Chemours Co (NYSE:CC) – Jefferies Financial Group upped their Q2 2020 earnings estimates for shares of Chemours in a research note issued on Wednesday, June 24th. Jefferies Financial Group analyst L. Alexander now anticipates that the specialty chemicals company will earn $0.20 per share for the quarter, up from their prior forecast of ($0.01). Jefferies Financial Group currently has a “Hold” rating on the stock. Jefferies Financial Group also issued estimates for Chemours’ Q3 2020 earnings at $0.28 EPS, Q4 2020 earnings at $0.31 EPS, FY2020 earnings at $1.50 EPS, FY2021 earnings at $2.35 EPS, FY2022 earnings at $3.15 EPS and FY2023 earnings at $4.15 EPS.
Chemours (NYSE:CC) last announced its earnings results on Tuesday, May 5th. The specialty chemicals company reported $0.71 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.46 by $0.25. The company had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.33 billion. Chemours had a negative net margin of 0.82% and a positive return on equity of 56.54%. Chemours’s revenue was down 5.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.63 earnings per share.
Several other research analysts have also weighed in on the stock. UBS Group increased their target price on shares of Chemours from $9.00 to $12.00 and gave the stock a “neutral” rating in a research note on Friday, May 8th. Morgan Stanley lowered their target price on shares of Chemours from $15.00 to $12.00 and set an “equal weight” rating for the company in a research note on Monday, March 30th. Citigroup lowered their target price on shares of Chemours from $10.00 to $8.00 and set a “neutral” rating for the company in a research note on Thursday, April 9th. BMO Capital Markets lowered their price objective on shares of Chemours from $33.00 to $21.00 and set an “outperform” rating for the company in a research note on Thursday, March 26th. Finally, ValuEngine raised shares of Chemours from a “strong sell” rating to a “sell” rating in a research note on Wednesday, May 6th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the stock. Chemours has an average rating of “Hold” and an average price target of $14.30.
Shares of CC stock opened at $15.31 on Monday. The company has a debt-to-equity ratio of 6.42, a current ratio of 1.93 and a quick ratio of 1.10. The firm has a market cap of $2.48 billion, a PE ratio of -51.03 and a beta of 2.43. The company has a 50-day moving average of $14.25 and a two-hundred day moving average of $14.07. Chemours has a 1-year low of $7.02 and a 1-year high of $24.73.
A number of large investors have recently bought and sold shares of the stock. Bank of Montreal Can grew its holdings in shares of Chemours by 19.1% during the 4th quarter. Bank of Montreal Can now owns 72,865 shares of the specialty chemicals company’s stock worth $1,318,000 after purchasing an additional 11,689 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of Chemours by 18.6% during the 4th quarter. Bank of New York Mellon Corp now owns 3,194,798 shares of the specialty chemicals company’s stock worth $57,794,000 after purchasing an additional 500,177 shares during the period. Balyasny Asset Management LLC purchased a new stake in shares of Chemours during the 1st quarter worth about $1,131,000. Aigen Investment Management LP grew its holdings in shares of Chemours by 91.8% during the 1st quarter. Aigen Investment Management LP now owns 25,734 shares of the specialty chemicals company’s stock worth $228,000 after purchasing an additional 12,320 shares during the period. Finally, Commerce Bank grew its holdings in shares of Chemours by 56.7% during the 1st quarter. Commerce Bank now owns 31,450 shares of the specialty chemicals company’s stock worth $279,000 after purchasing an additional 11,384 shares during the period. Hedge funds and other institutional investors own 80.10% of the company’s stock.
In other Chemours news, COO Mark Newman bought 2,500 shares of the business’s stock in a transaction dated Thursday, May 7th. The shares were acquired at an average cost of $11.62 per share, with a total value of $29,050.00. Following the acquisition, the chief operating officer now directly owns 132,344 shares of the company’s stock, valued at approximately $1,537,837.28. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 2.72% of the company’s stock.
The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, May 15th were issued a $0.25 dividend. The ex-dividend date was Thursday, May 14th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 6.53%. Chemours’s payout ratio is 39.84%.
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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