Zacks Investment Research Downgrades Chemours (CC) to Hold
Zacks Investment Research lowered shares of Chemours (NYSE:CC) from a buy rating to a hold rating in a research report sent to investors on Wednesday morning.
According to Zacks, “Chemours Company is involved in chemical business. It operating segment consists of Titanium Technologies, Fluoroproducts and Chemical Solutions. Titanium Technologies segment produces titanium dioxide and premium white pigment. Fluoroproducts segment provides fluoroproducts, refrigerants and industrial fluoropolymer resins. Chemical Solutions segment provides industrial and specialty chemicals. The company’s brand consists of Teflon(R), Ti-Pure(R), Krytox(R) Viton(R), Opteon(R) and Nafion(R). Chemours Company is headquartered in Wilmington. “
Several other equities research analysts also recently issued reports on CC. Argus reiterated a buy rating and issued a $55.00 price objective (up previously from $50.00) on shares of Chemours in a report on Thursday, August 10th. BidaskClub downgraded Chemours from a buy rating to a hold rating in a report on Friday, August 11th. UBS boosted their price objective on Chemours from $50.00 to $59.00 and gave the company a neutral rating in a report on Friday, November 3rd. Barclays boosted their price objective on Chemours from $55.00 to $58.00 and gave the company an overweight rating in a report on Monday, November 6th. Finally, Jefferies Group boosted their price objective on Chemours to $66.00 and gave the company a buy rating in a report on Monday, December 4th. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Chemours has a consensus rating of Buy and an average target price of $57.89.
Chemours (CC) traded down $0.29 during trading hours on Wednesday, reaching $47.64. The company’s stock had a trading volume of 3,795,160 shares, compared to its average volume of 3,115,861. Chemours has a 12 month low of $20.76 and a 12 month high of $58.08. The company has a debt-to-equity ratio of 5.07, a current ratio of 2.19 and a quick ratio of 1.63. The stock has a market capitalization of $8,821.17, a P/E ratio of 16.89, a P/E/G ratio of 0.84 and a beta of 3.38.
Chemours (NYSE:CC) last posted its quarterly earnings data on Thursday, November 2nd. The specialty chemicals company reported $1.12 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.01 by $0.11. The firm had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.59 billion. Chemours had a return on equity of 116.80% and a net margin of 4.86%. The company’s quarterly revenue was up 13.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.61 EPS. equities analysts expect that Chemours will post 3.65 EPS for the current year.
Chemours announced that its Board of Directors has authorized a stock buyback program on Friday, December 1st that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the specialty chemicals company to buy shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Thursday, March 15th. Shareholders of record on Thursday, February 15th will be issued a dividend of $0.17 per share. This is an increase from Chemours’s previous quarterly dividend of $0.03. The ex-dividend date is Wednesday, February 14th. This represents a $0.68 annualized dividend and a yield of 1.43%. Chemours’s dividend payout ratio is 8.28%.
In other news, SVP David C. Shelton sold 13,397 shares of the company’s stock in a transaction dated Tuesday, October 10th. The stock was sold at an average price of $55.00, for a total transaction of $736,835.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider E Bryan Snell sold 11,878 shares of the company’s stock in a transaction dated Monday, November 6th. The stock was sold at an average price of $53.25, for a total value of $632,503.50. Following the transaction, the insider now directly owns 63,063 shares of the company’s stock, valued at $3,358,104.75. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 50,183 shares of company stock worth $2,720,166. 1.14% of the stock is owned by company insiders.
Several large investors have recently added to or reduced their stakes in the company. FMR LLC boosted its position in shares of Chemours by 6.1% during the 2nd quarter. FMR LLC now owns 15,830,411 shares of the specialty chemicals company’s stock worth $600,289,000 after acquiring an additional 905,038 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of Chemours by 10.3% during the 2nd quarter. Renaissance Technologies LLC now owns 3,342,200 shares of the specialty chemicals company’s stock worth $126,736,000 after acquiring an additional 310,800 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Chemours by 7.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 2,371,909 shares of the specialty chemicals company’s stock worth $120,042,000 after acquiring an additional 173,523 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Chemours by 11.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,201,287 shares of the specialty chemicals company’s stock worth $110,969,000 after acquiring an additional 234,705 shares in the last quarter. Finally, TIAA CREF Investment Management LLC boosted its position in shares of Chemours by 126.5% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 1,789,112 shares of the specialty chemicals company’s stock worth $67,843,000 after acquiring an additional 999,380 shares in the last quarter. 74.42% of the stock is owned by institutional investors and hedge funds.
The Chemours Company is a provider of performance chemicals. The Company operates through three segments: Titanium Technologies, Fluoroproducts and Chemical Solutions. The Titanium Technologies segment is a producer of titanium dioxide (TiO2). The Fluoroproducts segment is a provider of fluoroproducts, including refrigerants and industrial fluoropolymer resins.
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