Chemours Co (NYSE:CC) announced a quarterly dividend on Friday, December 1st, Zacks reports. Shareholders of record on Thursday, February 15th will be paid a dividend of 0.17 per share by the specialty chemicals company on Thursday, March 15th. This represents a $0.68 annualized dividend and a yield of 1.50%. The ex-dividend date of this dividend is Wednesday, February 14th. This is an increase from Chemours’s previous quarterly dividend of $0.03.
Chemours has a payout ratio of 18.6% indicating that its dividend is sufficiently covered by earnings. Analysts expect Chemours to earn $5.05 per share next year, which means the company should continue to be able to cover its $0.68 annual dividend with an expected future payout ratio of 13.5%.
Shares of Chemours (NYSE:CC) traded up $0.59 during trading on Friday, reaching $45.36. 678,046 shares of the company’s stock traded hands, compared to its average volume of 1,637,131. Chemours has a twelve month low of $27.54 and a twelve month high of $58.08. The company has a market capitalization of $8,340.00 and a price-to-earnings ratio of 31.31. The company has a current ratio of 2.19, a quick ratio of 1.63 and a debt-to-equity ratio of 5.07.
In other Chemours news, insider Christian W. Siemer sold 15,088 shares of the business’s stock in a transaction on Wednesday, December 13th. The shares were sold at an average price of $47.37, for a total transaction of $714,718.56. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.14% of the stock is currently owned by insiders.
Chemours announced that its Board of Directors has initiated a stock repurchase plan on Friday, December 1st that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the specialty chemicals company to repurchase shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.
Several research firms have commented on CC. Barclays reissued a “buy” rating and set a $60.00 price target on shares of Chemours in a research note on Wednesday, December 6th. Zacks Investment Research downgraded shares of Chemours from a “buy” rating to a “hold” rating in a research note on Wednesday, December 6th. Goldman Sachs Group downgraded shares of Chemours from a “buy” rating to a “neutral” rating and set a $55.00 target price on the stock. in a research note on Wednesday, December 6th. Morgan Stanley began coverage on shares of Chemours in a research note on Tuesday, January 30th. They issued an “equal weight” rating and a $57.50 target price on the stock. Finally, UBS Group lifted their target price on shares of Chemours from $50.00 to $59.00 and gave the stock a “neutral” rating in a research note on Friday, November 3rd. Four analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $57.85.
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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