Chemours (NYSE:CC) had its price target raised by Jefferies Group to $66.00 in a research note issued to investors on Monday morning, The Fly reports. The firm currently has a buy rating on the specialty chemicals company’s stock. Jefferies Group also issued estimates for Chemours’ Q4 2017 earnings at $0.82 EPS, FY2017 earnings at $3.55 EPS, FY2018 earnings at $5.10 EPS, FY2019 earnings at $5.85 EPS and FY2020 earnings at $6.65 EPS.
Several other research firms have also recently issued reports on CC. Zacks Investment Research upgraded Chemours from a hold rating to a buy rating and set a $57.00 price target on the stock in a report on Thursday, November 9th. Argus reiterated a buy rating and issued a $55.00 price target (up previously from $50.00) on shares of Chemours in a report on Thursday, August 10th. BidaskClub cut Chemours from a buy rating to a hold rating in a report on Friday, August 11th. Barclays raised their price target on Chemours from $55.00 to $58.00 and gave the company an overweight rating in a report on Monday, November 6th. Finally, UBS raised their price target on Chemours from $50.00 to $59.00 and gave the company a neutral rating in a report on Friday, November 3rd. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Chemours currently has a consensus rating of Buy and a consensus target price of $54.78.
Shares of Chemours (NYSE CC) opened at $46.35 on Monday. The company has a debt-to-equity ratio of 5.07, a quick ratio of 1.63 and a current ratio of 2.19. The company has a market capitalization of $9,128.54, a price-to-earnings ratio of 17.48, a PEG ratio of 0.87 and a beta of 3.38. Chemours has a 1-year low of $20.76 and a 1-year high of $58.08.
Chemours declared that its Board of Directors has initiated a share buyback program on Friday, December 1st that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the specialty chemicals company to buy shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 15th. Shareholders of record on Thursday, February 15th will be issued a dividend of $0.17 per share. The ex-dividend date is Wednesday, February 14th. This represents a $0.68 dividend on an annualized basis and a yield of 1.47%. This is a boost from Chemours’s previous quarterly dividend of $0.03. Chemours’s dividend payout ratio (DPR) is 8.28%.
In other news, insider E Bryan Snell sold 11,878 shares of the firm’s stock in a transaction dated Monday, November 6th. The stock was sold at an average price of $53.25, for a total transaction of $632,503.50. Following the sale, the insider now owns 63,063 shares of the company’s stock, valued at $3,358,104.75. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP David C. Shelton sold 5,908 shares of the firm’s stock in a transaction dated Friday, October 13th. The stock was sold at an average price of $56.01, for a total value of $330,907.08. Following the sale, the senior vice president now directly owns 47,356 shares in the company, valued at approximately $2,652,409.56. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 50,183 shares of company stock worth $2,720,166. Company insiders own 1.14% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in CC. Acrospire Investment Management LLC raised its position in Chemours by 3.4% in the 2nd quarter. Acrospire Investment Management LLC now owns 3,076 shares of the specialty chemicals company’s stock valued at $117,000 after buying an additional 100 shares during the last quarter. Cypress Capital Management LLC raised its position in Chemours by 0.5% in the 2nd quarter. Cypress Capital Management LLC now owns 31,393 shares of the specialty chemicals company’s stock valued at $1,190,000 after buying an additional 155 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in Chemours by 0.6% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 26,921 shares of the specialty chemicals company’s stock valued at $1,021,000 after buying an additional 167 shares during the last quarter. Commerce Bank raised its position in Chemours by 3.0% in the 2nd quarter. Commerce Bank now owns 7,158 shares of the specialty chemicals company’s stock valued at $272,000 after buying an additional 206 shares during the last quarter. Finally, World Asset Management Inc raised its position in Chemours by 4.0% in the 2nd quarter. World Asset Management Inc now owns 15,652 shares of the specialty chemicals company’s stock valued at $594,000 after buying an additional 597 shares during the last quarter. 74.42% of the stock is currently owned by institutional investors.
Chemours Company Profile
The Chemours Company is a provider of performance chemicals. The Company operates through three segments: Titanium Technologies, Fluoroproducts and Chemical Solutions. The Titanium Technologies segment is a producer of titanium dioxide (TiO2). The Fluoroproducts segment is a provider of fluoroproducts, including refrigerants and industrial fluoropolymer resins.
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