Chemours (NYSE:CC) Shares Gap Up - Here's What Happened

The Chemours Company (NYSE:CC - Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $12.42, but opened at $13.09. Chemours shares last traded at $13.34, with a volume of 1,582,898 shares.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Mizuho set a $15.00 target price on shares of Chemours in a research note on Tuesday, April 15th. Morgan Stanley decreased their target price on shares of Chemours from $22.00 to $15.00 and set an "equal weight" rating on the stock in a research note on Monday, May 12th. Truist Financial decreased their target price on shares of Chemours from $27.00 to $22.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. UBS Group decreased their target price on shares of Chemours from $18.00 to $17.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th. Finally, The Goldman Sachs Group reduced their price objective on shares of Chemours from $21.00 to $14.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 14th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Chemours currently has a consensus rating of "Hold" and a consensus target price of $17.33.

Chemours Trading Up 0.8%

The company has a quick ratio of 0.83, a current ratio of 1.75 and a debt-to-equity ratio of 7.01. The company has a market cap of $2.06 billion, a P/E ratio of 68.70 and a beta of 1.65. The firm's 50 day moving average is $11.32 and its two-hundred day moving average is $14.01.

Chemours (NYSE:CC - Get Free Report) last released its earnings results on Tuesday, May 6th. The specialty chemicals company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.06). The firm had revenue of $1.37 billion during the quarter, compared to analyst estimates of $1.36 billion. Chemours had a net margin of 0.54% and a return on equity of 23.82%. Chemours's quarterly revenue was up .4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.32 EPS. As a group, equities research analysts anticipate that The Chemours Company will post 2.03 EPS for the current year.

Chemours Announces Dividend

The company also recently announced a dividend, which was paid on Monday, June 16th. Investors of record on Monday, May 19th were issued a $0.0875 dividend. The ex-dividend date of this dividend was Friday, May 16th. This represents a yield of 3.17%. Chemours's payout ratio is 175.00%.

Insider Buying and Selling at Chemours

In other news, insider Damian Gumpel bought 13,400 shares of the company's stock in a transaction that occurred on Monday, June 2nd. The shares were acquired at an average price of $9.22 per share, for a total transaction of $123,548.00. Following the completion of the acquisition, the insider directly owned 123,879 shares in the company, valued at approximately $1,142,164.38. This represents a 12.13% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Shane Hostetter acquired 4,450 shares of the company's stock in a transaction dated Monday, May 19th. The shares were bought at an average price of $11.28 per share, for a total transaction of $50,196.00. Following the acquisition, the chief financial officer directly owned 59,694 shares of the company's stock, valued at approximately $673,348.32. This trade represents a 8.06% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 25,672 shares of company stock worth $251,573. 0.47% of the stock is owned by company insiders.

Hedge Funds Weigh In On Chemours

Several institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in shares of Chemours by 8.3% during the first quarter. Vanguard Group Inc. now owns 16,487,008 shares of the specialty chemicals company's stock valued at $223,069,000 after purchasing an additional 1,263,047 shares during the period. Ameriprise Financial Inc. raised its holdings in shares of Chemours by 23.8% during the fourth quarter. Ameriprise Financial Inc. now owns 4,373,172 shares of the specialty chemicals company's stock valued at $73,907,000 after purchasing an additional 839,849 shares during the period. Millennium Management LLC raised its holdings in shares of Chemours by 60.4% during the first quarter. Millennium Management LLC now owns 4,022,782 shares of the specialty chemicals company's stock valued at $54,428,000 after purchasing an additional 1,515,520 shares during the period. American Century Companies Inc. raised its holdings in shares of Chemours by 17.5% during the first quarter. American Century Companies Inc. now owns 1,909,149 shares of the specialty chemicals company's stock valued at $25,831,000 after purchasing an additional 284,130 shares during the period. Finally, Norges Bank acquired a new position in shares of Chemours during the fourth quarter valued at about $30,702,000. Institutional investors and hedge funds 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.