BMO Capital Markets Trims Chemours (NYSE:CC) Target Price to $23.00
Chemours (NYSE:CC) had its price target reduced by BMO Capital Markets from $31.00 to $23.00 in a research note issued to investors on Monday, BenzingaRatingsTable reports. They currently have an outperform rating on the specialty chemicals company’s stock.
CC has been the topic of a number of other research reports. Barclays reaffirmed a buy rating and set a $42.00 price target on shares of Chemours in a report on Monday, June 3rd. Argus cut Chemours from a buy rating to a hold rating in a report on Tuesday, August 6th. Royal Bank of Canada cut Chemours from an outperform rating to a sector perform rating and cut their price target for the company from $32.00 to $16.00 in a report on Friday, August 9th. Jefferies Financial Group cut their price target on Chemours from $48.00 to $30.00 and set a buy rating on the stock in a report on Monday, June 10th. Finally, SunTrust Banks cut Chemours from a buy rating to a hold rating in a report on Monday, August 5th. One analyst has rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the stock. Chemours has a consensus rating of Hold and an average price target of $31.30.
Shares of CC stock opened at $16.35 on Monday. The company has a quick ratio of 1.09, a current ratio of 1.96 and a debt-to-equity ratio of 5.37. The business has a 50 day moving average of $14.71 and a two-hundred day moving average of $26.26. Chemours has a 52 week low of $11.71 and a 52 week high of $42.13. The company has a market cap of $2.67 billion, a P/E ratio of 2.88, a PEG ratio of 0.39 and a beta of 2.57.
The company also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Friday, August 16th will be issued a dividend of $0.25 per share. The ex-dividend date is Thursday, August 15th. This represents a $1.00 annualized dividend and a yield of 6.12%. Chemours’s payout ratio is 17.64%.
In other news, insider E Bryan Snell bought 12,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The shares were purchased at an average price of $13.77 per share, with a total value of $165,240.00. Following the completion of the acquisition, the insider now directly owns 117,774 shares in the company, valued at $1,621,747.98. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP David C. Shelton bought 15,000 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The shares were purchased at an average cost of $13.82 per share, for a total transaction of $207,300.00. Following the acquisition, the senior vice president now owns 98,269 shares of the company’s stock, valued at $1,358,077.58. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 33,790 shares of company stock worth $470,932. 2.34% of the stock is owned by corporate insiders.
A number of large investors have recently made changes to their positions in the stock. Atria Investments LLC raised its holdings in Chemours by 580.0% during the second quarter. Atria Investments LLC now owns 75,029 shares of the specialty chemicals company’s stock worth $898,000 after purchasing an additional 63,995 shares in the last quarter. Treasurer of the State of North Carolina raised its holdings in Chemours by 17.8% during the second quarter. Treasurer of the State of North Carolina now owns 80,394 shares of the specialty chemicals company’s stock worth $1,929,000 after purchasing an additional 12,170 shares in the last quarter. Natixis raised its holdings in Chemours by 3,669.0% during the second quarter. Natixis now owns 269,823 shares of the specialty chemicals company’s stock worth $6,476,000 after purchasing an additional 262,664 shares in the last quarter. Cresset Asset Management LLC raised its holdings in Chemours by 39.5% during the second quarter. Cresset Asset Management LLC now owns 372,577 shares of the specialty chemicals company’s stock worth $8,942,000 after purchasing an additional 105,545 shares in the last quarter. Finally, Luminus Management LLC increased its holdings in shares of Chemours by 4.4% in the second quarter. Luminus Management LLC now owns 524,175 shares of the specialty chemicals company’s stock valued at $12,580,000 after buying an additional 22,105 shares in the last quarter. 79.80% of the stock is currently owned by hedge funds and other institutional investors.
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, Fluoroproducts, and Chemical Solutions. The Titanium Technologies segment manufactures and sells titanium dioxide under the Ti-Pure and BaiMax brands for various applications in architectural and industrial coatings, flexible and rigid plastic packaging, polyvinylchloride window profiles, laminate papers used for furniture and building materials, and coated papers and paperboards used for packaging.
Further Reading: Limitations of the P/E Growth ratio
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