The Chemours Company (NYSE:CC) Expected to Post Q2 2023 Earnings of $1.18 Per Share

Posted by Defense World Staff on May 4th, 2023

The Chemours Company (NYSE:CC – Get Rating) – Jefferies Financial Group dropped their Q2 2023 earnings estimates for shares of Chemours in a report released on Monday, May 1st. Jefferies Financial Group analyst L. Alexander now expects that the specialty chemicals company will post earnings of $1.18 per share for the quarter, down from their previous estimate of $1.37. The consensus estimate for Chemours’ current full-year earnings is $3.92 per share. Jefferies Financial Group also issued estimates for Chemours’ Q3 2023 earnings at $1.19 EPS and Q4 2023 earnings at $0.59 EPS.

Chemours (NYSE:CC – Get Rating) last released its quarterly earnings data on Friday, April 28th. The specialty chemicals company reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.36. Chemours had a net margin of 7.45% and a return on equity of 53.73%. The firm had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.46 billion. During the same quarter in the prior year, the company posted $1.46 earnings per share. The business’s revenue was down 12.9% on a year-over-year basis.

A number of other brokerages also recently weighed in on CC. Citigroup raised their target price on shares of Chemours from $33.00 to $35.00 and gave the company a “neutral” rating in a research note on Monday, February 13th. The Goldman Sachs Group upped their price objective on Chemours from $34.00 to $38.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 14th. Bank of America raised Chemours from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $37.00 to $40.00 in a research note on Wednesday, January 11th. StockNews.com initiated coverage on Chemours in a research note on Thursday, March 16th. They set a “hold” rating for the company. Finally, UBS Group upgraded Chemours from a “neutral” rating to a “buy” rating and upped their price objective for the company from $31.00 to $43.00 in a research report on Tuesday, January 24th. One analyst has rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $36.11.

Chemours Price Performance

Shares of NYSE:CC opened at $29.19 on Wednesday. The company has a quick ratio of 0.96, a current ratio of 1.70 and a debt-to-equity ratio of 3.24. The firm has a market capitalization of $4.34 billion, a PE ratio of 9.42, a P/E/G ratio of 1.12 and a beta of 1.87. Chemours has a twelve month low of $23.58 and a twelve month high of $44.95. The company has a 50-day moving average price of $30.46 and a two-hundred day moving average price of $31.45.

Chemours Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 15th. Shareholders of record on Monday, May 15th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, May 12th. This represents a $1.00 annualized dividend and a yield of 3.43%. Chemours’s payout ratio is 32.26%.

Insiders Place Their Bets

In other news, insider Alisha Bellezza sold 27,716 shares of Chemours stock in a transaction that occurred on Monday, March 6th. The stock was sold at an average price of $35.47, for a total transaction of $983,086.52. Following the sale, the insider now owns 43,931 shares of the company’s stock, valued at $1,558,232.57. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 1.63% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Chemours

A number of institutional investors have recently bought and sold shares of CC. Meritage Portfolio Management raised its holdings in shares of Chemours by 3.3% during the fourth quarter. Meritage Portfolio Management now owns 8,933 shares of the specialty chemicals company’s stock worth $274,000 after acquiring an additional 288 shares during the period. TCI Wealth Advisors Inc. raised its holdings in shares of Chemours by 19.7% during the third quarter. TCI Wealth Advisors Inc. now owns 2,179 shares of the specialty chemicals company’s stock worth $54,000 after acquiring an additional 358 shares during the period. Creative Planning raised its holdings in shares of Chemours by 2.9% during the fourth quarter. Creative Planning now owns 13,601 shares of the specialty chemicals company’s stock worth $416,000 after acquiring an additional 379 shares during the period. IFP Advisors Inc grew its position in Chemours by 9.0% in the third quarter. IFP Advisors Inc now owns 4,610 shares of the specialty chemicals company’s stock valued at $60,000 after purchasing an additional 382 shares in the last quarter. Finally, Baird Financial Group Inc. grew its position in Chemours by 4.3% in the first quarter. Baird Financial Group Inc. now owns 10,390 shares of the specialty chemicals company’s stock valued at $327,000 after purchasing an additional 426 shares in the last quarter. Hedge funds and other institutional investors own 71.89% of the company’s stock.

About Chemours

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The Chemours Co is a holding company, which engages in the provision of performance chemicals. The firm delivers solutions, which include a range of industrial and chemical products for markets including coatings, plastics, refrigeration and air conditioning, transportation, semiconductor and consumer electronics, and general industrial.