Chemours (CC) Shares Gap Up Following Better-Than-Expected Earnings

Shares of Chemours Co (NYSE:CC) gapped up before the market opened on Friday following a stronger than expected earnings report. The stock had previously closed at $36.17, but opened at $34.95. Chemours shares last traded at $33.15, with a volume of 162766 shares trading hands.

The specialty chemicals company reported $1.49 EPS for the quarter, topping the Zacks’ consensus estimate of $1.42 by $0.07. The business had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.71 billion. Chemours had a net margin of 15.11% and a return on equity of 107.22%. The firm’s revenue for the quarter was up 2.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.12 earnings per share.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 14th. Stockholders of record on Friday, November 16th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.91%. The ex-dividend date is Thursday, November 15th. Chemours’s dividend payout ratio is presently 26.18%.

CC has been the topic of a number of research reports. Royal Bank of Canada initiated coverage on shares of Chemours in a research report on Wednesday, July 18th. They issued an “outperform” rating and a $60.00 price objective on the stock. Zacks Investment Research lowered shares of Chemours from a “hold” rating to a “strong sell” rating in a research report on Thursday, October 11th. ValuEngine lowered shares of Chemours from a “hold” rating to a “sell” rating in a research report on Tuesday, July 10th. Citigroup dropped their price target on shares of Chemours from $61.00 to $44.00 and set a “buy” rating on the stock in a research report on Thursday, October 11th. Finally, SunTrust Banks initiated coverage on shares of Chemours in a research report on Tuesday, July 31st. They set a “hold” rating and a $51.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $56.11.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Cadence Capital Management LLC bought a new stake in Chemours during the third quarter worth $710,000. Kaizen Advisory LLC bought a new stake in Chemours during the third quarter worth $941,000. Signition LP bought a new stake in Chemours during the third quarter worth $232,000. Trilogy Capital Inc. bought a new stake in Chemours during the third quarter worth $179,000. Finally, USA Financial Portformulas Corp bought a new stake in Chemours during the third quarter worth $353,000. 76.59% of the stock is currently owned by hedge funds and other institutional investors.

The firm has a market cap of $6.08 billion, a P/E ratio of 5.93, a price-to-earnings-growth ratio of 0.39 and a beta of 2.74. The company has a debt-to-equity ratio of 3.86, a quick ratio of 1.47 and a current ratio of 2.09.

About Chemours (NYSE:CC)

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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