Chemours (NYSE:CC) Trading Down 7% - Here's What Happened

Key Points

• Chemours' share price fell 7% on Wednesday, with the stock closing at $12.63, significantly lower than its previous close of $13.59 and below the average trading volume.
• A number of analysts have downgraded Chemours' stock, with Wall Street Zen moving it from a "hold" to a "sell" rating, while others have adjusted their price targets, indicating mixed sentiment.
• The company reported disappointing earnings for the last quarter, with an EPS of $0.13, missing analysts' expectations and highlighting a year-over-year decrease compared to the same period last year.

The Chemours Company (NYSE:CC - Get Free Report)'s stock price traded down 7% on Wednesday . The stock traded as low as $12.75 and last traded at $12.63. 2,319,401 shares changed hands during mid-day trading, a decline of 32% from the average session volume of 3,429,724 shares. The stock had previously closed at $13.59.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Mizuho raised their price target on shares of Chemours from $13.00 to $16.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 15th. Truist Financial decreased their price target 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. Wall Street Zen downgraded shares of Chemours from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. Royal Bank Of Canada raised their price target on shares of Chemours from $14.00 to $15.00 and gave the stock an "outperform" rating in a research note on Thursday, July 3rd. Finally, The Goldman Sachs Group decreased their price target 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 investment analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $17.44.

Chemours Trading Down 4.7%

The stock has a market capitalization of $1.71 billion, a price-to-earnings ratio of 57.18 and a beta of 1.65. The company's 50-day moving average is $12.00 and its 200-day moving average is $13.59. The company has a quick ratio of 0.83, a current ratio of 1.75 and a debt-to-equity ratio of 7.01.

Chemours (NYSE:CC - Get Free Report) last released its quarterly earnings data 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). Chemours had a return on equity of 23.82% and a net margin of 0.54%. The firm had revenue of $1.37 billion for the quarter, compared to analyst estimates of $1.36 billion. During the same quarter in the previous year, the business posted $0.32 earnings per share. Chemours's revenue for the quarter was up .4% on a year-over-year basis. Research analysts anticipate that The Chemours Company will post 2.03 earnings per share for the current fiscal year.

Chemours Announces Dividend

The company also recently disclosed a dividend, which was paid on Monday, June 16th. Investors of record on Monday, May 19th were given a dividend of $0.0875 per share. This represents a yield of 317.0%. The ex-dividend date was Friday, May 16th. Chemours's dividend payout ratio (DPR) is presently 175.00%.

Insider Transactions at Chemours

In related news, insider Damian Gumpel purchased 7,822 shares of the company's stock in a transaction on Tuesday, June 3rd. The stock was acquired at an average cost of $9.95 per share, for a total transaction of $77,828.90. Following the completion of the transaction, the insider directly owned 131,701 shares in the company, valued at approximately $1,310,424.95. The trade was a 6.31% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Shane Hostetter purchased 4,450 shares of the company's stock in a transaction on Monday, May 19th. The shares were bought at an average price of $11.28 per share, with a total value of $50,196.00. Following the completion of the transaction, the chief financial officer owned 59,694 shares of the company's stock, valued at approximately $673,348.32. The trade was a 8.06% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 25,672 shares of company stock valued at $251,573. Company insiders own 0.47% of the company's stock.

Institutional Investors Weigh In On Chemours

A number of institutional investors have recently made changes to their positions in the stock. Peregrine Capital Management LLC increased its position in shares of Chemours by 20.0% during the second quarter. Peregrine Capital Management LLC now owns 385,664 shares of the specialty chemicals company's stock valued at $4,416,000 after acquiring an additional 64,218 shares during the last quarter. Teacher Retirement System of Texas increased its position in shares of Chemours by 15.1% during the second quarter. Teacher Retirement System of Texas now owns 67,911 shares of the specialty chemicals company's stock valued at $778,000 after acquiring an additional 8,917 shares during the last quarter. Nisa Investment Advisors LLC grew its holdings in shares of Chemours by 105.0% in the second quarter. Nisa Investment Advisors LLC now owns 41,382 shares of the specialty chemicals company's stock valued at $474,000 after purchasing an additional 21,195 shares in the last quarter. Ingalls & Snyder LLC acquired a new position in shares of Chemours in the second quarter valued at approximately $241,000. Finally, Moloney Securities Asset Management LLC acquired a new position in shares of Chemours in the second quarter valued at approximately $352,000. 76.26% of the stock is currently owned by institutional investors and hedge funds.

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.