Chemours (NYSE:CC) Shares Gap Down – Here’s What Happened

The Chemours Company (NYSE:CCGet Free Report)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $20.41, but opened at $18.64. Chemours shares last traded at $17.8610, with a volume of 894,853 shares.

More Chemours News

Here are the key news stories impacting Chemours this week:

Analyst Ratings Changes

A number of analysts have recently commented on the stock. BMO Capital Markets reissued an “outperform” rating and set a $20.00 target price on shares of Chemours in a research note on Monday, January 19th. Truist Financial lifted their price objective on Chemours from $18.00 to $21.00 and gave the stock a “buy” rating in a report on Wednesday, January 21st. Weiss Ratings reiterated a “sell (d)” rating on shares of Chemours in a research note on Wednesday, January 21st. JPMorgan Chase & Co. reduced their target price on Chemours from $15.00 to $13.00 and set a “neutral” rating for the company in a report on Wednesday, December 3rd. Finally, UBS Group lowered their price target on Chemours from $21.00 to $18.00 and set a “buy” rating on the stock in a research note on Tuesday, November 11th. Five equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $16.67.

Read Our Latest Research Report on CC

Chemours Stock Down 16.6%

The company has a debt-to-equity ratio of 13.66, a quick ratio of 0.88 and a current ratio of 1.71. The business has a 50 day simple moving average of $15.24 and a 200-day simple moving average of $14.45. The firm has a market capitalization of $2.55 billion, a price-to-earnings ratio of -6.86 and a beta of 1.63.

Chemours (NYSE:CCGet Free Report) last announced its quarterly earnings data on Thursday, February 19th. The specialty chemicals company reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.04. Chemours had a negative net margin of 6.41% and a positive return on equity of 38.34%. The firm had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.33 billion. During the same quarter in the prior year, the firm posted $0.09 earnings per share. Chemours’s quarterly revenue was down 2.2% on a year-over-year basis. On average, equities analysts expect that The Chemours Company will post 2.03 EPS for the current year.

Chemours Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 27th will be issued a $0.0875 dividend. The ex-dividend date is Friday, February 27th. This represents a $0.35 dividend on an annualized basis and a yield of 2.1%. Chemours’s dividend payout ratio is currently -14.11%.

Institutional Investors Weigh In On Chemours

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Invesco Ltd. lifted its stake in shares of Chemours by 14.0% in the 4th quarter. Invesco Ltd. now owns 948,125 shares of the specialty chemicals company’s stock valued at $11,178,000 after purchasing an additional 116,385 shares during the last quarter. Corient Private Wealth LLC raised its holdings in Chemours by 62.3% in the 4th quarter. Corient Private Wealth LLC now owns 31,399 shares of the specialty chemicals company’s stock valued at $370,000 after buying an additional 12,047 shares during the period. Mercer Global Advisors Inc. ADV purchased a new stake in Chemours in the 4th quarter valued at about $191,000. Empowered Funds LLC lifted its position in Chemours by 7.8% in the fourth quarter. Empowered Funds LLC now owns 40,577 shares of the specialty chemicals company’s stock valued at $478,000 after buying an additional 2,936 shares during the last quarter. Finally, XTX Topco Ltd boosted its stake in Chemours by 288.8% during the fourth quarter. XTX Topco Ltd now owns 114,031 shares of the specialty chemicals company’s stock worth $1,344,000 after buying an additional 84,702 shares during the period. Institutional investors and hedge funds own 76.26% of the company’s stock.

About Chemours

(Get Free Report)

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.

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