Chemours (NYSE:CC) Shares Down 5.7% – Here’s Why

The Chemours Company (NYSE:CC)’s share price dropped 5.7% during trading on Monday . The stock traded as low as $17.89 and last traded at $17.9240. Approximately 1,482,750 shares traded hands during mid-day trading, a decline of 53% from the average daily volume of 3,142,536 shares. The stock had previously closed at $19.01.

Analyst Ratings Changes

A number of brokerages have weighed in on CC. Morgan Stanley upped their price target on Chemours from $17.00 to $21.00 and gave the company an “equal weight” rating in a research report on Monday, May 11th. Royal Bank Of Canada increased their target price on shares of Chemours from $26.00 to $29.00 and gave the stock an “outperform” rating in a research report on Monday, May 11th. Alembic Global Advisors reaffirmed an “overweight” rating and set a $30.00 price objective on shares of Chemours in a research note on Wednesday, May 13th. Zacks Research raised shares of Chemours from a “strong sell” rating to a “hold” rating in a report on Friday, April 24th. Finally, Truist Financial lifted their target price on shares of Chemours from $27.00 to $30.00 and gave the company a “buy” rating in a research note on Tuesday, April 28th. Six investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $24.10.

Chemours Stock Performance

The firm has a fifty day simple moving average of $22.50 and a 200-day simple moving average of $19.29. The company has a current ratio of 1.82, a quick ratio of 0.87 and a debt-to-equity ratio of 18.98. The stock has a market cap of $2.70 billion, a price-to-earnings ratio of -6.80 and a beta of 1.41.

Chemours (NYSE:CC) last released its earnings results on Tuesday, May 5th. The specialty chemicals company reported $0.05 EPS for the quarter, beating the consensus estimate of ($0.05) by $0.10. Chemours had a positive return on equity of 52.49% and a negative net margin of 6.82%.The company had revenue of $1.38 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same period last year, the firm earned $0.13 EPS. The business’s revenue for the quarter was up 1.0% on a year-over-year basis. Analysts forecast that The Chemours Company will post 1.16 EPS for the current fiscal year.

Chemours Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 16th. Shareholders of record on Sunday, May 17th were issued a dividend of $0.0875 per share. This represents a $0.35 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend was Friday, May 15th. Chemours’s payout ratio is currently -13.26%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of CC. Cooper Creek Partners Management LLC acquired a new stake in Chemours during the 3rd quarter worth $63,103,000. Scopia Capital Management LP grew its stake in shares of Chemours by 71.7% during the second quarter. Scopia Capital Management LP now owns 3,355,261 shares of the specialty chemicals company’s stock worth $38,418,000 after purchasing an additional 1,401,539 shares during the period. State Street Corp grew its position in shares of Chemours by 22.7% during the 2nd quarter. State Street Corp now owns 6,114,328 shares of the specialty chemicals company’s stock worth $70,009,000 after buying an additional 1,131,682 shares during the period. Wolf Hill Capital Management LP acquired a new position in shares of Chemours during the 3rd quarter worth about $17,025,000. Finally, Sona Asset Management US LLC increased its stake in shares of Chemours by 176.9% in the 4th quarter. Sona Asset Management US LLC now owns 1,651,275 shares of the specialty chemicals company’s stock valued at $19,469,000 after acquiring an additional 1,055,000 shares during the last quarter. Institutional investors own 76.26% of the company’s stock.

About Chemours

Chemours Company, established in 2015 as a spin-off from E. I. du Pont de Nemours and Company, is a global chemistry organization headquartered in Wilmington, Delaware. Since its formation, Chemours has focused on delivering performance chemicals that help customers lower their carbon footprint, increase energy efficiency and conserve water. The company operates with a commitment to safety, environmental stewardship and innovation.

Chemours’ principal business activities are organized into three core segments.