Chemours Co (NYSE:CC) Short Interest Up 34.8% in August
Chemours Co (NYSE:CC) was the target of a large increase in short interest in August. As of August 31st, there was short interest totalling 11,297,200 shares, an increase of 34.8% from the July 31st total of 8,381,000 shares. Based on an average daily trading volume, of 3,220,000 shares, the short-interest ratio is presently 3.5 days. Approximately 7.0% of the shares of the stock are short sold.
A number of equities research analysts have recently weighed in on CC shares. Morgan Stanley set a $26.00 price objective on shares of Chemours and gave the stock a “hold” rating in a report on Wednesday, June 19th. Argus lowered shares of Chemours from a “buy” rating to a “hold” rating in a report on Tuesday, August 6th. SunTrust Banks lowered shares of Chemours from a “buy” rating to a “hold” rating in a report on Monday, August 5th. Citigroup lowered shares of Chemours from a “buy” rating to a “neutral” rating and lowered their price target for the company from $40.00 to $20.00 in a report on Friday, July 12th. Finally, Royal Bank of Canada lowered shares of Chemours from an “outperform” rating to a “sector perform” rating and lowered their price target for the company from $32.00 to $16.00 in a report on Friday, August 9th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the stock. Chemours presently has a consensus rating of “Hold” and a consensus price target of $31.30.
In other Chemours news, Director Mary B. Cranston acquired 1,790 shares of the stock in a transaction dated Wednesday, August 7th. The stock was purchased at an average cost of $13.99 per share, for a total transaction of $25,042.10. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Bradley J. Bell acquired 5,000 shares of the stock in a transaction dated Monday, August 5th. The stock was acquired at an average price of $14.67 per share, with a total value of $73,350.00. The disclosure for this purchase can be found here. In the last three months, insiders acquired 33,790 shares of company stock valued at $470,932. Corporate insiders own 2.34% of the company’s stock.
Shares of NYSE:CC traded down $0.02 during midday trading on Friday, reaching $16.35. The company’s stock had a trading volume of 2,330,000 shares, compared to its average volume of 2,600,825. The firm has a 50 day moving average of $14.71 and a 200-day moving average of $26.26. The firm has a market capitalization of $2.68 billion, a P/E ratio of 2.88, a PEG ratio of 0.41 and a beta of 2.57. The company has a quick ratio of 1.09, a current ratio of 1.96 and a debt-to-equity ratio of 5.37. Chemours has a 12-month low of $11.71 and a 12-month high of $42.13.
Chemours (NYSE:CC) last released its earnings results on Thursday, August 1st. The specialty chemicals company reported $0.72 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.90 by ($0.18). Chemours had a return on equity of 71.90% and a net margin of 10.33%. The business had revenue of $1.41 billion during the quarter, compared to analysts’ expectations of $1.53 billion. During the same period in the prior year, the company earned $1.71 earnings per share. The firm’s quarterly revenue was down 22.5% compared to the same quarter last year. On average, research analysts predict that Chemours will post 2.6 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Friday, August 16th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 6.12%. The ex-dividend date of this dividend is Thursday, August 15th. Chemours’s dividend payout ratio (DPR) is 17.64%.
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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