Chemours Co. (CC) Shares Down 4.5%
Chemours Co. (NYSE:CC) dropped 4.5% during trading on Friday . The stock traded as low as $8.66 and last traded at $8.75, with a volume of 1,503,576 shares traded. The stock had previously closed at $9.16.
CC has been the subject of several recent research reports. Zacks Investment Research raised shares of Chemours from a “hold” rating to a “buy” rating and set a $11.00 target price for the company in a research report on Tuesday, April 26th. Jefferies Group reiterated a “hold” rating on shares of Chemours in a research note on Wednesday, June 15th. Argus reiterated a “hold” rating on shares of Chemours in a research note on Friday, May 13th. JPMorgan Chase & Co. reiterated a “hold” rating on shares of Chemours in a research note on Wednesday, May 4th. Finally, Citigroup Inc. restated a “neutral” rating and set a $9.00 price target (down from $10.50) on shares of Chemours in a research note on Friday, July 15th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $10.13.
The stock’s market capitalization is $1.60 billion. The firm’s 50 day moving average price is $8.54 and its 200-day moving average price is $7.14.
Chemours (NYSE:CC) last posted its quarterly earnings data on Monday, May 2nd. The company reported $0.06 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.02 by $0.04. The firm 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% on a year-over-year basis. During the same quarter last year, the firm earned $0.33 EPS. Equities research analysts predict that Chemours Co. will post $0.71 earnings per share for the current year.
In other Chemours news, Director Bradley J. Bell acquired 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 purchase, the director now directly owns 21,747 shares in the company, valued at $209,858.55. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Mark Newman acquired 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 completion of the purchase, the chief financial officer now owns 108,533 shares of the company’s stock, valued at $1,053,855.43. The disclosure for this purchase can be found here.
A number of hedge funds have added to or reduced their stakes in the company. Retirement Systems of Alabama raised its stake in Chemours by 1.3% in the fourth quarter. Retirement Systems of Alabama now owns 232,559 shares of the company’s stock worth $1,247,000 after buying an additional 3,045 shares during the period. First Trust Advisors LP acquired a new stake in Chemours during the fourth quarter worth $4,266,000. State of Wisconsin Investment Board raised its stake in 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. Brown Advisory Inc. raised its stake in Chemours by 9.1% in the fourth quarter. Brown Advisory Inc. now owns 246,270 shares of the company’s stock worth $1,320,000 after buying an additional 20,561 shares during the period. Finally, South Dakota Investment Council raised its stake in 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.
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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