Investors Buy Shares of Chemours (CC) on Weakness
Traders purchased shares of Chemours Co (NYSE:CC) on weakness during trading hours on Wednesday. $38.43 million flowed into the stock on the tick-up and $13.06 million flowed out of the stock on the tick-down, for a money net flow of $25.37 million into the stock. Of all equities tracked, Chemours had the 24th highest net in-flow for the day. Chemours traded down ($0.33) for the day and closed at $51.41
CC has been the subject of a number of research reports. Jefferies Group upped their price objective on Chemours to $66.00 and gave the company a “buy” rating in a research report on Monday, December 4th. Zacks Investment Research upgraded Chemours from a “hold” rating to a “buy” rating and set a $57.00 price target for the company in a research report on Thursday, November 9th. UBS Group upped their price target on Chemours from $50.00 to $59.00 and gave the stock a “neutral” rating in a research report on Friday, November 3rd. Goldman Sachs Group cut Chemours from a “buy” rating to a “neutral” rating and set a $55.00 price target for the company. in a research report on Wednesday, December 6th. Finally, Barclays upped their price target on Chemours from $55.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, November 6th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $57.89.
The firm has a market capitalization of $9,500.00 and a P/E ratio of 35.46. The company has a quick ratio of 1.63, a current ratio of 2.19 and a debt-to-equity ratio of 5.07.
Chemours (NYSE:CC) last announced its quarterly earnings results on Thursday, November 2nd. The specialty chemicals company reported $1.12 EPS for the quarter, beating analysts’ consensus estimates of $1.01 by $0.11. Chemours had a return on equity of 116.80% and a net margin of 4.86%. The company had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.59 billion. During the same period in the prior year, the company earned $0.61 earnings per share. The firm’s revenue was up 13.3% on a year-over-year basis. sell-side analysts anticipate that Chemours Co will post 3.65 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Thursday, February 15th will be paid a dividend of $0.17 per share. The ex-dividend date is Wednesday, February 14th. This is a positive change from Chemours’s previous quarterly dividend of $0.03. This represents a $0.68 dividend on an annualized basis and a yield of 1.32%. Chemours’s dividend payout ratio is presently 8.28%.
Chemours announced that its board has initiated a stock repurchase plan on Friday, December 1st that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the specialty chemicals company to purchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.
In other news, SVP David C. Shelton sold 19,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 5th. The stock was sold at an average price of $53.68, for a total value of $1,019,920.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Christian W. Siemer sold 15,088 shares of the firm’s stock in a transaction that occurred on Wednesday, December 13th. The shares were sold at an average price of $47.37, for a total value of $714,718.56. The disclosure for this sale can be found here. Insiders sold a total of 65,271 shares of company stock valued at $3,434,884 over the last ninety days. Corporate insiders own 1.14% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. Acrospire Investment Management LLC raised its holdings in shares of Chemours by 3.4% in the second quarter. Acrospire Investment Management LLC now owns 3,076 shares of the specialty chemicals company’s stock worth $117,000 after buying an additional 100 shares during the period. Gamco Investors INC. ET AL purchased a new stake in shares of Chemours in the third quarter worth approximately $202,000. Bell Bank purchased a new position in Chemours during the 3rd quarter worth $202,000. First Allied Advisory Services Inc. purchased a new position in Chemours during the 3rd quarter worth $202,000. Finally, First Republic Investment Management Inc. purchased a new position in Chemours during the 3rd quarter worth $203,000. Hedge funds and other institutional investors own 74.34% of the company’s stock.
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Chemours Company Profile
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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