Chemours (NYSE:CC) Issues Earnings Results

Chemours (NYSE:CC) announced its quarterly earnings data on Tuesday. The specialty chemicals company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.10, FiscalAI reports. Chemours had a negative net margin of 6.41% and a positive return on equity of 41.75%. The business had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter in the prior year, the firm posted $0.13 earnings per share. The company’s quarterly revenue was up 1.0% compared to the same quarter last year.

Chemours Stock Down 13.8%

NYSE CC traded down $3.85 during trading hours on Wednesday, hitting $24.09. The company had a trading volume of 3,338,647 shares, compared to its average volume of 3,316,151. Chemours has a fifty-two week low of $9.13 and a fifty-two week high of $28.67. The company has a market capitalization of $3.62 billion, a price-to-earnings ratio of -9.69 and a beta of 1.47. The company has a debt-to-equity ratio of 16.33, a current ratio of 1.78 and a quick ratio of 0.85. The firm’s 50 day moving average is $20.96 and its 200 day moving average is $16.48.

Chemours Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Friday, February 27th were given a dividend of $0.0875 per share. This represents a $0.35 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend was Friday, February 27th. Chemours’s dividend payout ratio is -14.11%.

Analyst Ratings Changes

A number of research firms have recently commented on CC. BMO Capital Markets dropped their price objective on shares of Chemours from $20.00 to $19.00 and set an “outperform” rating for the company in a research note on Monday, February 23rd. Weiss Ratings restated a “sell (d)” rating on shares of Chemours in a report on Monday, April 20th. Morgan Stanley increased their price target on shares of Chemours from $15.00 to $17.00 and gave the stock an “equal weight” rating in a research note on Monday, February 23rd. UBS Group increased their target price on Chemours from $23.00 to $29.00 and gave the stock a “buy” rating in a research report on Thursday, April 9th. Finally, Truist Financial lifted their target price on Chemours from $27.00 to $30.00 and gave the company a “buy” rating in a report on Tuesday, April 28th. Five equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $21.60.

Institutional Investors Weigh In On Chemours

Several institutional investors and hedge funds have recently modified their holdings of the stock. Baird Financial Group Inc. acquired a new position in Chemours during the 1st quarter worth approximately $148,000. Royal Bank of Canada raised its stake in shares of Chemours by 6.8% during the first quarter. Royal Bank of Canada now owns 585,702 shares of the specialty chemicals company’s stock valued at $7,926,000 after purchasing an additional 37,382 shares during the period. AQR Capital Management LLC acquired a new position in shares of Chemours during the first quarter worth $161,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Chemours by 149.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 43,243 shares of the specialty chemicals company’s stock worth $593,000 after purchasing an additional 25,899 shares in the last quarter. Finally, Empowered Funds LLC purchased a new position in shares of Chemours in the first quarter valued at $403,000. Hedge funds and other 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.