Chemours (NYSE:CC) Share Price Crosses Below 50 Day Moving Average - Here's Why

Key Points

• Chemours shares fell below their 50-day moving average, trading as low as $13.72 versus the $15.06 average, with the stock last at $13.814.
• Analysts maintain a broadly cautious outlook: Chemours has an average “Hold” rating and a $19.50 price target, while several firms recently lowered their targets.
• The company missed quarterly earnings and revenue estimates, reporting $0.42 EPS and $1.59 billion in revenue; it also declared a $0.0875 quarterly dividend, while insiders purchased shares recently.

Shares of The Chemours Company (NYSE:CC - Get Free Report) crossed below its 50-day moving average during trading on Thursday. The stock has a 50-day moving average of $15.06 and traded as low as $13.72. Chemours shares last traded at $13.8140, with a volume of 2,722,869 shares traded.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. JPMorgan Chase & Co. dropped their target price on Chemours from $22.00 to $15.00 and set a "neutral" rating on the stock in a research report on Thursday, August 13th. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $17.00 price target on shares of Chemours in a research report on Thursday, August 13th. Weiss Ratings downgraded shares of Chemours from a "sell (d)" rating to a "sell (d-)" rating in a research note on Thursday, August 6th. Morgan Stanley set a $18.00 price objective on shares of Chemours in a research report on Monday, August 10th. Finally, Mizuho decreased their target price on Chemours from $20.00 to $18.00 and set an "outperform" rating on the stock in a research report on Wednesday, September 30th. Five equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $19.50.

Chemours Trading Down 1.2%

The company has a debt-to-equity ratio of 18.98, a current ratio of 1.66 and a quick ratio of 0.88. The business's 50-day moving average is $15.06 and its 200 day moving average is $19.17. The firm has a market capitalization of $2.08 billion, a P/E ratio of -7.23 and a beta of 1.41.

Chemours (NYSE:CC - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The specialty chemicals company reported $0.42 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.49 by ($0.07). Chemours had a negative net margin of 5.00% and a positive return on equity of 60.64%. The business had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.65 billion. During the same period in the prior year, the firm earned ($2.54) EPS. The business's revenue for the quarter was down 1.5% on a year-over-year basis. As a group, analysts anticipate that The Chemours Company will post 0.87 EPS for the current fiscal year.

Chemours Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Friday, August 14th were paid a $0.0875 dividend. This represents a $0.35 annualized dividend and a dividend yield of 2.5%. The ex-dividend date was Friday, August 14th. Chemours's payout ratio is -18.32%.

Insider Buying and Selling

In related news, CEO Denise Dignam bought 3,378 shares of the business's stock in a transaction dated Tuesday, August 11th. The stock was purchased at an average cost of $14.95 per share, for a total transaction of $50,501.10. Following the transaction, the chief executive officer owned 339,916 shares in the company, valued at $5,081,744.20. The trade was a 1.00% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Calderon Gerardo Familiar bought 1,935 shares of the business's stock in a transaction dated Wednesday, August 12th. The shares were bought at an average price of $15.53 per share, with a total value of $30,050.55. Following the completion of the transaction, the insider owned 58,547 shares in the company, valued at approximately $909,234.91. This trade represents a 3.42% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have purchased 8,663 shares of company stock valued at $130,601 over the last 90 days. 0.85% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. BlackRock Inc. bought a new stake in Chemours during the second quarter worth $477,769,000. Wolf Hill Capital Management LP bought a new position in shares of Chemours in the 2nd quarter valued at $59,698,056. Bank of New York Mellon Corp bought a new position in shares of Chemours in the 2nd quarter valued at $33,353,000. Legal & General Group Plc acquired a new position in shares of Chemours during the 2nd quarter worth $28,400,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Chemours during the 2nd quarter worth $18,119,000. Institutional investors own 76.26% of the company's stock.

Chemours Company Profile

The Chemours Company NYSE: CC is a global chemical company that develops, manufactures and distributes specialty chemical products used in a range of industrial and consumer applications. Its portfolio serves markets including coatings, plastics, automotive, refrigeration and air conditioning, electronics, telecommunications, energy, healthcare and general manufacturing.

Chemours operates through three primary business segments: Titanium Technologies, Thermal & Specialized Solutions, and Advanced Performance Materials.

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