Chemours (NYSE:CC) Shares Gap Down Following Weak Earnings

Shares of The Chemours Company (NYSE:CC - Get Free Report) gapped down prior to trading on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $12.10, but opened at $10.32. Chemours shares last traded at $10.90, with a volume of 1,877,022 shares traded.

The specialty chemicals company reported $0.13 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.19 by ($0.06). Chemours had a return on equity of 26.54% and a net margin of 1.51%. The firm had revenue of $1.37 billion for the quarter, compared to the consensus estimate of $1.36 billion. During the same quarter in the previous year, the business posted $0.32 earnings per share. The firm's quarterly revenue was up .4% compared to the same quarter last year.

Chemours Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 28th were paid a $0.25 dividend. The ex-dividend date of this dividend was Friday, February 28th. This represents a $1.00 dividend on an annualized basis and a yield of 8.36%. Chemours's dividend payout ratio is 500.00%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CC. Truist Financial decreased their price target on Chemours from $27.00 to $22.00 and set a "buy" rating for the company in a research note on Monday, April 14th. StockNews.com cut Chemours from a "hold" rating to a "sell" rating in a report on Thursday. BMO Capital Markets dropped their price objective on Chemours from $34.00 to $27.00 and set an "outperform" rating for the company in a report on Wednesday, February 19th. Royal Bank of Canada decreased their price target on Chemours from $17.00 to $14.00 and set an "outperform" rating on the stock in a research note on Thursday. Finally, Barclays decreased their price target on Chemours from $19.00 to $16.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 1st. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $18.33.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Frank Rimerman Advisors LLC bought a new position in shares of Chemours during the first quarter valued at about $150,000. Wolverine Asset Management LLC purchased a new position in shares of Chemours during the first quarter valued at approximately $514,000. Maryland State Retirement & Pension System purchased a new position in shares of Chemours during the first quarter valued at approximately $704,000. Headlands Technologies LLC increased its position in shares of Chemours by 28,275.9% during the first quarter. Headlands Technologies LLC now owns 8,229 shares of the specialty chemicals company's stock valued at $111,000 after acquiring an additional 8,200 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Chemours by 10.5% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,438,732 shares of the specialty chemicals company's stock valued at $19,466,000 after acquiring an additional 136,460 shares in the last quarter. Institutional investors own 76.26% of the company's stock.

Chemours Stock Up 8.1%

The company has a market cap of $1.79 billion, a P/E ratio of 20.97 and a beta of 1.76. The company has a debt-to-equity ratio of 6.70, a current ratio of 1.68 and a quick ratio of 0.92. The company's 50-day moving average is $12.55 and its two-hundred day moving average is $16.51.

Chemours Company Profile

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, Thermal & Specialized Solutions, and Advanced Performance Materials. The Titanium Technologies segment provides TiO2 pigment under the Ti-Pure brand for delivering whiteness, brightness, opacity, durability, efficiency, and protection in various of applications, such as architectural and industrial coatings, flexible and rigid plastic packaging, polyvinylchloride, laminate papers used for furniture and building materials, coated paper, and coated paperboard used for packaging.