The Chemours Company (NYSE:CC – Get Free Report) saw a large increase in short interest during the month of December. As of December 15th, there was short interest totalling 5,010,000 shares, an increase of 5.3% from the November 30th total of 4,760,000 shares. Based on an average daily volume of 1,310,000 shares, the days-to-cover ratio is currently 3.8 days. Currently, 3.4% of the company’s shares are sold short.
Analysts Set New Price Targets
A number of research analysts recently weighed in on CC shares. Barclays reduced their target price on Chemours from $31.00 to $28.00 and set an “equal weight” rating on the stock in a report on Monday, October 30th. StockNews.com initiated coverage on shares of Chemours in a research report on Thursday, October 5th. They set a “hold” rating for the company. Morgan Stanley reduced their price target on shares of Chemours from $33.00 to $28.00 and set an “equal weight” rating on the stock in a research report on Monday, October 30th. Royal Bank of Canada upgraded shares of Chemours from a “sector perform” rating to an “outperform” rating and boosted their price objective for the stock from $28.00 to $40.00 in a research note on Friday, December 1st. Finally, JPMorgan Chase & Co. cut their target price on shares of Chemours from $38.00 to $26.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 7th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $33.10.
Hedge Funds Weigh In On Chemours
Institutional investors have recently made changes to their positions in the business. BlackRock Inc. lifted its position in shares of Chemours by 29.0% during the first quarter. BlackRock Inc. now owns 18,075,740 shares of the specialty chemicals company’s stock worth $569,023,000 after purchasing an additional 4,060,250 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Chemours by 182.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 5,583,992 shares of the specialty chemicals company’s stock worth $205,993,000 after buying an additional 3,608,478 shares during the last quarter. Deutsche Bank AG grew its position in shares of Chemours by 4,407.9% in the 3rd quarter. Deutsche Bank AG now owns 1,759,419 shares of the specialty chemicals company’s stock worth $49,352,000 after acquiring an additional 1,720,389 shares in the last quarter. Norges Bank bought a new stake in shares of Chemours in the 4th quarter valued at approximately $47,013,000. Finally, Balyasny Asset Management LLC raised its position in shares of Chemours by 1,845.6% during the 3rd quarter. Balyasny Asset Management LLC now owns 997,478 shares of the specialty chemicals company’s stock valued at $24,588,000 after acquiring an additional 946,210 shares in the last quarter. 76.46% of the stock is owned by institutional investors and hedge funds.
Chemours Stock Down 2.6 %
Shares of CC stock traded down $0.83 on Wednesday, hitting $30.95. The stock had a trading volume of 1,439,561 shares, compared to its average volume of 1,360,081. The stock’s 50 day moving average is $27.80 and its 200-day moving average is $31.07. The firm has a market capitalization of $4.59 billion, a price-to-earnings ratio of -14.74 and a beta of 2.12. Chemours has a 52-week low of $22.88 and a 52-week high of $39.05. The company has a debt-to-equity ratio of 5.21, a quick ratio of 1.08 and a current ratio of 1.68.
Chemours (NYSE:CC – Get Free Report) last posted its quarterly earnings data on Thursday, October 26th. The specialty chemicals company reported $0.64 earnings per share for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.13). The firm had revenue of $1.49 billion during the quarter, compared to analysts’ expectations of $1.54 billion. Chemours had a negative net margin of 5.13% and a positive return on equity of 42.13%. As a group, research analysts expect that Chemours will post 2.89 earnings per share for the current year.
Chemours Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 15th. Shareholders of record on Wednesday, November 15th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Tuesday, November 14th. This represents a $1.00 dividend on an annualized basis and a yield of 3.23%. Chemours’s dividend payout ratio (DPR) is presently -48.31%.
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, Thermal & Specialized Solutions, and Advanced Performance Materials. The Titanium Technologies segment provides TiO2 pigment under the Ti-Pure brand for delivering whiteness, brightness, opacity, durability, efficiency, and protection in various of applications, such as architectural and industrial coatings, flexible and rigid plastic packaging, polyvinylchloride, laminate papers used for furniture and building materials, coated paper, and coated paperboard used for packaging.