Chemours (NYSE:CC) Sets New 52-Week High – Time to Buy?
by Sarita Garza · The Markets DailyThe Chemours Company (NYSE:CC – Get Free Report)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $22.80 and last traded at $21.0140, with a volume of 9970 shares. The stock had previously closed at $22.34.
Analysts Set New Price Targets
CC has been the topic of a number of research analyst reports. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $18.00 target price on shares of Chemours in a report on Friday, January 16th. Truist Financial raised their target price on Chemours from $18.00 to $21.00 and gave the company a “buy” rating in a report on Wednesday, January 21st. Jefferies Financial Group reaffirmed a “hold” rating and issued a $17.00 target price on shares of Chemours in a report on Monday, February 23rd. Morgan Stanley raised their target price on Chemours from $15.00 to $17.00 and gave the company an “equal weight” rating in a report on Monday, February 23rd. Finally, BMO Capital Markets reduced their target price on Chemours from $20.00 to $19.00 and set an “outperform” rating on the stock in a report on Monday, February 23rd. Five investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $18.40.
View Our Latest Stock Analysis on CC
Chemours Stock Performance
The company has a debt-to-equity ratio of 16.33, a quick ratio of 0.85 and a current ratio of 1.78. The company has a market cap of $3.11 billion, a price-to-earnings ratio of -8.37 and a beta of 1.41. The company has a fifty day moving average of $18.82 and a two-hundred day moving average of $15.33.
Chemours (NYSE:CC – Get Free Report) last released its quarterly earnings data on Thursday, February 19th. The specialty chemicals company reported $0.05 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.04. Chemours had a positive return on equity of 41.75% and a negative net margin of 6.41%.The company had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.33 billion. During the same quarter last year, the business posted $0.09 EPS. Chemours’s revenue for the quarter was down 2.2% on a year-over-year basis. Equities research analysts anticipate that The Chemours Company will post 2.03 EPS for the current year.
Chemours Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Friday, February 27th were issued a dividend of $0.0875 per share. The ex-dividend date of this dividend was Friday, February 27th. This represents a $0.35 annualized dividend and a dividend yield of 1.7%. Chemours’s dividend payout ratio (DPR) is -14.11%.
Institutional Investors Weigh In On Chemours
Several hedge funds have recently modified their holdings of CC. Cooper Creek Partners Management LLC acquired a new stake in shares of Chemours during the 3rd quarter valued at $63,103,000. Scopia Capital Management LP boosted its holdings in shares of Chemours by 71.7% during the 2nd quarter. Scopia Capital Management LP now owns 3,355,261 shares of the specialty chemicals company’s stock valued at $38,418,000 after acquiring an additional 1,401,539 shares in the last quarter. State Street Corp boosted its holdings 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 valued at $70,009,000 after acquiring an additional 1,131,682 shares in the last quarter. Wolf Hill Capital Management LP acquired a new stake in shares of Chemours during the 3rd quarter valued at $17,025,000. Finally, Sona Asset Management US LLC raised its position in Chemours by 176.9% during the 4th quarter. Sona Asset Management US LLC now owns 1,651,275 shares of the specialty chemicals company’s stock worth $19,469,000 after purchasing an additional 1,055,000 shares during the last quarter. Institutional investors and hedge funds own 76.26% of the company’s stock.
Chemours Company Profile
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.