Morgan Stanley Cuts Chemours (NYSE:CC) Price Target to $15.00

Chemours (NYSE:CC) had its price objective lowered by Morgan Stanley from $22.00 to $15.00 in a research note released on Monday morning,Benzinga reports. The firm currently has an equal weight rating on the specialty chemicals company’s stock.

CC has been the topic of several other research reports. StockNews.com downgraded shares of Chemours from a “hold” rating to a “sell” rating in a research note on Thursday, May 8th. BMO Capital Markets reduced their price objective on shares of Chemours from $34.00 to $27.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 19th. Truist Financial reduced their price objective on shares of Chemours from $27.00 to $22.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. UBS Group reduced their price objective on shares of Chemours from $18.00 to $17.00 and set a “buy” rating on the stock in a research note on Wednesday, May 7th. Finally, Royal Bank of Canada reduced their price objective on shares of Chemours from $17.00 to $14.00 and set an “outperform” rating on the stock in a research note on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $17.56.

Chemours Stock Down 3.5%

CC stock opened at $11.37 on Monday. The company’s 50 day simple moving average is $12.41 and its 200-day simple moving average is $16.40. The firm has a market capitalization of $1.70 billion, a PE ratio of 19.95 and a beta of 1.76. Chemours has a 12 month low of $9.33 and a 12 month high of $29.18. 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 released its quarterly earnings results on Tuesday, May 6th. The specialty chemicals company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.06). The business had revenue of $1.37 billion during the quarter, compared to analyst estimates of $1.36 billion. Chemours had a net margin of 1.51% and a return on equity of 26.54%. The firm’s revenue for the quarter was up .4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.32 earnings per share. Equities analysts expect that Chemours will post 2.03 earnings per share for the current fiscal year.

Chemours Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 28th were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 8.80%. The ex-dividend date of this dividend was Friday, February 28th. Chemours’s dividend payout ratio is currently 175.00%.

Hedge Funds Weigh In On Chemours

Large investors have recently bought and sold shares of the stock. GAMMA Investing LLC raised its stake in Chemours by 99.7% during the fourth quarter. GAMMA Investing LLC now owns 1,532 shares of the specialty chemicals company’s stock worth $26,000 after purchasing an additional 765 shares during the period. FNY Investment Advisers LLC purchased a new position in Chemours during the first quarter worth approximately $27,000. UMB Bank n.a. raised its stake in Chemours by 73.9% during the first quarter. UMB Bank n.a. now owns 2,231 shares of the specialty chemicals company’s stock worth $30,000 after purchasing an additional 948 shares during the period. Farther Finance Advisors LLC raised its stake in shares of Chemours by 170.7% in the 1st quarter. Farther Finance Advisors LLC now owns 2,290 shares of the specialty chemicals company’s stock valued at $30,000 after acquiring an additional 1,444 shares during the period. Finally, SouthState Corp purchased a new position in shares of Chemours in the 1st quarter valued at $34,000. Hedge funds and other institutional investors own 76.26% 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, 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.