst Upgrades and Downgrades
Several brokerages recently issued reports on CC. Weiss Ratings downgraded Chemours from a “sell (d)” rating to a “sell (d-)” rating in a research report on Thursday, August 6th. UBS Group reissued a “neutral” rating and set a $18.00 price target (down from $29.00) on shares of Chemours in a research report on Monday, August 10th. Truist Financial cut their price target on Chemours from $30.00 to $24.00 and set a “buy” rating for the company in a report on Thursday, August 6th. Morgan Stanley set a $18.00 price objective on Chemours in a research report on Monday, August 10th. Finally, JPMorgan Chase & Co. decreased their price objective on Chemours from $22.00 to $15.00 and set a “neutral” rating on the stock in a research note on Thursday, August 13th. Five research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $20.10.
Read Our Latest Stock Report on CC
Chemours Price Performance
Chemours (NYSE:CC – Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The specialty chemicals company reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.07). Chemours had a negative net margin of 5.00% and a positive return on equity of 60.64%. The business had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.65 billion. During the same period last year, the firm earned ($2.54) earnings per share. The company’s quarterly revenue was down 1.5% on a year-over-year basis. On average, sell-side analysts forecast that The Chemours Company will post 0.87 earnings per share for the current fiscal year.
Chemours Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Friday, August 14th were given a dividend of $0.0875 per share. The ex-dividend date of this dividend was Friday, August 14th. This represents a $0.35 annualized dividend and a yield of 2.4%. Chemours’s payout ratio is -18.32%.
Insider Buying and Selling
In related news, insider Calderon Gerardo Familiar purchased 1,935 shares of the firm’s stock in a transaction on Wednesday, August 12th. The stock was purchased at an average price of $15.53 per share, for a total transaction of $30,050.55. Following the acquisition, the insider directly owned 58,547 shares in the company, valued at $909,234.91. The trade was a 3.42% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Shane Hostetter acquired 3,350 shares of the stock in a transaction on Thursday, August 6th. The stock was purchased at an average cost of $14.94 per share, with a total value of $50,049.00. Following the transaction, the chief financial officer directly owned 102,698 shares of the company’s stock, valued at $1,534,308.12. This represents a 3.37% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last ninety days, insiders have purchased 8,663 shares of company stock valued at $130,601. Corporate insiders own 0.85% of the company’s stock.
Institutional Investors Weigh In On Chemours
Several hedge funds and other institutional investors have recently added to or reduced their stakes in CC. Engineers Gate Manager LP lifted its stake in shares of Chemours by 24.6% in the second quarter. Engineers Gate Manager LP now owns 91,650 shares of the specialty chemicals company’s stock worth $1,881,000 after acquiring an additional 18,106 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new stake in Chemours during the 2nd quarter valued at approximately $125,000. Nykredit A S acquired a new stake in Chemours during the 2nd quarter valued at approximately $99,000. Corient Private Wealth LP increased its holdings in Chemours by 12.6% during the 2nd quarter. Corient Private Wealth LP now owns 30,644 shares of the specialty chemicals company’s stock worth $629,000 after purchasing an additional 3,432 shares during the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Chemours during the 2nd quarter worth approximately $213,000. Hedge funds and other institutional investors own 76.26% of the company’s stock.
About Chemours
The Chemours Company (NYSE: CC) is a global chemistry company headquartered in Wilmington, Delaware. Formed in 2015 through a spin-off from DuPont, Chemours develops and manufactures chemical products used in industries including transportation, electronics, energy, construction, and consumer goods.
The company operates through businesses focused on thermal and specialized solutions, titanium technologies, and advanced performance materials. Its products include refrigerants and heat-transfer fluids, titanium dioxide pigments used to provide whiteness and opacity in coatings, plastics, and paper, as well as fluoropolymers, specialty fluids, and other performance materials used in demanding industrial applications.
Chemours serves customers in North America, Latin America, Europe, the Asia-Pacific region, and other international markets through manufacturing facilities, research and development operations, and commercial activities around the world.
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