Chemours Co. (CC) Reaches New 12-Month High at $11.66
Chemours Co. (NYSE:CC)’s share price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $11.66 and last traded at $11.58, with a volume of 1,990,149 shares trading hands. The stock had previously closed at $10.94.
CC has been the topic of several research analyst reports. Citigroup Inc. boosted their price target on shares of Chemours from $5.00 to $8.00 and gave the company a “neutral” rating in a research report on Monday, April 18th. Barclays PLC boosted their price target on shares of Chemours from $14.00 to $15.00 and gave the company an “overweight” rating in a research report on Monday, May 9th. Zacks Investment Research upgraded shares of Chemours from a “hold” rating to a “buy” rating and set a $11.00 price target on the stock in a research report on Tuesday, April 26th. Jefferies Group reiterated a “hold” rating on shares of Chemours in a research report on Wednesday, April 13th. Finally, Vetr cut shares of Chemours from a “hold” rating to a “sell” rating and set a $7.56 price objective on the stock. in a report on Wednesday, June 8th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $10.01.
The stock’s market cap is $2.10 billion. The stock has a 50-day moving average of $8.79 and a 200 day moving average of $7.65.
Chemours (NYSE:CC) last released its earnings results on Tuesday, August 9th. The company reported $0.27 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.17 by $0.10. The firm earned $1.38 billion during the quarter, compared to the consensus estimate of $1.42 billion. During the same quarter last year, the business posted ($0.10) EPS. Chemours’s revenue was down 8.3% compared to the same quarter last year. Analysts forecast that Chemours Co. will post $0.76 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 15th. Investors 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 dividend on an annualized basis and a yield of 1.10%.
In related news, CFO Mark Newman acquired 2,800 shares of the firm’s stock in a transaction that occurred on Friday, May 13th. The stock was bought at an average price of $9.71 per share, for a total transaction of $27,188.00. Following the acquisition, the chief financial officer now directly owns 108,533 shares of the company’s stock, valued at approximately $1,053,855.43. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.
A number of large investors recently made changes to their positions in the stock. State of New Jersey Common Pension Fund D raised its stake 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. increased 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 period. Finally, State of Wisconsin Investment Board increased 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 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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