Chemours Co (NYSE:CC) – Stock analysts at SunTrust Banks decreased their Q3 2019 earnings estimates for Chemours in a research report issued to clients and investors on Monday, August 5th, according to Zacks Investment Research. SunTrust Banks analyst J. Sheehan now anticipates that the specialty chemicals company will post earnings per share of $0.69 for the quarter, down from their previous estimate of $1.29. SunTrust Banks currently has a “Hold” rating on the stock. SunTrust Banks also issued estimates for Chemours’ Q4 2019 earnings at $0.64 EPS, FY2019 earnings at $2.68 EPS, FY2020 earnings at $3.93 EPS and FY2021 earnings at $4.98 EPS.
Chemours (NYSE:CC) last posted its quarterly earnings data on Thursday, August 1st. The specialty chemicals company reported $0.72 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.18). The business had revenue of $1.41 billion during the quarter, compared to analysts’ expectations of $1.53 billion. Chemours had a return on equity of 71.90% and a net margin of 10.33%. The business’s quarterly revenue was down 22.5% compared to the same quarter last year. During the same period in the previous year, the business posted $1.71 EPS.
Several other brokerages also recently weighed in on CC. Citigroup downgraded shares of Chemours from a “buy” rating to a “neutral” rating and lowered their price target for the company from $40.00 to $20.00 in a report on Friday, July 12th. TheStreet downgraded shares of Chemours from a “b-” rating to a “c+” rating in a report on Friday, August 9th. Morgan Stanley set a $26.00 target price on shares of Chemours and gave the stock a “hold” rating in a report on Wednesday, June 19th. ValuEngine downgraded shares of Chemours from a “sell” rating to a “strong sell” rating in a report on Wednesday, May 1st. Finally, Jefferies Financial Group lowered their target price on shares of Chemours from $48.00 to $30.00 and set a “buy” rating on the stock in a report on Monday, June 10th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $34.00.
CC opened at $11.93 on Thursday. The company has a current ratio of 1.96, a quick ratio of 1.09 and a debt-to-equity ratio of 5.37. Chemours has a 12-month low of $11.71 and a 12-month high of $46.13. The company has a market cap of $2.06 billion, a price-to-earnings ratio of 2.10, a PEG ratio of 0.31 and a beta of 2.48. The company’s 50 day moving average is $18.46 and its 200 day moving average is $29.29.
A number of hedge funds have recently bought and sold shares of CC. Cullen Frost Bankers Inc. purchased a new stake in shares of Chemours during the first quarter valued at about $26,000. Zions Bancorporation N.A. purchased a new stake in shares of Chemours during the first quarter valued at about $30,000. Enterprise Financial Services Corp lifted its position in shares of Chemours by 306.5% during the first quarter. Enterprise Financial Services Corp now owns 935 shares of the specialty chemicals company’s stock valued at $34,000 after buying an additional 705 shares during the last quarter. TCG Advisors LP purchased a new stake in shares of Chemours during the first quarter valued at about $45,000. Finally, Legacy Bridge LLC lifted its position in shares of Chemours by 100.0% during the first quarter. Legacy Bridge LLC now owns 1,200 shares of the specialty chemicals company’s stock valued at $45,000 after buying an additional 600 shares during the last quarter. Institutional investors and hedge funds own 75.60% of the company’s stock.
In other news, Director Bradley J. Bell acquired 5,000 shares of the business’s stock in a transaction on Monday, August 5th. The shares were acquired at an average price of $14.67 per share, for a total transaction of $73,350.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Mark P. Vergnano acquired 44,000 shares of the business’s stock in a transaction on Monday, June 10th. The shares were purchased at an average price of $23.17 per share, for a total transaction of $1,019,480.00. Following the transaction, the chief executive officer now directly owns 116,600 shares of the company’s stock, valued at $2,701,622. The disclosure for this purchase can be found here. Insiders purchased 77,790 shares of company stock worth $1,490,412 in the last 90 days. 2.34% of the stock is currently owned by company insiders.
The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Friday, August 16th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 8.38%. The ex-dividend date of this dividend is Thursday, August 15th. Chemours’s dividend payout ratio is presently 17.64%.
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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