Chemours Company (The) (CC) to Post FY2017 Earnings of $3.55 Per Share, Jefferies Group Forecasts
Chemours Company (The) (NYSE:CC) – Stock analysts at Jefferies Group reduced their FY2017 EPS estimates for Chemours in a research note issued on Monday. Jefferies Group analyst L. Alexander now forecasts that the specialty chemicals company will earn $3.55 per share for the year, down from their prior forecast of $3.70. Jefferies Group has a “Buy” rating and a $66.00 price objective on the stock. Jefferies Group also issued estimates for Chemours’ FY2018 earnings at $5.10 EPS, FY2019 earnings at $5.85 EPS and FY2020 earnings at $6.65 EPS.
Other research analysts have also recently issued research reports about the company. Barclays reiterated a “buy” rating and issued a $60.00 price objective on shares of Chemours in a research report on Wednesday. Zacks Investment Research upgraded Chemours from a “hold” rating to a “buy” rating and set a $57.00 price objective for the company in a research report on Thursday, November 9th. BidaskClub upgraded Chemours from a “hold” rating to a “buy” rating in a research report on Thursday, August 24th. Argus reiterated a “buy” rating and issued a $55.00 price objective (up previously from $50.00) on shares of Chemours in a research report on Thursday, August 10th. Finally, UBS increased their price objective on Chemours from $50.00 to $59.00 and gave the stock a “neutral” rating in a research report on Friday, November 3rd. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $57.89.
Chemours (NYSE:CC) last released its quarterly earnings data on Thursday, November 2nd. The specialty chemicals company reported $1.12 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.01 by $0.11. The firm had revenue of $1.58 billion during the quarter, compared to analysts’ expectations of $1.59 billion. Chemours had a return on equity of 116.80% and a net margin of 4.86%. Chemours’s revenue was up 13.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.61 earnings per share.
The company also recently declared a quarterly dividend, which will be paid on Thursday, March 15th. Stockholders of record on Thursday, February 15th will be given a $0.17 dividend. The ex-dividend date of this dividend is Wednesday, February 14th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.42%. This is a boost from Chemours’s previous quarterly dividend of $0.03. Chemours’s dividend payout ratio (DPR) is currently 8.28%.
Chemours announced that its board has approved a share repurchase plan on Friday, December 1st that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the specialty chemicals company to buy shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.
In other news, SVP David C. Shelton sold 13,397 shares of the firm’s stock in a transaction on Tuesday, October 10th. The stock was sold at an average price of $55.00, for a total value of $736,835.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP David C. Shelton sold 19,000 shares of the firm’s stock in a transaction on Thursday, October 5th. The shares were sold at an average price of $53.68, for a total value of $1,019,920.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 50,183 shares of company stock valued at $2,720,166. Company insiders own 1.14% of the company’s stock.
Several hedge funds have recently made changes to their positions in CC. Russell Investments Group Ltd. increased its position in shares of Chemours by 146.7% in the second quarter. Russell Investments Group Ltd. now owns 136,499 shares of the specialty chemicals company’s stock valued at $5,176,000 after buying an additional 81,162 shares in the last quarter. Public Employees Retirement Association of Colorado increased its position in shares of Chemours by 17.2% in the second quarter. Public Employees Retirement Association of Colorado now owns 39,521 shares of the specialty chemicals company’s stock valued at $1,499,000 after buying an additional 5,812 shares in the last quarter. Great West Life Assurance Co. Can increased its position in shares of Chemours by 1.2% in the second quarter. Great West Life Assurance Co. Can now owns 110,566 shares of the specialty chemicals company’s stock valued at $4,191,000 after buying an additional 1,355 shares in the last quarter. World Asset Management Inc boosted its stake in shares of Chemours by 4.0% during the second quarter. World Asset Management Inc now owns 15,652 shares of the specialty chemicals company’s stock valued at $594,000 after acquiring an additional 597 shares during the last quarter. Finally, Korea Investment CORP boosted its stake in shares of Chemours by 99.8% during the second quarter. Korea Investment CORP now owns 162,600 shares of the specialty chemicals company’s stock valued at $6,166,000 after acquiring an additional 81,200 shares during the last quarter. Institutional investors and hedge funds own 74.42% of the company’s stock.
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The Chemours Company is a provider of performance chemicals. The Company operates through three segments: Titanium Technologies, Fluoroproducts and Chemical Solutions. The Titanium Technologies segment is a producer of titanium dioxide (TiO2). The Fluoroproducts segment is a provider of fluoroproducts, including refrigerants and industrial fluoropolymer resins.
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