Chemours (NYSE:CC) Hits New 1-Year Low Following Analyst Downgrade

The Chemours Company (NYSE:CC) shares hit a new 52-week low during mid-day trading on Tuesday after Barclays lowered their price target on the stock from $23.00 to $19.00. Barclays currently has an equal weight rating on the stock. Chemours traded as low as $14.94 and last traded at $15.39, with a volume of 1464175 shares changing hands. The stock had previously closed at $16.15.

A number of other equities research analysts also recently weighed in on CC. Mizuho reduced their price target on shares of Chemours from $22.00 to $21.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 7th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $25.00 target price on shares of Chemours in a research note on Thursday, December 12th. Truist Financial assumed coverage on Chemours in a report on Tuesday, January 28th. They set a “buy” rating and a $27.00 price objective on the stock. Morgan Stanley lowered their target price on Chemours from $25.00 to $22.00 and set an “equal weight” rating for the company in a report on Monday, January 13th. Finally, BMO Capital Markets cut their price target on Chemours from $34.00 to $27.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 19th. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $23.11.

Institutional Investors Weigh In On Chemours

Hedge funds have recently added to or reduced their stakes in the business. Polar Asset Management Partners Inc. acquired a new position in shares of Chemours during the 4th quarter valued at $2,392,000. iSAM Funds UK Ltd bought a new stake in shares of Chemours during the fourth quarter valued at approximately $332,000. Vision One Management Partners LP raised its position in shares of Chemours by 12.1% during the fourth quarter. Vision One Management Partners LP now owns 1,558,498 shares of the specialty chemicals company’s stock worth $26,339,000 after purchasing an additional 168,148 shares during the period. Two Sigma Advisers LP lifted its holdings in shares of Chemours by 31.5% in the 4th quarter. Two Sigma Advisers LP now owns 661,500 shares of the specialty chemicals company’s stock worth $11,179,000 after purchasing an additional 158,400 shares in the last quarter. Finally, Two Sigma Investments LP increased its stake in Chemours by 22.4% during the 4th quarter. Two Sigma Investments LP now owns 1,155,437 shares of the specialty chemicals company’s stock valued at $19,527,000 after purchasing an additional 211,641 shares in the last quarter. 76.26% of the stock is currently owned by institutional investors.

Chemours Stock Performance

The stock has a market cap of $2.39 billion, a price-to-earnings ratio of 28.07 and a beta of 1.81. The company’s fifty day simple moving average is $17.96 and its two-hundred day simple moving average is $18.87. The company has a debt-to-equity ratio of 6.70, a current ratio of 1.68 and a quick ratio of 0.92.

Chemours (NYSE:CC) last announced its quarterly earnings results on Tuesday, February 18th. The specialty chemicals company reported $0.11 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.01. The business had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.37 billion. Chemours had a net margin of 1.51% and a return on equity of 26.54%. On average, analysts forecast that The Chemours Company will post 2.03 earnings per share for the current year.

Chemours Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 28th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 6.25%. The ex-dividend date of this dividend is Friday, February 28th. Chemours’s dividend payout ratio is 175.44%.

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, 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.