Truist Financial Lowers Chemours (NYSE:CC) Price Target to $24.00

Key Points

• Truist Financial lowered Chemours’ price target from $30 to $24 but maintained a “buy” rating, implying 57.69% upside from the prior close. Analysts overall have a “Moderate Buy” consensus with a $22.50 target.
• Chemours shares rose 4.3% to $15.22 in Thursday trading, though the stock remains below its 50-day and 200-day moving averages.
• The company reported quarterly EPS of $0.42, below the $0.49 consensus estimate, while revenue of $1.59 billion also missed expectations and declined 1.5% year over year.

Chemours (NYSE:CC - Get Free Report) had its price target reduced by Truist Financial from $30.00 to $24.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the specialty chemicals company's stock. Truist Financial's target price indicates a potential upside of 57.69% from the stock's previous close.

Other analysts have also recently issued research reports about the company. Zacks Research raised Chemours from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 21st. Royal Bank Of Canada set a $22.00 price objective on Chemours in a research report on Thursday. UBS Group boosted their target price on shares of Chemours from $29.00 to $30.00 and gave the stock a "buy" rating in a report on Friday, May 8th. Mizuho set a $22.00 price target on shares of Chemours in a report on Wednesday. Finally, Morgan Stanley boosted their price objective on shares of Chemours from $17.00 to $21.00 and gave the stock an "equal weight" rating in a research note on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Chemours presently has a consensus rating of "Moderate Buy" and a consensus target price of $22.50.

Chemours Trading Up 4.3%

NYSE CC traded up $0.63 during trading hours on Thursday, hitting $15.22. 2,179,938 shares of the company were exchanged, compared to its average volume of 3,067,075. Chemours has a 52 week low of $10.44 and a 52 week high of $28.67. The company has a quick ratio of 0.87, a current ratio of 1.82 and a debt-to-equity ratio of 18.98. The stock has a 50-day moving average price of $19.51 and a 200 day moving average price of $20.06. The stock has a market cap of $2.29 billion, a PE ratio of -7.92 and a beta of 1.43.

Chemours (NYSE:CC - Get Free Report) last issued its quarterly earnings results 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). The company had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.65 billion. Chemours had a positive return on equity of 42.63% and a negative net margin of 5.00%.The firm's quarterly revenue was down 1.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($2.54) earnings per share. Analysts forecast that Chemours will post 1.18 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Parallel Advisors LLC lifted its position in shares of Chemours by 10.9% during the 1st quarter. Parallel Advisors LLC now owns 5,366 shares of the specialty chemicals company's stock worth $118,000 after buying an additional 527 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its position in Chemours by 1.8% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 34,300 shares of the specialty chemicals company's stock worth $404,000 after purchasing an additional 600 shares during the last quarter. PFG Investments LLC increased its position in shares of Chemours by 7.6% during the 4th quarter. PFG Investments LLC now owns 12,494 shares of the specialty chemicals company's stock valued at $147,000 after purchasing an additional 883 shares during the last quarter. State of Alaska Department of Revenue raised its stake in shares of Chemours by 1.2% during the 4th quarter. State of Alaska Department of Revenue now owns 76,257 shares of the specialty chemicals company's stock worth $899,000 after purchasing an additional 932 shares during the period. Finally, Man Group plc boosted its holdings in shares of Chemours by 0.4% in the 2nd quarter. Man Group plc now owns 271,108 shares of the specialty chemicals company's stock worth $3,104,000 after buying an additional 979 shares during the last quarter. 76.26% of the stock is currently owned by hedge funds and other institutional investors.

About Chemours

Chemours Company, established in 2015 as a spin-off from E. I. du Pont de Nemours and Company, is a global chemistry organization headquartered in Wilmington, Delaware. Since its formation, Chemours has focused on delivering performance chemicals that help customers lower their carbon footprint, increase energy efficiency and conserve water. The company operates with a commitment to safety, environmental stewardship and innovation.

Chemours' principal business activities are organized into three core segments.

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