Traders bought shares of Chemours Co (NYSE:CC) on weakness during trading hours on Thursday. $28.62 million flowed into the stock on the tick-up and $10.59 million flowed out of the stock on the tick-down, for a money net flow of $18.03 million into the stock. Of all equities tracked, Chemours had the 27th highest net in-flow for the day. Chemours traded down ($0.78) for the day and closed at $48.59
CC has been the topic of several analyst reports. Goldman Sachs Group lowered Chemours from a “buy” rating to a “neutral” rating and set a $55.00 target price on the stock. in a research note on Wednesday, December 6th. Zacks Investment Research lowered Chemours from a “buy” rating to a “hold” rating in a research note on Wednesday, December 6th. Jefferies Group lifted their target price on Chemours to $66.00 and gave the company a “buy” rating in a research note on Monday, December 4th. Morgan Stanley began coverage on Chemours in a report on Tuesday, January 30th. They issued an “equal weight” rating and a $57.50 price target for the company. Finally, Barclays reissued a “buy” rating and issued a $60.00 price target on shares of Chemours in a report on Wednesday, December 6th. Three research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $57.95.
The company has a debt-to-equity ratio of 4.74, a current ratio of 2.12 and a quick ratio of 1.55. The stock has a market cap of $9,410.00 and a price-to-earnings ratio of 9.57.
Chemours announced that its Board of Directors has authorized a stock repurchase program on Friday, December 1st that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the specialty chemicals company to reacquire shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.
In related news, insider Paul Kirsch sold 13,770 shares of Chemours stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $50.01, for a total transaction of $688,637.70. Following the completion of the sale, the insider now owns 63,093 shares of the company’s stock, valued at $3,155,280.93. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Christian W. Siemer sold 15,088 shares of Chemours stock in a transaction dated Wednesday, December 13th. The stock was sold at an average price of $47.37, for a total value of $714,718.56. The disclosure for this sale can be found here. In the last three months, insiders sold 58,239 shares of company stock valued at $2,848,608. Corporate insiders own 1.14% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Aurora Investment Counsel acquired a new stake in shares of Chemours during the fourth quarter worth about $1,998,000. JPMorgan Chase & Co. lifted its holdings in shares of Chemours by 11.9% during the third quarter. JPMorgan Chase & Co. now owns 2,201,287 shares of the specialty chemicals company’s stock worth $110,969,000 after purchasing an additional 234,705 shares during the period. Wells Fargo & Company MN lifted its holdings in shares of Chemours by 30.1% during the third quarter. Wells Fargo & Company MN now owns 266,263 shares of the specialty chemicals company’s stock worth $13,477,000 after purchasing an additional 61,618 shares during the period. Capital Growth Management LP acquired a new stake in shares of Chemours during the third quarter worth about $38,970,000. Finally, Point72 Asset Management L.P. acquired a new stake in shares of Chemours during the third quarter worth about $3,325,000. 76.92% of the stock is owned by hedge funds and other institutional investors.
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Chemours Company Profile
The Chemours Company is a provider of performance chemicals. The Company operates through three segments: Titanium Technologies, Fluoroproducts and Chemical Solutions. The Titanium Technologies segment is a producer of titanium dioxide (TiO2). The Fluoroproducts segment is a provider of fluoroproducts, including refrigerants and industrial fluoropolymer resins.
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