SunTrust Banks Reaffirms Buy Rating for Chemours (NYSE:CC)

SunTrust Banks reiterated their buy rating on shares of Chemours (NYSE:CC) in a research report sent to investors on Tuesday, The Fly reports. SunTrust Banks also issued estimates for Chemours’ Q2 2019 earnings at $0.82 EPS, Q3 2019 earnings at $1.29 EPS, Q4 2019 earnings at $1.14 EPS, FY2019 earnings at $3.87 EPS, FY2020 earnings at $5.50 EPS and FY2021 earnings at $6.50 EPS.

CC has been the topic of several other reports. Morgan Stanley reiterated an overweight rating on shares of in a report on Wednesday, June 19th. Barclays reiterated a buy rating and set a $42.00 price objective on shares of Chemours in a report on Monday, June 3rd. Jefferies Financial Group cut their price objective on shares of Chemours from $48.00 to $30.00 and set a buy rating on the stock in a report on Monday, June 10th. JPMorgan Chase & Co. reiterated an overweight rating and set a $72.00 price objective (up from $70.00) on shares of First Solar in a report on Monday, May 6th. Finally, Royal Bank of Canada cut their price objective on shares of Toromont Industries from C$66.00 to C$65.00 and set a sector perform rating on the stock in a report on Monday, May 6th. One research analyst has rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average price target of $40.40.

NYSE:CC opened at $19.16 on Tuesday. The stock has a market cap of $3.14 billion, a price-to-earnings ratio of 3.38, a price-to-earnings-growth ratio of 0.32 and a beta of 2.50. The company has a debt-to-equity ratio of 5.18, a quick ratio of 1.04 and a current ratio of 1.81. The company has a 50-day moving average price of $22.82. Chemours has a 12-month low of $18.74 and a 12-month high of $48.97.

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

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Thursday, May 16th were issued a dividend of $0.25 per share. The ex-dividend date was Wednesday, May 15th. This represents a $1.00 annualized dividend and a dividend yield of 5.22%. Chemours’s payout ratio is currently 17.64%.

In other Chemours news, CEO Mark P. Vergnano purchased 44,000 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The shares were purchased at an average price of $23.17 per share, for a total transaction of $1,019,480.00. Following the completion of the acquisition, the chief executive officer now owns 116,600 shares of the company’s stock, valued at approximately $2,701,622. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Bradley J. Bell purchased 5,000 shares of the business’s stock in a transaction that occurred on Thursday, May 16th. The stock was acquired at an average price of $24.06 per share, for a total transaction of $120,300.00. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 55,500 shares of company stock worth $1,289,670. Insiders own 2.34% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Cullen Frost Bankers Inc. acquired a new stake in Chemours in the first quarter valued at approximately $26,000. Investors Research Corp grew its position in Chemours by 148.1% in the second quarter. Investors Research Corp now owns 1,206 shares of the specialty chemicals company’s stock valued at $29,000 after acquiring an additional 720 shares in the last quarter. Zions Bancorporation N.A. acquired a new stake in Chemours in the first quarter valued at approximately $30,000. Enterprise Financial Services Corp grew its position in Chemours by 306.5% in the first quarter. Enterprise Financial Services Corp now owns 935 shares of the specialty chemicals company’s stock valued at $34,000 after acquiring an additional 705 shares in the last quarter. Finally, Legacy Bridge LLC grew its position in Chemours by 100.0% in the first quarter. Legacy Bridge LLC now owns 1,200 shares of the specialty chemicals company’s stock valued at $45,000 after acquiring an additional 600 shares in the last quarter. Hedge funds and other institutional investors own 79.86% of the company’s stock.

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.

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