Chemours (NYSE:CC) Shares Up 8.8% – Here’s Why

The Chemours Company (NYSE:CC) shot up 8.8% on Friday . The company traded as high as $26.35 and last traded at $26.3290. 2,467,400 shares traded hands during trading, a decline of 26% from the average session volume of 3,322,361 shares. The stock had previously closed at $24.19.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. JPMorgan Chase & Co. increased their target price on Chemours from $13.00 to $17.00 and gave the stock a “neutral” rating in a research note on Monday, February 23rd. Truist Financial increased their target price on Chemours from $21.00 to $27.00 and gave the stock a “buy” rating in a research note on Thursday, April 9th. Mizuho increased their target price on Chemours from $17.00 to $21.00 and gave the stock an “outperform” rating in a research note on Thursday, March 5th. The Goldman Sachs Group increased their target price on Chemours from $14.00 to $18.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 25th. Finally, Morgan Stanley increased their target price on Chemours from $15.00 to $17.00 and gave the stock an “equal weight” rating in a research note on Monday, February 23rd. Five research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $20.40.

Chemours Stock Up 8.7%

The company has a debt-to-equity ratio of 16.33, a quick ratio of 0.85 and a current ratio of 1.78. The company has a market cap of $3.95 billion, a price-to-earnings ratio of -10.63 and a beta of 1.41. The business has a 50-day simple moving average of $20.16 and a 200-day simple moving average of $15.93.

Chemours (NYSE:CC) last posted its quarterly earnings results on Thursday, February 19th. The specialty chemicals company reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.04. The company had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.33 billion. Chemours had a positive return on equity of 41.75% and a negative net margin of 6.41%.Chemours’s revenue for the quarter was down 2.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.09 EPS. On average, equities analysts anticipate that The Chemours Company will post 1.35 earnings per share for the current fiscal year.

Chemours Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Friday, February 27th were given a $0.0875 dividend. The ex-dividend date of this dividend was Friday, February 27th. This represents a $0.35 dividend on an annualized basis and a yield of 1.3%. Chemours’s dividend payout ratio (DPR) is currently -14.11%.

Institutional Investors Weigh In On Chemours

Hedge funds have recently bought and sold shares of the stock. Atlas Capital Advisors Inc. acquired a new stake in Chemours in the 4th quarter valued at about $26,000. Aster Capital Management DIFC Ltd acquired a new stake in Chemours in the 4th quarter valued at about $28,000. Covestor Ltd raised its position in Chemours by 204.7% in the 4th quarter. Covestor Ltd now owns 2,602 shares of the specialty chemicals company’s stock valued at $31,000 after purchasing an additional 1,748 shares in the last quarter. Eurizon Capital SGR S.p.A. acquired a new stake in Chemours in the 4th quarter valued at about $31,000. Finally, Rothschild Investment LLC raised its position in shares of Chemours by 87.0% during the 4th quarter. Rothschild Investment LLC now owns 2,698 shares of the specialty chemicals company’s stock worth $32,000 after acquiring an additional 1,255 shares in the last quarter. Institutional investors and hedge funds own 76.26% of the company’s stock.

About Chemours

Chemours Company, established in 2015 as a spin-off from E. I. du Pont de Nemours and Company, is a global chemistry organization headquartered in Wilmington, Delaware. Since its formation, Chemours has focused on delivering performance chemicals that help customers lower their carbon footprint, increase energy efficiency and conserve water. The company operates with a commitment to safety, environmental stewardship and innovation.

Chemours’ principal business activities are organized into three core segments.