Citigroup Lowers Chemours (NYSE:CC) to Neutral

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Chemours (NYSE:CC) was downgraded by analysts at Citigroup from a “buy” rating to a “neutral” rating in a note issued to investors on Friday, Marketbeat.com reports. They currently have a $20.00 price objective on the specialty chemicals company’s stock, down from their prior price objective of $40.00. Citigroup‘s price objective would suggest a potential upside of 1.32% from the company’s current price.

Several other research analysts have also commented on CC. JPMorgan Chase & Co. restated an “overweight” rating and issued a $72.00 price target (up previously from $70.00) on shares of First Solar in a report on Monday, May 6th. SunTrust Banks assumed coverage on shares of Zillow Group in a research note on Tuesday, July 9th. They set a “buy” rating and a $49.39 price objective on the stock. ValuEngine lowered shares of Zosano Pharma from a “buy” rating to a “hold” rating in a research note on Wednesday, May 1st. Morgan Stanley reiterated an “overweight” rating on shares of in a research note on Wednesday, June 19th. Finally, Jefferies Financial Group dropped their price objective on shares of Chemours from $48.00 to $30.00 and set a “buy” rating on the stock in a research note on Monday, June 10th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $38.10.

NYSE CC opened at $19.74 on Friday. Chemours has a one year low of $18.74 and a one year high of $48.97. The firm has a 50 day simple moving average of $22.75. The company has a debt-to-equity ratio of 5.18, a current ratio of 1.81 and a quick ratio of 1.04. The stock has a market capitalization of $3.24 billion, a price-to-earnings ratio of 4.05, a price-to-earnings-growth ratio of 0.32 and a beta of 2.50.

Chemours (NYSE:CC) last posted its quarterly earnings results on Thursday, May 2nd. The specialty chemicals company reported $0.63 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.93 by ($0.30). Chemours had a net margin of 12.60% and a return on equity of 87.75%. The business had revenue of $1.38 billion during the quarter, compared to analysts’ expectations of $1.52 billion. During the same quarter in the previous year, the business posted $1.41 EPS. The company’s quarterly revenue was down 20.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Chemours will post 3.92 earnings per share for the current fiscal year.

In related news, SVP Susan M. Kelliher purchased 6,500 shares of the company’s stock in a transaction that occurred on Friday, May 17th. The stock was acquired at an average price of $23.06 per share, for a total transaction of $149,890.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Mark P. Vergnano purchased 44,000 shares of the company’s stock in a transaction that occurred on Monday, June 10th. The stock was bought at an average price of $23.17 per share, with a total value of $1,019,480.00. Following the purchase, the chief executive officer now owns 116,600 shares of the company’s stock, valued at approximately $2,701,622. The disclosure for this purchase can be found here. Insiders have bought 55,500 shares of company stock worth $1,289,670 in the last quarter. Insiders own 2.34% of the company’s stock.

Large investors have recently modified their holdings of the stock. Cullen Frost Bankers Inc. bought a new stake in shares of Chemours in the first quarter worth $26,000. Investors Research Corp increased its stake in shares of Chemours by 148.1% in the second quarter. Investors Research Corp now owns 1,206 shares of the specialty chemicals company’s stock worth $29,000 after buying an additional 720 shares during the last quarter. Zions Bancorporation N.A. bought a new stake in shares of Chemours in the first quarter worth $30,000. Enterprise Financial Services Corp increased its stake in shares of Chemours by 306.5% in the first quarter. Enterprise Financial Services Corp now owns 935 shares of the specialty chemicals company’s stock worth $34,000 after buying an additional 705 shares during the last quarter. Finally, Legacy Bridge LLC increased its stake in shares of Chemours by 100.0% in the first quarter. Legacy Bridge LLC now owns 1,200 shares of the specialty chemicals company’s stock worth $45,000 after buying an additional 600 shares during the last quarter. Institutional investors and hedge funds own 79.86% of the company’s stock.

Chemours Company Profile

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, Fluoroproducts, and Chemical Solutions. The Titanium Technologies segment manufactures and sells titanium dioxide under the Ti-Pure and BaiMax brands for various applications in architectural and industrial coatings, flexible and rigid plastic packaging, polyvinylchloride window profiles, laminate papers used for furniture and building materials, and coated papers and paperboards used for packaging.

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Analyst Recommendations for Chemours (NYSE:CC)

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