Short Interest in The Chemours Company (NYSE:CC) Expands By 13.0%

The Chemours Company (NYSE:CC) was the recipient of a significant increase in short interest in the month of September. As of September 15th, there was short interest totalling 7,300,000 shares, an increase of 13.0% from the August 31st total of 6,460,000 shares. Currently, 5.0% of the company’s stock are short sold. Based on an average daily volume of 1,350,000 shares, the short-interest ratio is presently 5.4 days.

Chemours Price Performance

NYSE:CC traded down $0.08 during trading hours on Friday, hitting $20.72. The company’s stock had a trading volume of 1,577,082 shares, compared to its average volume of 1,568,811. The company has a market capitalization of $3.09 billion, a PE ratio of -9.55 and a beta of 1.74. Chemours has a 52-week low of $15.10 and a 52-week high of $32.70. The business’s 50-day moving average is $19.57 and its two-hundred day moving average is $23.68. The company has a debt-to-equity ratio of 5.45, a quick ratio of 1.01 and a current ratio of 1.89.

Chemours (NYSE:CC) last announced its quarterly earnings data on Thursday, August 1st. The specialty chemicals company reported $0.38 EPS for the quarter, missing the consensus estimate of $0.57 by ($0.19). Chemours had a net margin of 2.16% and a return on equity of 33.21%. The company had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.53 billion. During the same quarter last year, the business earned $1.10 EPS. The firm’s revenue for the quarter was down 6.4% on a year-over-year basis. As a group, research analysts anticipate that Chemours will post 1.33 EPS for the current fiscal year.

Chemours Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Thursday, August 15th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 4.83%. The ex-dividend date of this dividend was Thursday, August 15th. Chemours’s dividend payout ratio is currently -46.08%.

Hedge Funds Weigh In On Chemours

Hedge funds have recently bought and sold shares of the company. William B. Walkup & Associates Inc. purchased a new position in Chemours during the 2nd quarter valued at about $107,000. Scientech Research LLC purchased a new position in shares of Chemours during the 2nd quarter worth approximately $357,000. Mackenzie Financial Corp raised its position in shares of Chemours by 16.4% during the 2nd quarter. Mackenzie Financial Corp now owns 877,246 shares of the specialty chemicals company’s stock worth $19,799,000 after purchasing an additional 123,418 shares during the last quarter. AQR Capital Management LLC lifted its stake in Chemours by 28.1% in the 2nd quarter. AQR Capital Management LLC now owns 158,585 shares of the specialty chemicals company’s stock valued at $3,579,000 after buying an additional 34,817 shares in the last quarter. Finally, Point72 Hong Kong Ltd acquired a new stake in Chemours during the 2nd quarter valued at $789,000. 76.26% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. The Goldman Sachs Group reduced their target price on shares of Chemours from $29.00 to $23.00 and set a “neutral” rating on the stock in a report on Tuesday, September 3rd. Mizuho assumed coverage on Chemours in a report on Friday, June 7th. They issued a “neutral” rating and a $25.00 price target for the company. BMO Capital Markets reduced their price objective on shares of Chemours from $35.00 to $30.00 and set an “outperform” rating for the company in a research report on Tuesday, August 6th. UBS Group dropped their target price on shares of Chemours from $30.00 to $28.00 and set a “buy” rating on the stock in a research report on Tuesday, August 6th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Chemours from $25.00 to $18.00 and set a “neutral” rating for the company in a research report on Tuesday, August 6th. Six research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Chemours currently has a consensus rating of “Hold” and a consensus target price of $26.63.

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.