BMO Capital Markets Has Lowered Expectations for Chemours (NYSE:CC) Stock Price

Key Points

• BMO Capital Markets cut Chemours’ price target from $26 to $18 while maintaining an “outperform” rating, implying roughly 18% upside from the prior close.
• Analyst sentiment is mixed: Chemours has an overall “Hold” consensus rating and a $20.90 average target, with recent ratings ranging from “strong sell” to “overweight.”
• Chemours recently missed quarterly expectations, reporting $0.42 in adjusted EPS versus $0.49 expected and revenue of $1.59 billion versus $1.65 billion forecast; revenue declined 1.5% year over year.

Chemours (NYSE:CC - Get Free Report) had its price target dropped by equities researchers at BMO Capital Markets from $26.00 to $18.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an "outperform" rating on the specialty chemicals company's stock. BMO Capital Markets' target price points to a potential upside of 17.96% from the stock's previous close.

Several other analysts have also recently commented on the stock. Zacks Research cut shares of Chemours from a "strong-buy" rating to a "strong sell" rating in a research note on Tuesday. Alembic Global Advisors restated an "overweight" rating and issued a $30.00 price objective on shares of Chemours in a research report on Wednesday, May 13th. Morgan Stanley set a $18.00 price objective on Chemours in a report on Monday. Mizuho set a $22.00 target price on Chemours in a research note on Wednesday, August 5th. Finally, Truist Financial reduced their price target on Chemours from $30.00 to $24.00 and set a "buy" rating for the company in a report on Thursday, August 6th. Five research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, Chemours currently has an average rating of "Hold" and a consensus target price of $20.90.

Chemours Stock Performance

Shares of CC stock opened at $15.26 on Thursday. The stock's 50-day moving average price is $18.76 and its 200 day moving average price is $20.03. The company has a quick ratio of 0.88, a current ratio of 1.66 and a debt-to-equity ratio of 18.98. The stock has a market capitalization of $2.30 billion, a PE ratio of -7.99 and a beta of 1.43. Chemours has a 52-week low of $10.44 and a 52-week high of $28.67.

Chemours (NYSE:CC - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The specialty chemicals company reported $0.42 earnings per share for the quarter, missing analysts' consensus estimates of $0.49 by ($0.07). Chemours had a positive return on equity of 60.64% and a negative net margin of 5.00%.The company had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.65 billion. During the same period in the previous year, the business posted ($2.54) earnings per share. The firm's revenue was down 1.5% compared to the same quarter last year. As a group, equities research analysts forecast that Chemours will post 0.88 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Shane Hostetter bought 3,350 shares of the company's stock in a transaction on Thursday, August 6th. The stock was bought at an average cost of $14.94 per share, with a total value of $50,049.00. Following the completion of the acquisition, the chief financial officer owned 102,698 shares in the company, valued at approximately $1,534,308.12. This represents a 3.37% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.85% of the company's stock.

Institutional Investors Weigh In On Chemours

A number of institutional investors and hedge funds have recently modified their holdings of CC. Baird Financial Group Inc. bought a new stake in shares of Chemours during the first quarter valued at approximately $148,000. Royal Bank of Canada increased its position in Chemours by 6.8% in the 1st quarter. Royal Bank of Canada now owns 585,702 shares of the specialty chemicals company's stock valued at $7,926,000 after acquiring an additional 37,382 shares during the period. AQR Capital Management LLC acquired a new stake in Chemours in the 1st quarter valued at approximately $161,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Chemours by 149.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 43,243 shares of the specialty chemicals company's stock valued at $593,000 after acquiring an additional 25,899 shares in the last quarter. Finally, Empowered Funds LLC bought a new stake in Chemours during the 1st quarter valued at $403,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source