Chemours (NYSE:CC) Announces Quarterly Earnings Results

Chemours (NYSE:CC) announced its earnings results on Monday. The specialty chemicals company reported $0.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.06), FiscalAI reports. The business had revenue of $1.54 billion for the quarter, compared to analysts’ expectations of $1.53 billion. Chemours had a positive return on equity of 60.64% and a negative net margin of 5.00%. During the same quarter last year, the business posted $0.40 earnings per share.

Chemours Stock Performance

Shares of NYSE:CC traded down $0.33 during midday trading on Monday, hitting $13.20. The company’s stock had a trading volume of 4,477,364 shares, compared to its average volume of 2,810,770. Chemours has a fifty-two week low of $10.44 and a fifty-two week high of $28.67. The stock has a market capitalization of $1.99 billion, a price-to-earnings ratio of -6.91 and a beta of 1.41. The stock’s 50 day simple moving average is $14.22 and its 200 day simple moving average is $18.27. The company has a debt-to-equity ratio of 18.98, a quick ratio of 0.88 and a current ratio of 1.66.

Chemours Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Monday, November 16th will be paid a $0.0875 dividend. This represents a $0.35 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Monday, November 16th. Chemours’s payout ratio is presently -18.32%.

Insiders Place Their Bets

In related news, CFO Shane Hostetter acquired 3,350 shares of the firm’s stock in a transaction on Thursday, August 6th. The shares were bought at an average cost of $14.94 per share, with a total value of $50,049.00. Following the completion of the acquisition, the chief financial officer owned 102,698 shares of the company’s stock, valued at $1,534,308.12. This trade represents a 3.37% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Denise Dignam bought 3,378 shares of the company’s stock in a transaction that occurred on Tuesday, August 11th. The shares were purchased at an average price of $14.95 per share, with a total value of $50,501.10. Following the transaction, the chief executive officer directly owned 339,916 shares in the company, valued at $5,081,744.20. This represents a 1.00% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have purchased 8,663 shares of company stock worth $130,601 in the last ninety days. Insiders own 0.85% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Zacks Research raised Chemours from a “strong sell” rating to a “hold” rating in a research note on Thursday, September 10th. BMO Capital Markets decreased their price objective on shares of Chemours from $26.00 to $18.00 and set an “outperform” rating for the company in a research report on Thursday, August 13th. UBS Group reduced their target price on Chemours from $18.00 to $16.00 and set a “neutral” rating on the stock in a report on Monday, October 5th. Mizuho downgraded Chemours from an “outperform” rating to a “neutral” rating and lowered their price objective for the stock from $18.00 to $15.00 in a research note on Wednesday, October 14th. Finally, Barclays initiated coverage on Chemours in a report on Monday, October 12th. They issued an “equal weight” rating and a $16.00 price objective for the company. Three analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Chemours currently has an average rating of “Hold” and a consensus price target of $17.73.

About Chemours

The Chemours Company (NYSE: CC) is a global chemistry company that develops and manufactures performance chemicals and advanced materials for industrial and consumer applications. The company serves customers in markets including automotive, construction, energy, electronics, healthcare, and general manufacturing.

Chemours operates through businesses focused on Titanium Technologies, Thermal & Specialized Solutions, and Advanced Performance Materials. Its products include titanium dioxide pigments used to provide whiteness and opacity in coatings, plastics, and paper; refrigerants and related thermal-management solutions; and high-performance fluoropolymers and specialty materials sold under brands such as Teflon™, Viton™, and Nafion™.

Headquartered in Wilmington, Delaware, Chemours serves customers globally through manufacturing facilities, research and development operations, and commercial activities across North America, Latin America, Europe, and Asia-Pacific.