Chemours (NYSE:CC) Reaches New 1-Year Low Following Analyst Downgrade

The Chemours Company (NYSE:CC) reached a new 52-week low on Tuesday after Barclays lowered their price target on the stock from $19.00 to $16.00. Barclays currently has an equal weight rating on the stock. Chemours traded as low as $12.96 and last traded at $12.94, with a volume of 150034 shares trading hands. The stock had previously closed at $13.53.

Several other equities research analysts have also issued reports on the company. Morgan Stanley lowered their price objective on Chemours from $25.00 to $22.00 and set an “equal weight” rating for the company in a research note on Monday, January 13th. The Goldman Sachs Group cut 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. Mizuho upgraded shares of Chemours from a “neutral” rating to an “outperform” rating and set a $19.00 price target on the stock in a report on Thursday, March 27th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $25.00 target price on shares of Chemours in a research report on Thursday, December 12th. Finally, Truist Financial began coverage on Chemours in a research note on Tuesday, January 28th. They issued a “buy” rating and a $27.00 price objective on the stock. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $22.56.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CC. Vanguard Group Inc. boosted its position in shares of Chemours by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 15,223,961 shares of the specialty chemicals company’s stock valued at $257,285,000 after acquiring an additional 94,885 shares during the last quarter. Ameriprise Financial Inc. boosted its holdings in Chemours by 23.8% in the 4th quarter. Ameriprise Financial Inc. now owns 4,373,172 shares of the specialty chemicals company’s stock valued at $73,907,000 after purchasing an additional 839,849 shares during the last quarter. Millennium Management LLC grew its stake in shares of Chemours by 44.6% in the 4th quarter. Millennium Management LLC now owns 2,507,262 shares of the specialty chemicals company’s stock valued at $42,373,000 after buying an additional 773,537 shares during the period. Geode Capital Management LLC increased its holdings in shares of Chemours by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 2,491,748 shares of the specialty chemicals company’s stock worth $50,646,000 after buying an additional 28,803 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Chemours during the 4th quarter valued at approximately $30,702,000. 76.26% of the stock is currently owned by institutional investors and hedge funds.

Chemours Stock Down 3.6 %

The company has a quick ratio of 0.92, a current ratio of 1.68 and a debt-to-equity ratio of 6.70. The company has a market capitalization of $1.95 billion, a PE ratio of 22.88 and a beta of 2.00. The firm has a 50-day moving average of $16.29 and a two-hundred day moving average of $18.18.

Chemours (NYSE:CC) last issued its quarterly earnings data 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. The firm had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.37 billion. Chemours had a return on equity of 26.54% and a net margin of 1.51%. Equities research analysts predict that The Chemours Company will post 2.03 earnings per share for the current fiscal year.

Chemours Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were given a dividend of $0.25 per share. The ex-dividend date was Friday, February 28th. This represents a $1.00 annualized dividend and a dividend yield of 7.67%. Chemours’s dividend 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.