Short Interest in Chemours Co (NYSE:CC) Drops By 5.2%

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Chemours Co (NYSE:CC) was the recipient of a significant drop in short interest in May. As of May 15th, there was short interest totalling 15,120,000 shares, a drop of 5.2% from the April 30th total of 15,950,000 shares. Based on an average trading volume of 3,730,000 shares, the days-to-cover ratio is currently 4.1 days. Approximately 9.3% of the company’s stock are short sold.

CC stock opened at $12.45 on Friday. Chemours has a twelve month low of $7.02 and a twelve month high of $25.35. The company has a quick ratio of 1.10, a current ratio of 1.93 and a debt-to-equity ratio of 6.42. The stock has a market cap of $2.05 billion, a P/E ratio of -41.50 and a beta of 2.42. The business’s 50-day moving average price is $10.77 and its 200-day moving average price is $14.52.

Chemours (NYSE:CC) last posted its quarterly earnings data on Tuesday, May 5th. The specialty chemicals company reported $0.71 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.46 by $0.25. Chemours had a positive return on equity of 56.54% and a negative net margin of 0.82%. The firm had revenue of $1.31 billion for the quarter, compared to analysts’ expectations of $1.33 billion. During the same period in the previous year, the firm earned $0.63 EPS. The business’s quarterly revenue was down 5.2% on a year-over-year basis. On average, equities research analysts expect that Chemours will post 1.48 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Friday, May 15th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, May 14th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 8.03%. Chemours’s payout ratio is currently 39.84%.

Several research firms recently commented on CC. Susquehanna Bancshares reduced their price objective on Chemours from $23.00 to $17.00 in a report on Tuesday, April 14th. UBS Group lifted their price objective on Chemours from $9.00 to $12.00 and gave the stock a “neutral” rating in a report on Friday, May 8th. ValuEngine raised Chemours from a “strong sell” rating to a “sell” rating in a research report on Wednesday, May 6th. Morgan Stanley dropped their target price on Chemours from $15.00 to $12.00 and set an “equal weight” rating on the stock in a research report on Monday, March 30th. Finally, Zacks Investment Research cut Chemours from a “hold” rating to a “sell” rating and set a $20.00 target price on the stock. in a research report on Wednesday, February 19th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $17.92.

In other Chemours news, COO Mark Newman acquired 2,500 shares of Chemours stock in a transaction that occurred on Thursday, May 7th. The stock was bought at an average cost of $11.62 per share, for a total transaction of $29,050.00. Following the acquisition, the chief operating officer now owns 132,344 shares of the company’s stock, valued at $1,537,837.28. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Richard H. Brown acquired 7,500 shares of Chemours stock in a transaction that occurred on Monday, March 2nd. The stock was acquired at an average price of $14.06 per share, with a total value of $105,450.00. The disclosure for this purchase can be found here. Insiders have bought 21,000 shares of company stock valued at $246,150 over the last 90 days. Corporate insiders own 2.72% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of CC. First Trust Advisors LP lifted its holdings in Chemours by 40.1% in the 1st quarter. First Trust Advisors LP now owns 117,670 shares of the specialty chemicals company’s stock worth $4,373,000 after purchasing an additional 33,696 shares in the last quarter. Stifel Financial Corp lifted its holdings in Chemours by 9.4% in the 3rd quarter. Stifel Financial Corp now owns 18,504 shares of the specialty chemicals company’s stock worth $267,000 after purchasing an additional 1,589 shares in the last quarter. Nisa Investment Advisors LLC lifted its holdings in Chemours by 136.6% in the 4th quarter. Nisa Investment Advisors LLC now owns 81,400 shares of the specialty chemicals company’s stock worth $1,473,000 after purchasing an additional 47,000 shares in the last quarter. Patriot Financial Group Insurance Agency LLC purchased a new position in Chemours in the 4th quarter worth approximately $50,000. Finally, Traynor Capital Management Inc. lifted its holdings in Chemours by 6.1% in the 4th quarter. Traynor Capital Management Inc. now owns 213,303 shares of the specialty chemicals company’s stock worth $3,858,000 after purchasing an additional 12,326 shares in the last quarter. 77.34% of the stock is currently owned by institutional investors.

About Chemours

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.

See Also: Consumer Price Index (CPI)

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