The Chemours Company (NYSE:CC) Short Interest Up 6.8% in September

by · The Markets Daily

The Chemours Company (NYSE:CC – Get Free Report) was the target of a large growth in short interest in the month of September. As of September 30th, there was short interest totalling 7,800,000 shares, a growth of 6.8% from the September 15th total of 7,300,000 shares. Currently, 5.3% of the company’s shares are sold short. Based on an average daily volume of 1,390,000 shares, the days-to-cover ratio is currently 5.6 days.

Chemours Stock Performance

CC traded up $0.35 during midday trading on Wednesday, reaching $19.86. The company’s stock had a trading volume of 1,471,215 shares, compared to its average volume of 1,556,404. The stock has a market cap of $2.96 billion, a P/E ratio of -9.15 and a beta of 1.74. The company has a fifty day simple moving average of $18.90 and a 200 day simple moving average of $22.99. The company has a current ratio of 1.89, a quick ratio of 1.01 and a debt-to-equity ratio of 5.45. Chemours has a twelve month low of $15.10 and a twelve month high of $32.70.

Chemours (NYSE:CC – Get Free Report) last announced its quarterly earnings data on Thursday, August 1st. The specialty chemicals company reported $0.38 earnings per share for the quarter, missing the consensus estimate of $0.57 by ($0.19). Chemours had a return on equity of 33.21% and a net margin of 2.16%. The firm had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same period in the previous year, the business posted $1.10 EPS. Chemours’s revenue for the quarter was down 6.4% compared to the same quarter last year. Research analysts expect that Chemours will post 1.32 earnings per share for the current year.

Chemours Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Thursday, August 15th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 5.04%. The ex-dividend date of this dividend was Thursday, August 15th. Chemours’s dividend payout ratio is -46.08%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on CC shares. The Goldman Sachs Group decreased their price objective on Chemours from $29.00 to $23.00 and set a “neutral” rating for the company in a research report on Tuesday, September 3rd. BMO Capital Markets raised their price objective on Chemours from $30.00 to $32.00 and gave the stock an “outperform” rating in a research report on Monday, October 7th. UBS Group decreased their price objective on Chemours from $30.00 to $28.00 and set a “buy” rating for the company in a research report on Tuesday, August 6th. Royal Bank of Canada decreased their price objective on Chemours from $35.00 to $28.00 and set an “outperform” rating for the company in a research report on Friday, October 11th. Finally, JPMorgan Chase & Co. decreased their price objective on Chemours from $25.00 to $18.00 and set a “neutral” rating for the company in a research report on Tuesday, August 6th. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $25.38.

Read Our Latest Research Report on Chemours

Institutional Trading of Chemours

Several institutional investors have recently bought and sold shares of the stock. Marshall Wace LLP boosted its stake in Chemours by 23.8% in the 2nd quarter. Marshall Wace LLP now owns 7,009,868 shares of the specialty chemicals company’s stock valued at $158,213,000 after buying an additional 1,347,710 shares in the last quarter. Khrom Capital Management LLC raised its position in Chemours by 54.6% in the 2nd quarter. Khrom Capital Management LLC now owns 3,456,626 shares of the specialty chemicals company’s stock valued at $78,016,000 after purchasing an additional 1,220,967 shares during the last quarter. Vaughan Nelson Investment Management L.P. raised its position in Chemours by 6.8% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 2,824,301 shares of the specialty chemicals company’s stock valued at $63,744,000 after purchasing an additional 178,625 shares during the last quarter. American Century Companies Inc. raised its position in Chemours by 26.7% in the 2nd quarter. American Century Companies Inc. now owns 1,811,957 shares of the specialty chemicals company’s stock valued at $40,896,000 after purchasing an additional 382,100 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in Chemours by 1.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,606,453 shares of the specialty chemicals company’s stock valued at $36,258,000 after purchasing an additional 22,209 shares during the last quarter. Institutional investors and hedge funds own 76.26% of the company’s stock.

About Chemours

(Get Free Report)

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