Chemours Co. (CC) Trading Down 4.5%
Chemours Co. (NYSE:CC)’s share price dropped 4.5% on Friday . The stock traded as low as $8.66 and last traded at $8.75, with a volume of 1,503,576 shares trading hands. The stock had previously closed at $9.16.
A number of brokerages have commented on CC. Vetr upgraded shares of Chemours from a “strong sell” rating to a “sell” rating and set a $7.56 price objective on the stock in a report on Tuesday, June 14th. Zacks Investment Research upgraded shares of Chemours from a “sell” rating to a “hold” rating in a report on Tuesday, April 12th. JPMorgan Chase & Co. reiterated a “hold” rating on shares of Chemours in a report on Wednesday, May 4th. Argus reiterated a “hold” rating on shares of Chemours in a report on Friday, May 13th. Finally, Citigroup Inc. boosted their price objective on shares of Chemours from $5.00 to $8.00 and gave the stock a “neutral” rating in a report on Monday, April 18th. One analyst has rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company’s stock. Chemours presently has an average rating of “Hold” and an average price target of $10.13.
The firm’s market capitalization is $1.60 billion. The firm’s 50 day moving average price is $8.53 and its 200 day moving average price is $7.16.
Chemours (NYSE:CC) last announced its quarterly earnings results on Monday, May 2nd. The company reported $0.06 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.02 by $0.04. During the same quarter last year, the company earned $0.33 EPS. The business had revenue of $1.30 billion for the quarter, compared to analyst estimates of $1.27 billion. The business’s revenue for the quarter was down 4.8% compared to the same quarter last year. On average, analysts expect that Chemours Co. will post $0.71 earnings per share for the current year.
In other news, CFO Mark Newman bought 2,800 shares of the stock in a transaction that occurred on Friday, May 13th. The shares were acquired 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 of the company’s stock, valued at approximately $1,053,855.43. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Bradley J. Bell bought 10,000 shares of the stock in a transaction that occurred on Wednesday, May 4th. The stock was purchased at an average price of $9.65 per share, for a total transaction of $96,500.00. Following the completion of the purchase, 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 hedge funds and institutional investors have recently bought and sold shares of the stock. State of New Jersey Common Pension Fund D raised its position 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. Cornerstone Capital Management Holdings LLC. raised its position in 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. Brown Advisory Inc. raised its position 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 last quarter. State of Wisconsin Investment Board raised its position 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 last quarter. Finally, First Trust Advisors LP purchased a new position in Chemours during the fourth quarter worth about $4,266,000.
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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