Chemours (NYSE:CC) Shares Gap Down Following Analyst Downgrade

The Chemours Company (NYSE:CC) gapped down prior to trading on Wednesday after BMO Capital Markets lowered their price target on the stock from $34.00 to $27.00. The stock had previously closed at $17.48, but opened at $16.72. BMO Capital Markets currently has an outperform rating on the stock. Chemours shares last traded at $17.16, with a volume of 145,724 shares.

A number of other equities analysts also recently weighed in on the company. Morgan Stanley cut their target price on Chemours from $25.00 to $22.00 and set an “equal weight” rating on the stock in a research note on Monday, January 13th. Barclays lifted their price target on shares of Chemours from $21.00 to $23.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. Truist Financial initiated coverage on shares of Chemours in a report on Tuesday, January 28th. They set a “buy” rating and a $27.00 target price on the stock. The Goldman Sachs Group decreased their price target on shares of Chemours from $24.00 to $21.00 and set a “neutral” rating on the stock in a report on Tuesday, January 7th. Finally, Mizuho cut their target price on shares of Chemours from $22.00 to $21.00 and set a “neutral” rating for the company in a research report on Tuesday, January 7th. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $23.56.

Institutional Trading of Chemours

Institutional investors have recently added to or reduced their stakes in the business. Strategic Financial Concepts LLC purchased a new stake in Chemours during the fourth quarter valued at about $357,000. Vision One Management Partners LP bought a new position in shares of Chemours during the third quarter valued at about $28,252,000. Two Sigma Advisers LP raised its stake in shares of Chemours by 9.4% during the third quarter. Two Sigma Advisers LP now owns 503,100 shares of the specialty chemicals company’s stock valued at $10,223,000 after acquiring an additional 43,200 shares during the last quarter. Entropy Technologies LP bought a new position in shares of Chemours during the fourth quarter valued at about $266,000. Finally, Twelve Points Wealth Management LLC raised its stake in shares of Chemours by 42.8% during the fourth quarter. Twelve Points Wealth Management LLC now owns 78,325 shares of the specialty chemicals company’s stock valued at $1,324,000 after acquiring an additional 23,490 shares during the last quarter. 76.26% of the stock is currently owned by hedge funds and other institutional investors.

Chemours Trading Down 4.1 %

The stock has a market capitalization of $2.51 billion, a P/E ratio of 29.42 and a beta of 1.81. The firm’s 50 day moving average price is $18.13 and its 200 day moving average price is $18.93. The company has a debt-to-equity ratio of 6.70, a current ratio of 1.68 and a quick ratio of 0.92.

Chemours (NYSE:CC) last released its quarterly earnings results on Tuesday, February 18th. The specialty chemicals company reported $0.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $0.01. Chemours had a net margin of 1.51% and a return on equity of 26.54%. The company had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.37 billion. As a group, equities research analysts expect that The Chemours Company will post 2.06 earnings per share for the current fiscal year.

Chemours Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 28th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 5.96%. The ex-dividend date of this dividend is Friday, February 28th. Chemours’s payout ratio is currently 175.44%.

Chemours Company Profile

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, Thermal & Specialized Solutions, and Advanced Performance Materials. The Titanium Technologies segment provides TiO2 pigment under the Ti-Pure brand for delivering whiteness, brightness, opacity, durability, efficiency, and protection in various of applications, such as architectural and industrial coatings, flexible and rigid plastic packaging, polyvinylchloride, laminate papers used for furniture and building materials, coated paper, and coated paperboard used for packaging.