Chemours (NYSE:CC) Releases Earnings Results

Chemours (NYSE:CC) released its quarterly earnings data on Tuesday. The specialty chemicals company reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.08), Zacks reports. The firm had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.65 billion. Chemours had a negative net margin of 6.82% and a positive return on equity of 52.49%. Chemours’s revenue was down 1.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($2.54) EPS.

Chemours Trading Down 16.8%

NYSE:CC traded down $3.02 during trading hours on Wednesday, hitting $14.91. The company had a trading volume of 3,076,523 shares, compared to its average volume of 3,021,841. The company has a current ratio of 1.82, a quick ratio of 0.87 and a debt-to-equity ratio of 18.98. Chemours has a 1 year low of $10.44 and a 1 year high of $28.67. The company has a 50-day moving average of $19.67 and a 200 day moving average of $20.06. The company has a market cap of $2.24 billion, a P/E ratio of -5.65 and a beta of 1.43.

Chemours Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Friday, August 14th will be paid a dividend of $0.0875 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $0.35 dividend on an annualized basis and a yield of 2.3%. Chemours’s payout ratio is -13.26%.

Analyst Ratings Changes

A number of brokerages recently commented on CC. UBS Group raised their price target on Chemours from $29.00 to $30.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. Zacks Research upgraded Chemours from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 21st. Royal Bank Of Canada boosted their price target on shares of Chemours from $26.00 to $29.00 and gave the stock an “outperform” rating in a research report on Monday, May 11th. Mizuho set a $22.00 price objective on shares of Chemours in a research note on Wednesday. Finally, Truist Financial increased their target price on shares of Chemours from $27.00 to $30.00 and gave the company a “buy” rating in a research report on Tuesday, April 28th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.80.

Trending Headlines about Chemours

Here are the key news stories impacting Chemours this week:

• Positive Sentiment: Chemours reported a second-quarter adjusted profit of $0.42 per share, a significant improvement from the $2.53 per-share loss reported in the year-ago quarter. The company also generated $158 million in operating cash flow and $114 million in free cash flow. Chemours Second Quarter Results
• Positive Sentiment: Titanium Technologies sales increased 1% year over year to $661 million, while management highlighted growth opportunities tied to data-center applications. Full-year expectations remain intact for 1% to 5% sales growth and adjusted EBITDA of $775 million to $825 million. Chemours Data Center Growth and Litigation
• Positive Sentiment: The board declared a quarterly dividend of $0.0875 per share, payable September 15 to shareholders of record August 14. The payment represents an annualized dividend of $0.35 and an indicated yield of approximately 2%. Chemours Third Quarter Dividend
• Neutral Sentiment: Third-quarter revenue guidance of $1.5 billion to $1.6 billion and full-year guidance of $5.9 billion to $6.1 billion are broadly near Wall Street expectations, offering limited new upside or downside from the outlook.
• Neutral Sentiment: Recent institutional activity was mixed, with some funds adding shares while major investors including BlackRock and Fidelity reduced their positions.
• Negative Sentiment: Second-quarter adjusted EPS of $0.42 and revenue of $1.59 billion missed analyst estimates of approximately $0.50 and $1.65 billion, respectively. Revenue declined about 1% year over year, and adjusted EBITDA fell to $247 million from $260 million. Chemours Misses Q2 Estimates
• Negative Sentiment: Litigation expenses weighed on results and overshadowed otherwise favorable data-center demand. Chemours also carried approximately $3.9 billion of gross debt at quarter-end, keeping leverage and legal liabilities as important risks for investors.

Institutional Investors Weigh In On Chemours

A number of hedge funds have recently added to or reduced their stakes in the business. Invesco Ltd. grew its holdings in Chemours by 14.0% during the 4th quarter. Invesco Ltd. now owns 948,125 shares of the specialty chemicals company’s stock worth $11,178,000 after acquiring an additional 116,385 shares in the last quarter. Corient Private Wealth LLC lifted its stake in Chemours by 62.3% during the fourth quarter. Corient Private Wealth LLC now owns 31,399 shares of the specialty chemicals company’s stock worth $370,000 after purchasing an additional 12,047 shares during the last quarter. Mercer Global Advisors Inc. ADV acquired a new stake in Chemours during the fourth quarter worth approximately $191,000. Empowered Funds LLC boosted its holdings in shares of Chemours by 7.8% in the 4th quarter. Empowered Funds LLC now owns 40,577 shares of the specialty chemicals company’s stock valued at $478,000 after buying an additional 2,936 shares in the last quarter. Finally, XTX Topco Ltd boosted its stake in Chemours by 288.8% in the fourth quarter. XTX Topco Ltd now owns 114,031 shares of the specialty chemicals company’s stock valued at $1,344,000 after acquiring an additional 84,702 shares in the last quarter. 76.26% of the stock is currently owned by institutional investors and hedge funds.

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.