Chemours (NYSE:CC) Releases Earnings Results, Misses Expectations By $0.08 EPS

Chemours (NYSE:CC) issued its earnings results on Tuesday. The specialty chemicals company reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.08), Zacks reports. Chemours had a negative net margin of 6.82% and a positive return on equity of 52.49%. During the same quarter last year, the company earned ($2.54) earnings per share. The company’s revenue for the quarter was down 1.5% on a year-over-year basis.

Chemours Price Performance

Shares of NYSE CC traded up $0.83 during midday trading on Tuesday, reaching $17.94. The company’s stock had a trading volume of 2,850,245 shares, compared to its average volume of 2,202,822. The company has a debt-to-equity ratio of 18.98, a quick ratio of 0.87 and a current ratio of 1.82. The company has a market cap of $2.70 billion, a P/E ratio of 19.44 and a beta of 1.43. The business’s 50 day moving average price is $19.75 and its two-hundred day moving average price is $20.04. Chemours has a fifty-two week low of $10.44 and a fifty-two week high of $28.67.

Hedge Funds Weigh In On Chemours

A number of hedge funds have recently added to or reduced their stakes in the stock. State Street Corp increased its position in shares of Chemours by 22.7% in the second quarter. State Street Corp now owns 6,114,328 shares of the specialty chemicals company’s stock worth $70,009,000 after purchasing an additional 1,131,682 shares during the period. Ameriprise Financial Inc. lifted its stake in Chemours by 13.8% in the 3rd quarter. Ameriprise Financial Inc. now owns 4,796,153 shares of the specialty chemicals company’s stock valued at $75,971,000 after purchasing an additional 580,089 shares during the last quarter. UBS Group AG grew its position in Chemours by 0.3% during the 3rd quarter. UBS Group AG now owns 4,754,492 shares of the specialty chemicals company’s stock worth $75,311,000 after acquiring an additional 14,865 shares during the last quarter. Cooper Creek Partners Management LLC acquired a new position in shares of Chemours in the third quarter valued at approximately $63,103,000. Finally, Goldman Sachs Group Inc. grew its stake in shares of Chemours by 36.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 3,701,294 shares of the specialty chemicals company’s stock worth $43,638,000 after purchasing an additional 996,012 shares during the last quarter. Institutional investors own 76.26% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on CC. Truist Financial raised their price target on Chemours from $27.00 to $30.00 and gave the company a “buy” rating in a report on Tuesday, April 28th. Alembic Global Advisors reissued an “overweight” rating and issued a $30.00 price objective on shares of Chemours in a research report on Wednesday, May 13th. Zacks Research upgraded shares of Chemours from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 21st. Morgan Stanley lifted their target price on shares of Chemours from $17.00 to $21.00 and gave the stock an “equal weight” rating in a report on Monday, May 11th. Finally, Royal Bank Of Canada increased their price target on shares of Chemours from $26.00 to $29.00 and gave the company an “outperform” rating in a report on Monday, May 11th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $24.10.

Chemours Company Profile

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.