Chemours Co to Post Q2 2020 Earnings of $0.20 Per Share, Jefferies Financial Group Forecasts (NYSE:CC)
Chemours Co (NYSE:CC) – Equities research analysts at Jefferies Financial Group lifted their Q2 2020 earnings per share estimates for shares of Chemours in a research report issued on Wednesday, June 24th. Jefferies Financial Group analyst L. Alexander now anticipates that the specialty chemicals company will post earnings per share of $0.20 for the quarter, up from their prior forecast of ($0.01). Jefferies Financial Group has a “Hold” rating on the stock. Jefferies Financial Group also issued estimates for Chemours’ Q3 2020 earnings at $0.28 EPS, Q4 2020 earnings at $0.31 EPS, FY2020 earnings at $1.50 EPS, FY2021 earnings at $2.35 EPS, FY2022 earnings at $3.15 EPS and FY2023 earnings at $4.15 EPS.
Other analysts also recently issued reports about the stock. SunTrust Banks increased their price target on shares of Chemours from $10.00 to $12.00 and gave the stock a “hold” rating in a report on Thursday, May 7th. Cfra lowered their price target on shares of Chemours from $21.00 to $11.00 and set a “hold” rating on the stock in a report on Friday, April 3rd. Citigroup lowered their price target on shares of Chemours from $10.00 to $8.00 and set a “neutral” rating on the stock in a report on Thursday, April 9th. Morgan Stanley reduced their price objective on shares of Chemours from $15.00 to $12.00 and set an “equal weight” rating for the company in a research report on Monday, March 30th. Finally, UBS Group upped their price objective on shares of Chemours from $9.00 to $12.00 and gave the stock a “neutral” rating in a research report on Friday, May 8th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $14.30.
Chemours (NYSE:CC) last released its quarterly earnings data on Tuesday, May 5th. The specialty chemicals company reported $0.71 EPS for the quarter, beating the consensus estimate of $0.46 by $0.25. Chemours had a negative net margin of 0.82% and a positive return on equity of 56.54%. The business had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.33 billion. During the same period in the prior year, the firm earned $0.63 EPS. The business’s revenue for the quarter was down 5.2% on a year-over-year basis.
Several institutional investors and hedge funds have recently made changes to their positions in CC. State Street Corp boosted its stake in shares of Chemours by 1.6% in the first quarter. State Street Corp now owns 4,023,131 shares of the specialty chemicals company’s stock valued at $35,685,000 after purchasing an additional 64,500 shares during the period. Norges Bank purchased a new position in shares of Chemours in the fourth quarter valued at approximately $65,931,000. Bank of New York Mellon Corp boosted its stake in shares of Chemours by 18.6% in the fourth quarter. Bank of New York Mellon Corp now owns 3,194,798 shares of the specialty chemicals company’s stock valued at $57,794,000 after purchasing an additional 500,177 shares during the period. Luminus Management LLC purchased a new position in shares of Chemours in the first quarter valued at approximately $21,608,000. Finally, Geode Capital Management LLC boosted its stake in shares of Chemours by 3.5% in the first quarter. Geode Capital Management LLC now owns 1,872,583 shares of the specialty chemicals company’s stock valued at $16,609,000 after purchasing an additional 63,587 shares during the period. 80.10% of the stock is owned by hedge funds and other institutional investors.
In other Chemours news, COO Mark Newman bought 2,500 shares of Chemours stock in a transaction dated Thursday, May 7th. The stock was acquired at an average cost of $11.62 per share, for a total transaction of $29,050.00. Following the completion of the transaction, the chief operating officer now directly owns 132,344 shares of the company’s stock, valued at $1,537,837.28. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 2.72% of the stock is owned by corporate insiders.
The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, May 15th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 6.53%. The ex-dividend date was Thursday, May 14th. Chemours’s dividend payout ratio (DPR) is 39.84%.
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, Fluoroproducts, and Chemical Solutions. The Titanium Technologies segment manufactures and sells titanium dioxide under the Ti-Pure and BaiMax brands for various applications in architectural and industrial coatings, flexible and rigid plastic packaging, polyvinylchloride window profiles, laminate papers used for furniture and building materials, and coated papers and paperboards used for packaging.
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