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

The Chemours Company (NYSE:CC)’s share price 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 changing hands.

Other analysts also recently issued research reports about the company. Truist Financial assumed coverage on Chemours in a research report on Tuesday, January 28th. They issued a “buy” rating and a $27.00 target price on the stock. Mizuho lowered their target price on Chemours from $22.00 to $21.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 7th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $25.00 target price on shares of Chemours in a research report on Thursday, December 12th. Barclays boosted their price target on Chemours from $21.00 to $23.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. Finally, The Goldman Sachs Group lowered their price target on Chemours from $24.00 to $21.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 7th. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Chemours has an average rating of “Hold” and an average target price of $23.56.

Institutional Investors Weigh In On Chemours

Institutional investors have recently made changes to their positions in the company. Blue Trust Inc. grew its position in Chemours by 166.9% during the third quarter. Blue Trust Inc. now owns 1,169 shares of the specialty chemicals company’s stock worth $26,000 after buying an additional 731 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of Chemours by 99.7% in the 4th quarter. GAMMA Investing LLC now owns 1,532 shares of the specialty chemicals company’s stock valued at $26,000 after purchasing an additional 765 shares in the last quarter. Truvestments Capital LLC acquired a new stake in shares of Chemours during the 3rd quarter valued at $35,000. Brooklyn Investment Group acquired a new stake in shares of Chemours during the 3rd quarter valued at $37,000. Finally, Quadrant Capital Group LLC boosted its holdings in shares of Chemours by 100.4% during the 4th quarter. Quadrant Capital Group LLC now owns 2,234 shares of the specialty chemicals company’s stock valued at $38,000 after acquiring an additional 1,119 shares in the last quarter. Institutional investors own 76.26% of the company’s stock.

Chemours Stock Performance

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

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

Chemours Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Friday, February 28th will be paid a $0.25 dividend. The ex-dividend date is Friday, February 28th. This represents a $1.00 annualized dividend and a dividend yield of 5.96%. Chemours’s dividend payout ratio is presently 175.44%.

About Chemours

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.