Chemours (NYSE:CC) Shares Gap Down to $15.71

Chemours Co (NYSE:CC)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $16.04, but opened at $15.71. Chemours shares last traded at $15.39, with a volume of 3,248,681 shares trading hands.

CC has been the subject of several analyst reports. UBS Group reduced their target price on shares of Chemours from $19.00 to $14.50 and set a “neutral” rating for the company in a report on Wednesday, October 2nd. TheStreet cut shares of Chemours from a “b-” rating to a “c+” rating in a research note on Friday, August 9th. Susquehanna Bancshares upgraded shares of Chemours from a “neutral” rating to a “positive” rating and decreased their price objective for the company from $37.00 to $18.00 in a research report on Tuesday, August 20th. SunTrust Banks lifted their target price on shares of Chemours to $20.00 and gave the company a “hold” rating in a research note on Wednesday, November 6th. Finally, ValuEngine downgraded shares of Chemours from a “hold” rating to a “sell” rating in a report on Friday, November 1st. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $26.86.

The business’s fifty day moving average price is $16.93 and its two-hundred day moving average price is $17.85. The company has a debt-to-equity ratio of 5.05, a quick ratio of 0.98 and a current ratio of 1.72. The stock has a market capitalization of $2.49 billion, a P/E ratio of 2.66, a P/E/G ratio of 0.42 and a beta of 2.53.

Chemours (NYSE:CC) last issued its earnings results on Monday, November 4th. The specialty chemicals company reported $0.59 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.56 by $0.03. Chemours had a return on equity of 58.38% and a net margin of 7.24%. The business had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same period in the previous year, the company posted $1.49 EPS. Chemours’s revenue was down 14.6% on a year-over-year basis. As a group, analysts forecast that Chemours Co will post 2.43 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 15th will be paid a $0.25 dividend. The ex-dividend date is Thursday, November 14th. This represents a $1.00 annualized dividend and a yield of 6.64%. Chemours’s dividend payout ratio (DPR) is presently 17.64%.

In other news, COO Mark Newman acquired 20,000 shares of Chemours stock in a transaction that occurred on Wednesday, September 11th. The stock was purchased at an average price of $16.42 per share, for a total transaction of $328,400.00. Following the purchase, the chief operating officer now directly owns 114,261 shares in the company, valued at approximately $1,876,165.62. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.34% of the company’s stock.

Several institutional investors have recently bought and sold shares of the company. State of Tennessee Treasury Department grew its stake in shares of Chemours by 4.4% during the third quarter. State of Tennessee Treasury Department now owns 58,254 shares of the specialty chemicals company’s stock worth $870,000 after acquiring an additional 2,444 shares during the last quarter. Creative Planning boosted its stake in Chemours by 37.8% in the 3rd quarter. Creative Planning now owns 22,971 shares of the specialty chemicals company’s stock worth $343,000 after purchasing an additional 6,306 shares in the last quarter. Envestnet Asset Management Inc. grew its position in Chemours by 536.3% during the 2nd quarter. Envestnet Asset Management Inc. now owns 162,713 shares of the specialty chemicals company’s stock worth $3,905,000 after purchasing an additional 137,143 shares during the last quarter. Victory Capital Management Inc. increased its stake in Chemours by 74.5% during the 2nd quarter. Victory Capital Management Inc. now owns 98,548 shares of the specialty chemicals company’s stock valued at $2,365,000 after purchasing an additional 42,074 shares in the last quarter. Finally, Boenning & Scattergood Inc. raised its holdings in shares of Chemours by 3.2% in the third quarter. Boenning & Scattergood Inc. now owns 37,576 shares of the specialty chemicals company’s stock worth $561,000 after buying an additional 1,160 shares during the last quarter. 76.25% of the stock is owned by hedge funds and other institutional investors.

About Chemours (NYSE:CC)

The Chemours Company provides performance chemicals in North America, the Asia Pacific, Europe, the Middle East, Africa, and Latin America. It operates through three segments: Titanium Technologies, Fluoroproducts, and Chemical Solutions. The Titanium Technologies segment manufactures and sells titanium dioxide under the Ti-Pure and BaiMax brands for various applications in architectural and industrial coatings, flexible and rigid plastic packaging, polyvinylchloride window profiles, laminate papers used for furniture and building materials, and coated papers and paperboards used for packaging.

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