Chemours Co. (CC) Shares Up 6.9%
Chemours Co. (NYSE:CC) shot up 6.9% on Thursday . The company traded as high as $6.62 and last traded at $6.34, with a volume of 6,229,914 shares trading hands. The stock had previously closed at $5.93.
A number of brokerages recently weighed in on CC. JPMorgan Chase & Co. reaffirmed a “hold” rating on shares of Chemours in a research note on Wednesday, May 4th. Jefferies Group reaffirmed a “hold” rating on shares of Chemours in a research note on Wednesday, April 13th. Zacks Investment Research raised shares of Chemours from a “hold” rating to a “buy” rating and set a $11.00 target price on the stock in a research note on Tuesday, April 26th. Citigroup Inc. raised their target price on shares of Chemours from $5.00 to $8.00 and gave the company a “neutral” rating in a research note on Monday, April 18th. Finally, Argus reaffirmed a “hold” rating on shares of Chemours in a research note on Friday, May 13th. One analyst has rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company’s stock. Chemours has an average rating of “Hold” and a consensus price target of $10.01.
The company has a 50-day moving average of $8.66 and a 200-day moving average of $6.95. The firm’s market cap is $1.39 billion.
Chemours (NYSE:CC) last announced its quarterly earnings data on Monday, May 2nd. The company reported $0.06 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.02 by $0.04. The company had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $1.27 billion. The company’s revenue was down 4.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.33 earnings per share. On average, analysts predict that Chemours Co. will post $0.68 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 15th. Investors of record on Tuesday, May 17th were paid a dividend of $0.03 per share. The ex-dividend date was Friday, May 13th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 1.56%.
In related news, CFO Mark Newman acquired 2,800 shares of the business’s stock in a transaction that occurred on Friday, May 13th. The stock was bought at an average cost of $9.71 per share, for a total transaction of $27,188.00. Following the purchase, the chief financial officer now owns 108,533 shares in the company, valued at approximately $1,053,855.43. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Bradley J. Bell acquired 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 4th. The shares were bought at an average price of $9.65 per share, with a total value of $96,500.00. Following the completion of the purchase, the director now owns 21,747 shares in the company, valued at approximately $209,858.55. The disclosure for this purchase can be found here.
Several hedge funds and institutional investors recently made changes to their positions in the stock. State of New Jersey Common Pension Fund D increased its position in shares of 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 period. First Trust Advisors LP bought a new position in shares of Chemours during the fourth quarter worth about $4,266,000. South Dakota Investment Council increased its position 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 worth $4,146,000 after buying an additional 576,797 shares during the period. Cornerstone Capital Management Holdings LLC. increased its position 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 worth $1,489,000 after buying an additional 97,430 shares during the period. Finally, State of Wisconsin Investment Board increased its position in shares of Chemours by 6.8% in the fourth quarter. State of Wisconsin Investment Board now owns 402,390 shares of the company’s stock worth $2,157,000 after buying an additional 25,620 shares during the period.
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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