Chemours (NYSE:CC) Shares Gap Down – What’s Next?

The Chemours Company (NYSE:CC) gapped down before the market opened on Wednesday . The stock had previously closed at $27.94, but opened at $25.19. Chemours shares last traded at $23.7550, with a volume of 1,284,301 shares.

Wall Street Analysts Forecast Growth

CC has been the subject of a number of research reports. Mizuho set a $30.00 price target on shares of Chemours in a report on Wednesday. Jefferies Financial Group reissued a “hold” rating and issued a $17.00 price target on shares of Chemours in a report on Monday, February 23rd. BMO Capital Markets reduced their price target on shares of Chemours from $20.00 to $19.00 and set an “outperform” rating for the company in a report on Monday, February 23rd. UBS Group reissued a “buy” rating and issued a $30.00 price target (up from $29.00) on shares of Chemours in a report on Friday. Finally, Truist Financial increased their price target on shares of Chemours from $27.00 to $30.00 and gave the company a “buy” rating in a report on Tuesday, April 28th. Five equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $21.70.

Chemours Trading Up 2.9%

The stock has a market capitalization of $3.47 billion, a P/E ratio of -8.73 and a beta of 1.47. The company has a current ratio of 1.82, a quick ratio of 0.85 and a debt-to-equity ratio of 18.98. The business’s fifty day simple moving average is $21.15 and its two-hundred day simple moving average is $16.61.

Chemours (NYSE:CC) last announced its quarterly earnings data on Tuesday, May 5th. The specialty chemicals company reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.10. Chemours had a negative net margin of 6.82% and a positive return on equity of 52.49%. The company had revenue of $1.38 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter in the prior year, the company posted $0.13 EPS. The business’s revenue was up 1.0% on a year-over-year basis. As a group, analysts forecast that The Chemours Company will post 1.35 earnings per share for the current year.

Chemours Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 16th. Stockholders of record on Sunday, May 17th will be paid a $0.0875 dividend. The ex-dividend date is Friday, May 15th. This represents a $0.35 dividend on an annualized basis and a dividend yield of 1.5%. Chemours’s dividend payout ratio is currently -13.26%.

Hedge Funds Weigh In On Chemours

A number of hedge funds have recently made changes to their positions in the business. Parallel Advisors LLC raised its stake in shares of Chemours by 10.9% in the 1st quarter. Parallel Advisors LLC now owns 5,366 shares of the specialty chemicals company’s stock valued at $118,000 after buying an additional 527 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC acquired a new position in shares of Chemours in the 1st quarter valued at $3,745,000. Atlas Wealth LLC acquired a new position in shares of Chemours in the 1st quarter valued at $535,000. D.A. Davidson & CO. acquired a new position in shares of Chemours in the 1st quarter valued at $306,000. Finally, Principal Financial Group Inc. raised its stake in shares of Chemours by 2.3% in the 1st quarter. Principal Financial Group Inc. now owns 733,020 shares of the specialty chemicals company’s stock valued at $16,148,000 after buying an additional 16,183 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.