Truist Financial Cuts Chemours (NYSE:CC) Price Target to $24.00

Chemours (NYSE:CC) had its price target lowered by investment analysts at Truist Financial from $30.00 to $24.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the specialty chemicals company’s stock. Truist Financial’s target price indicates a potential upside of 57.69% from the stock’s current price.

A number of other analysts have also recently commented on CC. Royal Bank Of Canada set a $22.00 price target on shares of Chemours in a research note on Thursday. Mizuho set a $22.00 price objective on Chemours in a research note on Wednesday. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Chemours in a report on Friday, July 17th. Zacks Research upgraded Chemours from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 21st. Finally, Morgan Stanley upped their price target on shares of Chemours from $17.00 to $21.00 and gave the stock an “equal weight” rating in a research note on Monday, May 11th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $22.50.

Chemours Stock Performance

Chemours stock traded up $0.63 during trading on Thursday, hitting $15.22. The stock had a trading volume of 2,179,938 shares, compared to its average volume of 3,067,075. The stock’s 50 day moving average is $19.51 and its two-hundred day moving average is $20.06. Chemours has a 1 year low of $10.44 and a 1 year high of $28.67. The stock has a market cap of $2.29 billion, a price-to-earnings ratio of -7.92 and a beta of 1.43. The company has a quick ratio of 0.87, a current ratio of 1.82 and a debt-to-equity ratio of 18.98.

Chemours (NYSE:CC) last issued its quarterly earnings results on Tuesday, August 4th. The specialty chemicals company reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.07). Chemours had a negative net margin of 5.00% and a positive return on equity of 42.63%. The firm had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.65 billion. During the same period in the prior year, the company earned ($2.54) EPS. The firm’s quarterly revenue was down 1.5% on a year-over-year basis. As a group, analysts predict that Chemours will post 1.18 EPS for the current year.

Institutional Trading of Chemours

Several hedge funds have recently made changes to their positions in the business. Atlas Capital Advisors Inc. purchased a new stake in Chemours during the fourth quarter valued at approximately $26,000. Aster Capital Management DIFC Ltd bought a new stake in Chemours in the fourth quarter worth $28,000. Covestor Ltd lifted its position in Chemours by 204.7% in the fourth quarter. Covestor Ltd now owns 2,602 shares of the specialty chemicals company’s stock worth $31,000 after buying an additional 1,748 shares during the last quarter. Eurizon Capital SGR S.p.A. bought a new position in Chemours during the fourth quarter valued at $31,000. Finally, Rothschild Investment LLC raised its stake in shares of Chemours by 87.0% in the fourth quarter. Rothschild Investment LLC now owns 2,698 shares of the specialty chemicals company’s stock valued at $32,000 after acquiring an additional 1,255 shares during the period. 76.26% of the stock is currently owned by hedge funds and other institutional investors.

About Chemours

Chemours Company, established in 2015 as a spin-off from E. I. du Pont de Nemours and Company, is a global chemistry organization headquartered in Wilmington, Delaware. Since its formation, Chemours has focused on delivering performance chemicals that help customers lower their carbon footprint, increase energy efficiency and conserve water. The company operates with a commitment to safety, environmental stewardship and innovation.

Chemours’ principal business activities are organized into three core segments.