Chemours (NYSE:CC) Shares Gap Up After Insider Buying Activity

Key Points

• Chemours shares saw a significant increase, opening at $13.00 after an insider, CEO Denise Dignam, purchased 4,068 shares at $12.06 each, raising her ownership stake by 2.17%.
• Analyst recognition has been mixed, with Goldman Sachs lowering its price target from $21.00 to $14.00, while Mizuho raised it to $16.00, highlighting diverse market expectations.
• The company recently cut its dividend to $0.0875 per share, reflecting a dividend yield of 2.6%, as it navigates challenging financial conditions, including a negative net margin.

Shares of The Chemours Company (NYSE:CC - Get Free Report) gapped up before the market opened on Wednesday following insider buying activity. The stock had previously closed at $12.42, but opened at $13.00. Chemours shares last traded at $13.60, with a volume of 918,108 shares traded.

Specifically, CEO Denise Dignam purchased 4,068 shares of Chemours stock in a transaction dated Friday, August 8th. The stock was acquired at an average cost of $12.06 per share, with a total value of $49,060.08. Following the acquisition, the chief executive officer directly owned 191,546 shares of the company's stock, valued at $2,310,044.76. This represents a 2.17% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. The Goldman Sachs Group reduced their target price on Chemours from $21.00 to $14.00 and set a "neutral" rating on the stock in a report on Wednesday, May 14th. Royal Bank Of Canada boosted their price objective on Chemours from $14.00 to $15.00 and gave the company an "outperform" rating in a report on Thursday, July 3rd. Wall Street Zen lowered Chemours from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. Barclays lowered their target price on Chemours from $16.00 to $13.00 and set an "equal weight" rating for the company in a report on Wednesday, May 28th. Finally, Morgan Stanley reduced their price objective on Chemours from $22.00 to $15.00 and set an "equal weight" rating for the company in a research report on Monday, May 12th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $17.38.

Chemours Stock Up 2.1%

The company has a current ratio of 1.68, a quick ratio of 0.83 and a debt-to-equity ratio of 17.16. The firm's 50 day simple moving average is $12.57 and its 200-day simple moving average is $13.01. The stock has a market capitalization of $2.23 billion, a price-to-earnings ratio of -5.33 and a beta of 1.61.

Chemours (NYSE:CC - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The specialty chemicals company reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.12. The company had revenue of $1.62 billion for the quarter, compared to analyst estimates of $1.57 billion. Chemours had a negative net margin of 7.19% and a positive return on equity of 35.14%. Chemours's revenue for the quarter was up 5.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.38 EPS. Equities analysts expect that The Chemours Company will post 2.03 earnings per share for the current fiscal year.

Chemours Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Friday, August 15th will be issued a $0.0875 dividend. The ex-dividend date of this dividend is Friday, August 15th. This represents a $0.35 dividend on an annualized basis and a yield of 2.3%. Chemours's payout ratio is currently -12.50%.

Institutional Trading of Chemours

Institutional investors have recently bought and sold shares of the business. FNY Investment Advisers LLC bought a new stake in shares of Chemours during the 1st quarter worth approximately $27,000. MTM Investment Management LLC acquired a new position in Chemours in the 2nd quarter valued at approximately $27,000. UMB Bank n.a. increased its position in Chemours by 73.9% in the 1st quarter. UMB Bank n.a. now owns 2,231 shares of the specialty chemicals company's stock valued at $30,000 after acquiring an additional 948 shares during the period. Farther Finance Advisors LLC increased its position in shares of Chemours by 170.7% during the first quarter. Farther Finance Advisors LLC now owns 2,290 shares of the specialty chemicals company's stock worth $30,000 after buying an additional 1,444 shares during the period. Finally, SouthState Corp acquired a new stake in shares of Chemours during the first quarter worth $34,000. Institutional investors own 76.26% of the company's stock.

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.