Zacks Investment Research upgraded shares of Chemours (NYSE:CC) from a hold rating to a buy rating in a research note published on Thursday, November 9th. They currently have $57.00 target price on the specialty chemicals company’s stock.
According to Zacks, “Chemours Company is involved in chemical business. It operating segment consists of Titanium Technologies, Fluoroproducts and Chemical Solutions. Titanium Technologies segment produces titanium dioxide and premium white pigment. Fluoroproducts segment provides fluoroproducts, refrigerants and industrial fluoropolymer resins. Chemical Solutions segment provides industrial and specialty chemicals. The company’s brand consists of Teflon(R), Ti-Pure(R), Krytox(R) Viton(R), Opteon(R) and Nafion(R). Chemours Company is headquartered in Wilmington. “
CC has been the subject of a number of other reports. BidaskClub raised Chemours from a hold rating to a buy rating in a research report on Wednesday, July 12th. J P Morgan Chase & Co upped their target price on Chemours to $55.00 and gave the company an overweight rating in a research report on Friday, August 4th. Jefferies Group upped their target price on Chemours to $60.00 and gave the company a buy rating in a research report on Thursday, August 3rd. Argus reissued a buy rating and issued a $55.00 target price (up from $50.00) on shares of Chemours in a research report on Thursday, August 10th. Finally, Barclays increased their price objective on Chemours from $55.00 to $58.00 and gave the stock an overweight rating in a research report on Monday, November 6th. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. The stock currently has an average rating of Buy and a consensus price target of $53.89.
Chemours (NYSE:CC) last issued its quarterly earnings results on Thursday, November 2nd. The specialty chemicals company reported $1.12 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.01 by $0.11. Chemours had a return on equity of 116.80% and a net margin of 4.86%. The company had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.59 billion. During the same quarter in the prior year, the business earned $0.61 EPS. Chemours’s revenue was up 13.3% on a year-over-year basis. sell-side analysts expect that Chemours will post 3.73 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Monday, November 20th will be issued a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a yield of 0.23%. The ex-dividend date is Friday, November 17th. Chemours’s dividend payout ratio (DPR) is presently 8.28%.
In other news, SVP David C. Shelton sold 13,337 shares of the firm’s stock in a transaction on Thursday, August 31st. The stock was sold at an average price of $48.48, for a total transaction of $646,577.76. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP David C. Shelton sold 5,908 shares of Chemours stock in a transaction on Friday, October 13th. The shares were sold at an average price of $56.01, for a total value of $330,907.08. Following the completion of the transaction, the senior vice president now owns 47,356 shares in the company, valued at approximately $2,652,409.56. The disclosure for this sale can be found here. In the last quarter, insiders have sold 76,520 shares of company stock worth $4,008,293. 1.14% of the stock is owned by insiders.
Institutional investors have recently made changes to their positions in the stock. Koch Industries Inc. bought a new stake in Chemours in the second quarter valued at about $704,000. Public Employees Retirement System of Ohio increased its holdings in Chemours by 306.4% in the second quarter. Public Employees Retirement System of Ohio now owns 98,590 shares of the specialty chemicals company’s stock valued at $3,739,000 after buying an additional 74,329 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. increased its holdings in Chemours by 264.7% in the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 42,669 shares of the specialty chemicals company’s stock valued at $1,618,000 after buying an additional 30,970 shares during the last quarter. Victory Capital Management Inc. increased its holdings in Chemours by 292.0% in the second quarter. Victory Capital Management Inc. now owns 657,810 shares of the specialty chemicals company’s stock valued at $24,944,000 after buying an additional 489,990 shares during the last quarter. Finally, Virginia Retirement Systems ET AL bought a new stake in Chemours in the second quarter valued at about $1,460,000. 74.41% of the stock is owned by hedge funds and other institutional investors.
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The Chemours Company is a provider of performance chemicals. The Company operates through three segments: Titanium Technologies, Fluoroproducts and Chemical Solutions. The Titanium Technologies segment is a producer of titanium dioxide (TiO2). The Fluoroproducts segment is a provider of fluoroproducts, including refrigerants and industrial fluoropolymer resins.
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