Analysts Offer Predictions for Chemours Company (The)’s FY2017 Earnings (CC)
Chemours Company (The) (NYSE:CC) – Stock analysts at Jefferies Group reduced their FY2017 earnings estimates for Chemours in a research report issued on Monday. Jefferies Group analyst L. Alexander now forecasts that the specialty chemicals company will post earnings per share of $3.55 for the year, down from their previous forecast of $3.70. Jefferies Group has a “Buy” rating and a $66.00 price objective on the stock. Jefferies Group also issued estimates for Chemours’ FY2018 earnings at $5.10 EPS, FY2019 earnings at $5.85 EPS and FY2020 earnings at $6.65 EPS.
A number of other research firms have also recently issued reports on CC. Zacks Investment Research raised shares of Chemours from a “hold” rating to a “buy” rating and set a $57.00 price target for the company in a report on Thursday, November 9th. Argus reaffirmed a “buy” rating and issued a $55.00 price target (up previously from $50.00) on shares of Chemours in a report on Thursday, August 10th. BidaskClub cut shares of Chemours from a “buy” rating to a “hold” rating in a report on Friday, August 11th. Barclays raised their price target on shares of Chemours from $55.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, November 6th. Finally, UBS raised their price target on shares of Chemours from $50.00 to $59.00 and gave the stock a “neutral” rating in a report on Friday, November 3rd. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Chemours has a consensus rating of “Buy” and a consensus price target of $54.56.
Chemours (NYSE:CC) last posted its earnings results on Thursday, November 2nd. The specialty chemicals company reported $1.12 EPS for the quarter, beating the Zacks’ consensus estimate of $1.01 by $0.11. Chemours had a net margin of 4.86% and a return on equity of 116.80%. The company had revenue of $1.58 billion during the quarter, compared to analysts’ expectations of $1.59 billion. During the same quarter in the prior year, the company posted $0.61 earnings per share. Chemours’s revenue for the quarter was up 13.3% compared to the same quarter last year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, March 15th. Shareholders of record on Thursday, February 15th will be issued a $0.17 dividend. The ex-dividend date is Wednesday, February 14th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.38%. This is a boost from Chemours’s previous quarterly dividend of $0.03. Chemours’s dividend payout ratio (DPR) is currently 8.28%.
Chemours announced that its board has approved a stock buyback plan on Friday, December 1st that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the specialty chemicals company to buy shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.
In related news, insider E Bryan Snell sold 11,878 shares of the firm’s stock in a transaction on Monday, November 6th. The shares were sold at an average price of $53.25, for a total transaction of $632,503.50. Following the completion of the transaction, the insider now owns 63,063 shares of the company’s stock, valued at $3,358,104.75. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP David C. Shelton sold 13,397 shares of the firm’s stock in a transaction on Tuesday, October 10th. The stock was sold at an average price of $55.00, for a total transaction of $736,835.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 50,183 shares of company stock valued at $2,720,166. Corporate insiders own 1.14% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. Koch Industries Inc. purchased a new position in shares of Chemours during the second quarter worth $704,000. Public Employees Retirement System of Ohio grew its position in Chemours by 306.4% during the second quarter. Public Employees Retirement System of Ohio now owns 98,590 shares of the specialty chemicals company’s stock valued at $3,739,000 after buying an additional 74,329 shares during the period. Los Angeles Capital Management & Equity Research Inc. grew its position in Chemours by 264.7% during the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 42,669 shares of the specialty chemicals company’s stock valued at $1,618,000 after buying an additional 30,970 shares during the period. Victory Capital Management Inc. grew its position in Chemours by 292.0% during the second quarter. Victory Capital Management Inc. now owns 657,810 shares of the specialty chemicals company’s stock valued at $24,944,000 after buying an additional 489,990 shares during the period. Finally, Virginia Retirement Systems ET AL acquired a new stake in Chemours during the second quarter valued at $1,460,000. 74.42% of the stock is owned by hedge funds and other institutional investors.
The Chemours Company is a provider of performance chemicals. The Company operates through three segments: Titanium Technologies, Fluoroproducts and Chemical Solutions. The Titanium Technologies segment is a producer of titanium dioxide (TiO2). The Fluoroproducts segment is a provider of fluoroproducts, including refrigerants and industrial fluoropolymer resins.
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