Barclays Reiterates “Buy” Rating for Chemours (CC)
Chemours (NYSE:CC)‘s stock had its “buy” rating restated by investment analysts at Barclays in a research report issued on Wednesday. They presently have a $60.00 price target on the specialty chemicals company’s stock. Barclays’ price objective suggests a potential upside of 21.70% from the stock’s current price.
Several other equities analysts have also recently issued reports on the stock. Zacks Investment Research upgraded shares of Chemours from a “hold” rating to a “buy” rating and set a $57.00 price target on the stock in a research report on Thursday, November 9th. Jefferies Group boosted their price target on shares of Chemours to $66.00 and gave the company a “buy” rating in a research report on Monday. Goldman Sachs Group cut shares of Chemours from a “buy” rating to a “neutral” rating in a research report on Wednesday. Argus reiterated a “buy” rating and set a $55.00 price target (up previously from $50.00) on shares of Chemours in a research report on Thursday, August 10th. Finally, BidaskClub cut shares of Chemours from a “buy” rating to a “hold” rating in a research report on Friday, August 11th. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $54.78.
Shares of Chemours (CC) traded down $0.14 during trading hours on Wednesday, hitting $49.30. 3,094,100 shares of the stock traded hands, compared to its average volume of 2,762,256. The company has a market capitalization of $9,154.46, a P/E ratio of 17.53, a price-to-earnings-growth ratio of 0.86 and a beta of 3.38. The company has a current ratio of 2.19, a quick ratio of 1.63 and a debt-to-equity ratio of 5.07. Chemours has a 52-week low of $20.76 and a 52-week high of $58.08.
Chemours announced that its Board of Directors has authorized a share buyback program on Friday, December 1st that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the specialty chemicals company to buy shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its shares are undervalued.
In other Chemours news, SVP David C. Shelton sold 5,908 shares of the company’s stock in a transaction dated Friday, October 13th. The shares were sold at an average price of $56.01, for a total value of $330,907.08. Following the sale, the senior vice president now owns 47,356 shares in the company, valued at $2,652,409.56. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP David C. Shelton sold 13,397 shares of the company’s stock in a transaction dated 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 90 days, insiders sold 50,183 shares of company stock worth $2,720,166. Corporate insiders own 1.14% of the company’s stock.
Several large investors have recently bought and sold shares of CC. Acrospire Investment Management LLC grew its holdings in shares of Chemours by 3.4% during the second quarter. Acrospire Investment Management LLC now owns 3,076 shares of the specialty chemicals company’s stock valued at $117,000 after buying an additional 100 shares during the last quarter. Alps Advisors Inc. bought a new position in Chemours during the second quarter valued at approximately $202,000. Gamco Investors INC. ET AL bought a new position in Chemours during the third quarter valued at approximately $202,000. Bell Bank bought a new position in Chemours during the third quarter valued at approximately $202,000. Finally, First Allied Advisory Services Inc. bought a new position in Chemours during the third quarter valued at approximately $202,000. Hedge funds and other institutional investors own 74.42% of the company’s stock.
Chemours Company Profile
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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