Bank of America Lowers Chemours (NYSE:CC) Price Target to $36.00

Chemours (NYSE:CCGet Rating) had its price target cut by Bank of America from $44.00 to $36.00 in a report issued on Thursday, The Fly reports.

Other equities analysts have also recently issued research reports about the stock. StockNews.com upgraded shares of Chemours from a buy rating to a strong-buy rating in a research report on Thursday, September 15th. UBS Group upped their price objective on shares of Chemours from $35.00 to $37.00 and gave the stock a neutral rating in a report on Friday, July 29th. Royal Bank of Canada cut their price objective on shares of Chemours from $48.00 to $35.00 in a report on Thursday. Finally, Citigroup upped their price objective on shares of Chemours to $36.00 in a report on Tuesday, August 9th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of Hold and a consensus price target of $36.67.

Chemours Price Performance

Shares of NYSE CC opened at $26.65 on Thursday. Chemours has a 1 year low of $22.56 and a 1 year high of $44.95. The company has a debt-to-equity ratio of 3.01, a current ratio of 1.91 and a quick ratio of 1.27. The company’s 50-day moving average is $34.36 and its 200 day moving average is $34.56. The stock has a market capitalization of $4.13 billion, a P/E ratio of 4.97, a P/E/G ratio of 0.38 and a beta of 1.80.

Chemours (NYSE:CCGet Rating) last announced its quarterly earnings results on Thursday, July 28th. The specialty chemicals company reported $1.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.42 by $0.47. Chemours had a net margin of 12.72% and a return on equity of 79.77%. The company had revenue of $1.92 billion for the quarter, compared to analysts’ expectations of $1.84 billion. During the same quarter in the previous year, the company earned $1.20 earnings per share. Chemours’s quarterly revenue was up 15.7% on a year-over-year basis. On average, sell-side analysts expect that Chemours will post 5.6 earnings per share for the current year.

Chemours Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Monday, August 15th were paid a $0.25 dividend. The ex-dividend date was Friday, August 12th. This represents a $1.00 annualized dividend and a dividend yield of 3.75%. Chemours’s dividend payout ratio is presently 18.66%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Hancock Whitney Corp lifted its stake in shares of Chemours by 1.5% in the first quarter. Hancock Whitney Corp now owns 18,442 shares of the specialty chemicals company’s stock worth $581,000 after buying an additional 265 shares in the last quarter. AdvisorNet Financial Inc lifted its stake in shares of Chemours by 63.2% in the first quarter. AdvisorNet Financial Inc now owns 785 shares of the specialty chemicals company’s stock worth $25,000 after buying an additional 304 shares in the last quarter. Comerica Bank lifted its position in Chemours by 0.4% during the first quarter. Comerica Bank now owns 77,443 shares of the specialty chemicals company’s stock valued at $2,761,000 after purchasing an additional 326 shares during the period. AE Wealth Management LLC lifted its position in Chemours by 5.8% during the first quarter. AE Wealth Management LLC now owns 6,614 shares of the specialty chemicals company’s stock valued at $208,000 after purchasing an additional 361 shares during the period. Finally, Baird Financial Group Inc. lifted its position in Chemours by 4.3% during the first quarter. Baird Financial Group Inc. now owns 10,390 shares of the specialty chemicals company’s stock valued at $327,000 after purchasing an additional 426 shares during the period. Institutional investors own 70.86% of the company’s stock.

About Chemours

(Get Rating)

The Chemours Company provides performance chemicals in North America, the Asia Pacific, Europe, the Middle East, Africa, and Latin America. It operates through four segments: Titanium Technologies, Thermal & Specialized Solutions, Advanced Performance Materials, and Chemical Solutions. The Titanium Technologies segment provides TiO2 pigment under the Ti-Pure and BaiMax brands for delivering whiteness, brightness, opacity, 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.

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