Chemours Co. (CC) Trading Up 8.5%
Chemours Co. (NYSE:CC)’s share price was up 8.5% during mid-day trading on Monday . The stock traded as high as $12.45 and last traded at $12.42, with a volume of 2,255,870 shares changing hands. The stock had previously closed at $11.45.
Several equities analysts have recently issued reports on CC shares. Vetr raised Chemours from a “strong sell” rating to a “sell” rating and set a $7.56 target price for the company in a report on Tuesday, June 14th. Argus raised Chemours from a “hold” rating to a “buy” rating and set a $13.00 target price for the company in a report on Wednesday, August 10th. They noted that the move was a valuation call. JPMorgan Chase & Co. reissued a “hold” rating on shares of Chemours in a report on Wednesday, May 4th. Zacks Investment Research raised Chemours from a “hold” rating to a “buy” rating and set a $11.00 price objective for the company in a report on Tuesday, April 26th. Finally, Citigroup Inc. reduced their price objective on Chemours from $11.00 to $9.00 and set a “neutral” rating for the company in a report on Thursday, August 11th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $10.01.
The company has a 50-day moving average price of $9.10 and a 200-day moving average price of $7.93. The company’s market capitalization is $2.20 billion.
Chemours (NYSE:CC) last released its earnings results on Tuesday, August 9th. The company reported $0.27 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.17 by $0.10. The business had revenue of $1.38 billion for the quarter, compared to analysts’ expectations of $1.42 billion. During the same quarter in the previous year, the business posted ($0.10) earnings per share. Chemours’s revenue for the quarter was down 8.3% on a year-over-year basis. On average, equities research analysts anticipate that Chemours Co. will post $0.93 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 15th. Stockholders of record on Wednesday, August 17th will be issued a dividend of $0.03 per share. The ex-dividend date of this dividend is Monday, August 15th. This represents a $0.12 annualized dividend and a dividend yield of 0.99%.
A number of institutional investors have recently made changes to their positions in the company. State of New Jersey Common Pension Fund D raised 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 last quarter. Cornerstone Capital Management Holdings LLC. raised 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 last quarter. Finally, State of Wisconsin Investment Board raised 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 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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