Chemours (NYSE:CC) Shares Up 8.9% - Here's What Happened

The Chemours Company (NYSE:CC - Get Free Report)'s share price was up 8.9% during mid-day trading on Tuesday . The stock traded as high as $18.63 and last traded at $18.44. Approximately 313,561 shares were traded during mid-day trading, a decline of 71% from the average daily volume of 1,070,995 shares. The stock had previously closed at $16.93.

Analyst Ratings Changes

CC has been the subject of a number of research analyst reports. Morgan Stanley dropped their price objective on shares of Chemours from $30.00 to $25.00 and set an "equal weight" rating on the stock in a research note on Tuesday, November 5th. The Goldman Sachs Group lowered their price objective on Chemours from $24.00 to $21.00 and set a "neutral" rating for the company in a research note on Tuesday. BMO Capital Markets raised their target price on Chemours from $30.00 to $32.00 and gave the company an "outperform" rating in a research note on Monday, October 7th. Royal Bank of Canada restated an "outperform" rating and set a $25.00 price target on shares of Chemours in a research report on Thursday, December 12th. Finally, Mizuho decreased their target price on shares of Chemours from $22.00 to $21.00 and set a "neutral" rating for the company in a research report on Tuesday. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat, Chemours currently has a consensus rating of "Hold" and an average target price of $24.13.

Chemours Price Performance

The company has a current ratio of 1.73, a quick ratio of 0.92 and a debt-to-equity ratio of 6.05. The stock has a market cap of $2.82 billion, a price-to-earnings ratio of 37.72 and a beta of 1.83. The stock has a fifty day simple moving average of $19.29 and a 200-day simple moving average of $19.97.

Chemours (NYSE:CC - Get Free Report) last posted its quarterly earnings results on Monday, November 4th. The specialty chemicals company reported $0.40 earnings per share for the quarter, topping analysts' consensus estimates of $0.32 by $0.08. Chemours had a net margin of 1.34% and a return on equity of 29.48%. The firm had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.44 billion. During the same quarter in the previous year, the company earned $0.64 earnings per share. The business's revenue was up .9% compared to the same quarter last year. As a group, equities research analysts expect that The Chemours Company will post 1.35 EPS for the current year.

Chemours Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Friday, November 15th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 5.30%. The ex-dividend date of this dividend was Friday, November 15th. Chemours's payout ratio is currently 200.00%.

Insiders Place Their Bets

In related news, SVP Alvenia Scarborough sold 7,500 shares of Chemours stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $20.64, for a total value of $154,800.00. Following the completion of the sale, the senior vice president now directly owns 16,645 shares in the company, valued at $343,552.80. This trade represents a 31.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.47% of the company's stock.

Hedge Funds Weigh In On Chemours

Several institutional investors have recently modified their holdings of the stock. Blue Trust Inc. boosted its position in shares of Chemours by 166.9% during the third quarter. Blue Trust Inc. now owns 1,169 shares of the specialty chemicals company's stock worth $26,000 after buying an additional 731 shares during the period. Matrix Trust Co bought a new position in shares of Chemours during the 3rd quarter worth approximately $25,000. GAMMA Investing LLC raised its holdings in shares of Chemours by 99.7% in the fourth quarter. GAMMA Investing LLC now owns 1,532 shares of the specialty chemicals company's stock valued at $26,000 after purchasing an additional 765 shares during the last quarter. Truvestments Capital LLC bought a new stake in shares of Chemours in the third quarter worth $35,000. Finally, Brooklyn Investment Group acquired a new position in Chemours during the third quarter worth $37,000. 76.26% of the stock is currently owned by institutional investors and hedge funds.

About Chemours

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.