Goldman Sachs group equity researchers initiated a hedge on the shares of Chemours (NYSE:CC - Get Grade) in a research report delivered Thursday to clients and investors, reports The Fly. The company has set a “neutral” rating on shares of the specialty chemicals company.
Several other brokerages also recently commented on CC. BMO Capital Markets cut its price target on Chemours shares from $55.00 to $46.00 and set an “outperform” rating for the company in a Friday, Sept. 23 research note. Royal Bank of Canada cut its price target on Chemours shares from $48.00 to $35.00 and set an “outperform” rating for the company in a Thursday, September 22 research note. StockNews.com began covering Chemours shares in a research note on Wednesday. They issued a “buy” rating for the company. Citigroup reduced its price target on Chemours shares from $36.00 to $27.00 in a Tuesday, October 4 research note. Finally, Argus downgraded Chemours’ shares from a “buy” rating to a “hold” rating in a report on Wednesday, October 5. Six research analysts gave the stock a hold rating and three gave the company’s stock a buy rating. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $34.43.
Chemours shares down 0.3%
CC stock opened at $26.46 on Thursday. Chemours has a one-year low of $22.56 and a one-year high of $44.95. The stock has a market capitalization of $4.11 billion, a PE ratio of 4.94, a growth price-earnings ratio of 0.46 and a beta of 1.86. The company has a debt ratio of 3.01, a quick ratio of 1.27 and a current ratio of 1.91. The company has a fifty-day moving average of $32.06 and a 200-day moving average of $34.32.
Chemours (NYSE:CC - Get Rating) last released its results on Thursday, July 28. The specialty chemicals company reported EPS of $1.89 for the quarter, beating the consensus estimate of $1.42 by $0.47. Chemours had a net margin of 12.72% and a return on equity of 79.77%. The company posted revenue of $1.92 billion in the quarter, versus $1.84 billion expected by analysts. In the same quarter last year, the company achieved EPS of $1.20. The company’s revenue increased 15.7% year over year. As a group, analysts expect Chemours to post EPS of 5.23 for the current year.
Institutional investors weigh in on Chemours
A number of hedge funds and other institutional investors have recently changed their CC holdings. BlackRock Inc. increased its holdings of Chemours shares by 29.0% in the first quarter. BlackRock Inc. now owns 18,075,740 shares of the specialty chemicals company worth $569,023,000 after buying an additional 4,060,250 shares last quarter. First Trust Advisors LP increased its holdings in Chemours by 214.1% in the first quarter. First Trust Advisors LP now owns 1,314,288 shares of the specialty chemicals company valued at $41,374,000 after purchasing an additional 895,847 shares during the period. Massachusetts Financial Services Co. MA acquired a new stake in Chemours in the first quarter valued at approximately $19,175,000. JPMorgan Chase & Co. increased its stake in Chemours by 87.0% in the second quarter. JPMorgan Chase & Co. now owns 1,058,760 shares of the specialty chemicals company valued at $33,901,000 after purchasing an additional 492,475 shares during the period. Finally, Bank of America Corp DE increased its stake in Chemours by 75.8% in the first quarter. Bank of America Corp DE now owns 1,083,843 shares of the specialty chemicals company valued at $34,119,000 after purchasing an additional 467,394 shares during the period. 70.86% of the shares are currently held by hedge funds and other institutional investors.
Chemours Company Profile
(Get a rating)
The Chemours Company provides performance chemicals in North America, Asia-Pacific, Europe, the Middle East, Africa and Latin America. It operates through four segments: Titanium Technologies, Thermal and Specialty Solutions, Advanced Performance Materials and Chemical Solutions. The Titanium Technologies segment provides TiO2 pigments under the Ti-Pure and BaiMax brands to provide whiteness, luminosity, opacity and protection in various applications, such as architectural and industrial coatings, flexible and rigid plastic packaging, polyvinyl chloride, laminated papers used for furniture. and building materials, coated paper and coated paperboard used for packaging.
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