Chemours (NYSE:CC) Cut to "Strong Sell" at Zacks Research

Key Points

• Zacks Research downgraded Chemours to “strong sell” from “strong buy,” while broader analyst sentiment remains “Hold” with a consensus price target of $21.
• Chemours reported quarterly EPS of $0.42, below the $0.49 estimate, and revenue of $1.59 billion versus the $1.65 billion consensus; revenue declined 1.5% year over year.
• Shares opened at $15.26, well below the company’s 50-day and 200-day moving averages of $18.76 and $20.03, respectively. CFO Shane Hostetter purchased 3,350 shares at an average price of $14.94.

Chemours (NYSE:CC - Get Free Report) was downgraded by stock analysts at Zacks Research from a "strong-buy" rating to a "strong sell" rating in a research note issued to investors on Tuesday,Zacks.com reports.

Other equities analysts have also issued research reports about the company. Morgan Stanley set a $18.00 target price on Chemours in a research note on Monday. Weiss Ratings downgraded Chemours from a "sell (d)" rating to a "sell (d-)" rating in a research note on Thursday, August 6th. Alembic Global Advisors reaffirmed an "overweight" rating and issued a $30.00 price objective on shares of Chemours in a report on Wednesday, May 13th. Mizuho set a $22.00 price objective on Chemours in a research report on Wednesday, August 5th. Finally, JPMorgan Chase & Co. lifted their target price on Chemours from $17.00 to $22.00 and gave the stock a "neutral" rating in a report on Thursday, May 21st. Five analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $21.00.

Chemours Stock Performance

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

Chemours (NYSE:CC - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The specialty chemicals company reported $0.42 EPS for the quarter, missing analysts' consensus estimates of $0.49 by ($0.07). The company had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.65 billion. Chemours had a negative net margin of 5.00% and a positive return on equity of 60.64%. The firm's quarterly revenue was down 1.5% on a year-over-year basis. During the same quarter last year, the company posted ($2.54) EPS. On average, sell-side analysts predict that Chemours will post 0.88 earnings per share for the current year.

Insider Activity

In related news, CFO Shane Hostetter purchased 3,350 shares of the business's stock in a transaction that occurred on Thursday, August 6th. The stock was acquired at an average cost of $14.94 per share, for a total transaction of $50,049.00. Following the completion of the purchase, 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 the SEC website. Company insiders own 0.85% of the company's stock.

Hedge Funds Weigh In On Chemours

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CC. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Chemours during the 2nd quarter worth $34,000. Atlas Capital Advisors Inc. bought a new position in shares of Chemours in the fourth quarter worth $26,000. Aster Capital Management DIFC Ltd acquired a new position in Chemours in the fourth quarter valued at about $28,000. Allworth Financial LP acquired a new position in Chemours in the second quarter valued at about $51,000. Finally, Covestor Ltd lifted its position in Chemours by 204.7% during the fourth quarter. Covestor Ltd now owns 2,602 shares of the specialty chemicals company's stock worth $31,000 after purchasing an additional 1,748 shares during the period. 76.26% of the stock is owned by institutional investors and hedge funds.

Chemours Company Profile

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.

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