Chemours (NYSE:CC) Issues Quarterly Earnings Results

Key Points

• Chemours missed earnings expectations: The company reported quarterly EPS of $0.21, below the $0.27 consensus estimate and down from $0.40 a year earlier. Revenue of $1.54 billion slightly exceeded expectations of $1.53 billion.
• Shares fell 2.4% to $13.20 following the results, while analysts’ consensus rating remained “Hold” with an average price target of $17.73.
• Chemours maintained its quarterly dividend at $0.0875 per share, representing an annualized payout of $0.35 and a 2.7% yield. Company insiders also purchased 8,663 shares worth approximately $130,601 during the latest quarter.

Chemours (NYSE:CC - Get Free Report) posted its quarterly earnings results on Monday. The specialty chemicals company reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.06), FiscalAI reports. Chemours had a negative net margin of 5.00% and a positive return on equity of 60.64%. The company had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.53 billion. During the same period in the prior year, the company posted $0.40 EPS.

Chemours Trading Down 2.4%

NYSE CC traded down $0.33 on Monday, hitting $13.20. 4,477,364 shares of the stock were exchanged, compared to its average volume of 2,810,770. The company's 50-day moving average price is $14.22 and its two-hundred day moving average price is $18.27. The company has a debt-to-equity ratio of 18.98, a current ratio of 1.66 and a quick ratio of 0.88. Chemours has a 52-week low of $10.44 and a 52-week high of $28.67. The company has a market capitalization of $1.99 billion, a price-to-earnings ratio of -6.91 and a beta of 1.41.

Chemours Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Monday, November 16th will be given a dividend of $0.0875 per share. This represents a $0.35 annualized dividend and a yield of 2.7%. The ex-dividend date is Monday, November 16th. Chemours's payout ratio is presently -18.32%.

Insider Activity

In other Chemours news, CFO Shane Hostetter bought 3,350 shares of the firm's stock in a transaction dated Thursday, August 6th. The stock was acquired at an average price of $14.94 per share, with a total value of $50,049.00. Following the completion of the transaction, the chief financial officer directly owned 102,698 shares in the company, valued at approximately $1,534,308.12. This represents a 3.37% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Calderon Gerardo Familiar purchased 1,935 shares of the stock in a transaction dated Wednesday, August 12th. The shares were acquired at an average price of $15.53 per share, for a total transaction of $30,050.55. Following the acquisition, the insider directly owned 58,547 shares of the company's stock, valued at $909,234.91. This represents a 3.42% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders acquired 8,663 shares of company stock worth $130,601 over the last quarter. Corporate insiders own 0.85% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on CC. The Goldman Sachs Group restated a "neutral" rating and issued a $16.00 target price on shares of Chemours in a report on Friday, October 9th. Royal Bank Of Canada downgraded Chemours from an "outperform" rating to a "sector perform" rating and set a $14.00 target price for the company. in a report on Tuesday, October 13th. Mizuho lowered Chemours from an "outperform" rating to a "neutral" rating and decreased their price target for the company from $18.00 to $15.00 in a research report on Wednesday, October 14th. BMO Capital Markets decreased their price target on Chemours from $26.00 to $18.00 and set an "outperform" rating for the company in a research report on Thursday, August 13th. Finally, Zacks Research raised Chemours from a "strong sell" rating to a "hold" rating in a research note on Thursday, September 10th. Three research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Chemours has an average rating of "Hold" and a consensus price target of $17.73.

Chemours Company Profile

The Chemours Company NYSE: CC is a global chemistry company that develops and manufactures performance chemicals and advanced materials for industrial and consumer applications. The company serves customers in markets including automotive, construction, energy, electronics, healthcare, and general manufacturing.

Chemours operates through businesses focused on Titanium Technologies, Thermal & Specialized Solutions, and Advanced Performance Materials. Its products include titanium dioxide pigments used to provide whiteness and opacity in coatings, plastics, and paper; refrigerants and related thermal-management solutions; and high-performance fluoropolymers and specialty materials sold under brands such as Teflon™, Viton™, and Nafion™.

Headquartered in Wilmington, Delaware, Chemours serves customers globally through manufacturing facilities, research and development operations, and commercial activities across North America, Latin America, Europe, and Asia-Pacific.

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