Chemours Co. (CC) Shares Down 9.2%
Shares of Chemours Co. (NYSE:CC) fell 9.2% during trading on Tuesday . The stock traded as low as $7.70 and last traded at $7.70, with a volume of 1,908,636 shares. The stock had previously closed at $8.48.
Several brokerages have commented on CC. Vetr upgraded shares of Chemours from a “strong sell” rating to a “sell” rating and set a $7.56 target price on the stock in a report on Tuesday, June 14th. Argus restated a “hold” rating on shares of Chemours in a report on Friday, May 13th. JPMorgan Chase & Co. restated a “hold” rating on shares of Chemours in a report on Wednesday, May 4th. Jefferies Group restated a “hold” rating on shares of Chemours in a report on Wednesday, June 15th. Finally, Zacks Investment Research downgraded shares of Chemours from a “buy” rating to a “hold” rating in a report on Tuesday, May 10th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $10.01.
The firm’s market capitalization is $1.19 billion. The stock’s 50 day moving average price is $8.84 and its 200 day moving average price is $6.93.
Chemours (NYSE:CC) last issued its earnings results on Monday, May 2nd. The company reported $0.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.04. The firm earned $1.30 billion during the quarter, compared to the consensus estimate of $1.27 billion. Chemours’s revenue for the quarter was down 4.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.33 earnings per share. Equities analysts forecast that Chemours Co. will post $0.68 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, June 15th. Investors of record on Tuesday, May 17th were given a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a yield of 2.02%. The ex-dividend date was Friday, May 13th.
In related news, CFO Mark Newman purchased 2,800 shares of the stock in a transaction that occurred on Friday, May 13th. The stock was acquired at an average cost of $9.71 per share, with a total value of $27,188.00. Following the transaction, the chief financial officer now owns 108,533 shares of the company’s stock, valued at approximately $1,053,855.43. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Bradley J. Bell purchased 10,000 shares of the stock in a transaction that occurred on Wednesday, May 4th. The stock was bought at an average cost of $9.65 per share, with a total value of $96,500.00. Following the completion of the transaction, the director now directly owns 21,747 shares in the company, valued at approximately $209,858.55. The disclosure for this purchase can be found here.
A number of large investors recently added to or reduced their stakes in CC. State of New Jersey Common Pension Fund D raised its stake in Chemours by 1,700.0% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 900,000 shares of the company’s stock worth $4,824,000 after buying an additional 850,000 shares during the last quarter. First Trust Advisors LP acquired a new stake in shares of Chemours during the fourth quarter valued at about $4,266,000. South Dakota Investment Council raised its stake in shares of Chemours by 293.3% in the fourth quarter. South Dakota Investment Council now owns 773,459 shares of the company’s stock valued at $4,146,000 after buying an additional 576,797 shares in the last quarter. Anchor Capital Advisors LLC acquired a new stake in shares of Chemours during the fourth quarter valued at about $1,557,000. Finally, Cornerstone Capital Management Holdings LLC. raised its stake in shares of Chemours by 54.0% in the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 277,881 shares of the company’s stock valued at $1,489,000 after buying an additional 97,430 shares in the last quarter.
The Chemours Company is a provider of performance chemicals. The Company operates through three segments: Titanium Technologies, Fluoroproducts and Chemical Solutions. The Company’s Titanium Technologies segment manufactures titanium dioxide (TiO2), which is a pigment used to deliver whiteness, opacity, brightness and protection from sunlight in applications, such as architectural and industrial coatings, plastic packaging, polyvinyl chloride (PVC) window profiles, laminate papers, coated paper and coated paperboard used for packaging.
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