Royal Bank of Canada Lowers Chemours (NYSE:CC) Price Target to $28.00

Chemours (NYSE:CC) had its target price lowered by Royal Bank of Canada from $35.00 to $28.00 in a report issued on Friday morning, Benzinga reports. The brokerage currently has an outperform rating on the specialty chemicals company’s stock.

Other equities analysts have also recently issued research reports about the stock. UBS Group decreased their target price on shares of Chemours from $30.00 to $28.00 and set a buy rating on the stock in a research report on Tuesday, August 6th. Barclays decreased their price objective on Chemours from $22.00 to $21.00 and set an equal weight rating on the stock in a report on Wednesday, September 25th. BMO Capital Markets raised their price target on Chemours from $30.00 to $32.00 and gave the stock an outperform rating in a research report on Monday, October 7th. JPMorgan Chase & Co. lowered their price objective on Chemours from $25.00 to $18.00 and set a neutral rating for the company in a research report on Tuesday, August 6th. Finally, The Goldman Sachs Group dropped their price objective on Chemours from $29.00 to $23.00 and set a neutral rating for the company in a research note on Tuesday, September 3rd. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of Hold and an average price target of $25.38.

Chemours Stock Down 2.2 %

Shares of NYSE:CC opened at $19.94 on Friday. The firm has a market capitalization of $2.97 billion, a PE ratio of -9.19 and a beta of 1.74. The company has a debt-to-equity ratio of 5.45, a quick ratio of 1.01 and a current ratio of 1.89. Chemours has a 52-week low of $15.10 and a 52-week high of $32.70. The firm has a fifty day moving average of $18.85 and a 200 day moving average of $23.06.

Chemours (NYSE:CC) last posted its quarterly earnings data on Thursday, August 1st. The specialty chemicals company reported $0.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.19). The firm had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.53 billion. Chemours had a return on equity of 33.21% and a net margin of 2.16%. Chemours’s revenue for the quarter was down 6.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.10 earnings per share. As a group, research analysts anticipate that Chemours will post 1.32 EPS for the current fiscal year.

Chemours Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Thursday, August 15th were paid a dividend of $0.25 per share. The ex-dividend date was Thursday, August 15th. This represents a $1.00 annualized dividend and a dividend yield of 5.02%. Chemours’s dividend payout ratio (DPR) is presently -46.08%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Marshall Wace LLP boosted its stake in shares of Chemours by 23.8% during the 2nd quarter. Marshall Wace LLP now owns 7,009,868 shares of the specialty chemicals company’s stock valued at $158,213,000 after purchasing an additional 1,347,710 shares in the last quarter. Khrom Capital Management LLC boosted its position in Chemours by 54.6% during the 2nd quarter. Khrom Capital Management LLC now owns 3,456,626 shares of the specialty chemicals company’s stock valued at $78,016,000 after acquiring an additional 1,220,967 shares in the last quarter. Vaughan Nelson Investment Management L.P. grew its holdings in shares of Chemours by 6.8% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 2,824,301 shares of the specialty chemicals company’s stock worth $63,744,000 after acquiring an additional 178,625 shares during the period. American Century Companies Inc. raised its position in shares of Chemours by 26.7% in the 2nd quarter. American Century Companies Inc. now owns 1,811,957 shares of the specialty chemicals company’s stock worth $40,896,000 after acquiring an additional 382,100 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in shares of Chemours by 1.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,606,453 shares of the specialty chemicals company’s stock valued at $36,258,000 after purchasing an additional 22,209 shares during the period. 76.26% of the stock is owned by hedge funds and other institutional investors.

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, Thermal & Specialized Solutions, and Advanced Performance Materials. The Titanium Technologies segment provides TiO2 pigment under the Ti-Pure brand for delivering whiteness, brightness, opacity, durability, efficiency, and protection in various of applications, such as architectural and industrial coatings, flexible and rigid plastic packaging, polyvinylchloride, laminate papers used for furniture and building materials, coated paper, and coated paperboard used for packaging.