Matthew S. Abbott Sells 8,912 Shares of The Chemours Company (NYSE:CC) Stock

Chemours logoThe Chemours Company (NYSE:CC ​​– Get Rating) SVP Matthew S. Abbott sold 8,912 shares of the firm’s stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $34.20, for a total value of $304,790.40. Following the completion of the transaction, the senior vice president now owns 29,869 shares of the company’s stock, valued at approximately $1,021,519.80. The sale was disclosed in a document filed with the SEC, which can be accessed via the SEC website.

Chemours Stock Performance

NYSE:CC ​​opened at $32.06 on Friday. The business has a 50 day moving average of $29.45 and a 200 day moving average of $31.33. The company has a market capitalization of $4.78 billion, a price-to-earnings ratio of 10.34, a PEG ratio of 1.04 and a beta of 1.87. The Chemours Company has a 1-year low of $23.58 and a 1-year high of $41.59. The company has a debt-to-equity ratio of 2.93, a current ratio of 1.84 and a quick ratio of 0.98.

Chemours (NYSE:CC ​​– Get Rating) last released its earnings results on Friday, April 28th. The specialty chemicals company reported $0.98 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.36. The company had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.46 billion. Chemours had a return on equity of 53.44% and a net margin of 7.45%. Chemours’s quarterly revenue was down 12.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.46 EPS. On average, sell-side analysts predict that The Chemours Company will post 3.99 earnings per share for the current fiscal year.

Chemours Dividend Announcement

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The company also recently announced a quarterly dividend, which will be paid on Thursday, June 15th. Investors of record on Monday, May 15th will be given a $0.25 dividend. The ex-dividend date is Friday, May 12th. This represents a $1.00 dividend on an annualized basis and a yield of 3.12%. Chemours’s payout ratio is 32.26%.

Institutional Trading of Chemours

A number of hedge funds have recently bought and sold shares of the company. BlackRock Inc. lifted its position in Chemours by 29.0% in the first quarter. BlackRock Inc. now owns 18,075,740 shares of the specialty chemicals company’s stock valued at $569,023,000 after purchasing an additional 4,060,250 shares during the last quarter. FMR LLC lifted its position in Chemours by 29.0% in the first quarter. FMR LLC now owns 15,256,880 shares of the specialty chemicals company’s stock valued at $456,791,000 after purchasing an additional 3,427,490 shares during the last quarter. Norges Bank bought a new stake in Chemours in the fourth quarter valued at approximately $47,013,000. JPMorgan Chase & Co. lifted its position in Chemours by 68.7% in the fourth quarter. JPMorgan Chase & Co. now owns 2,885,061 shares of the specialty chemicals company’s stock valued at $88,340,000 after purchasing an additional 1,174,536 shares during the last quarter. Finally, Balyasny Asset Management LLC lifted its position in Chemours by 1,845.6% in the third quarter. Balyasny Asset Management LLC now owns 997,478 shares of the specialty chemicals company’s stock valued at $24,588,000 after purchasing an additional 946,210 shares during the last quarter. Institutional investors own 71.89% of the company’s stock.

Analysts Set New Price Targets

CC has been the subject of several analyst reports. Credit Suisse Group cut their target price on Chemours from $27.00 to $25.00 in a research note on Friday, April 28th. StockNews.com downgraded Chemours from a “buy” rating to a “hold” rating in a research note on Saturday, May 20th. The Goldman Sachs Group raised their price target on Chemours from $34.00 to $38.00 and gave the company a “neutral” rating in a report on Tuesday, February 14th. BMO Capital Markets raised their price target on Chemours from $54.00 to $64.00 in a report on Monday, June 5th. Finally, Royal Bank of Canada raised their price target on Chemours from $36.00 to $37.00 in a report on Friday. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $38.78.

About Chemours

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The Chemours Co is a holding company, which engages in the provision of performance chemicals. The firm delivers solutions, which include a range of industrial and chemical products for markets including coatings, plastics, refrigeration and air conditioning, transportation, semiconductor and consumer electronics, and general industrial.

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