Goldman Sachs Group Downgrades Chemours (CC) to Neutral

Chemours (NYSE:CC) was downgraded by equities research analysts at Goldman Sachs Group from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Wednesday. They presently have a $55.00 price target on the specialty chemicals company’s stock. Goldman Sachs Group’s price target indicates a potential upside of 14.75% from the stock’s current price.

Several other research firms also recently weighed in 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 research note on Thursday, November 9th. Jefferies Group upped their price objective on shares of Chemours to $66.00 and gave the company a “buy” rating in a research note on Monday. Argus reaffirmed a “buy” rating and set a $55.00 price objective (up from $50.00) on shares of Chemours in a research note on Thursday, August 10th. BidaskClub downgraded shares of Chemours from a “buy” rating to a “hold” rating in a research note on Friday, August 11th. Finally, Barclays upped their price objective on shares of Chemours from $55.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, November 6th. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Chemours currently has a consensus rating of “Buy” and an average price target of $57.89.

Chemours (CC) traded up $1.58 during trading on Wednesday, reaching $47.93. 2,641,100 shares of the company’s stock traded hands, compared to its average volume of 2,773,002. The company has a debt-to-equity ratio of 5.07, a current ratio of 2.19 and a quick ratio of 1.63. The company has a market capitalization of $8,582.31, a P/E ratio of 16.44, a PEG ratio of 0.82 and a beta of 3.38. Chemours has a 1-year low of $20.76 and a 1-year high of $58.08.

Chemours (NYSE:CC) last posted its quarterly earnings results on Thursday, November 2nd. The specialty chemicals company reported $1.12 earnings per share for the quarter, topping the consensus estimate of $1.01 by $0.11. The business had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.59 billion. Chemours had a net margin of 4.86% and a return on equity of 116.80%. The firm’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.61 earnings per share. analysts predict that Chemours will post 3.65 earnings per share for the current year.

Chemours declared that its Board of Directors has initiated a stock repurchase plan on Friday, December 1st that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the specialty chemicals company to reacquire shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors 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 19,000 shares of the company’s stock in a transaction dated Thursday, October 5th. The stock was sold at an average price of $53.68, for a total transaction of $1,019,920.00. The disclosure for this sale can be found here. Insiders have sold 50,183 shares of company stock worth $2,720,166 in the last quarter. 1.14% of the stock is owned by corporate insiders.

Large investors have recently bought and sold shares of the company. Public Employees Retirement System of Ohio lifted its position in Chemours by 40.9% during the third quarter. Public Employees Retirement System of Ohio now owns 138,898 shares of the specialty chemicals company’s stock valued at $7,030,000 after purchasing an additional 40,308 shares during the period. Gofen & Glossberg LLC IL bought a new position in Chemours during the third quarter valued at approximately $240,000. Moors & Cabot Inc. bought a new position in Chemours during the third quarter valued at approximately $290,000. Cetera Advisors LLC bought a new position in Chemours during the third quarter valued at approximately $204,000. Finally, Sterling Capital Management LLC lifted its position in Chemours by 539.2% during the third quarter. Sterling Capital Management LLC now owns 56,235 shares of the specialty chemicals company’s stock valued at $2,846,000 after purchasing an additional 47,437 shares during the period. Hedge funds and other institutional investors own 74.42% of the company’s stock.

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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.

Analyst Recommendations for Chemours (NYSE:CC)

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