The Vanguard Group, Inc. has recently announced that it has increased stake in The Chemours Company (NYSE:CC) by 3.83%. After grabbing 18.2 million shares, the institutional investor is now in possession of 0.67 million shares of the Basic Materials Company. The new investment brought the stake of investor firm to 12.27% having worth around $621.95 million. Moreover, BlackRock Fund Advisors increased its share by 0.5 million to have a control over 16.94 million shares. And Fidelity Management & Research Co raised its holdings to 0.31 million shares by acquiring 9.74 million shares or 6.57% of the stake.
The Chemours Company (CC) concluded trading on 03/15/23 at a closing price of $28.57, with 2.3 million shares of worth about $65.78 million changed hands on the day. Half year performance of the stock remained negative as price took a plunge of -18.11% during that period and on Wednesday the price saw a loss of about -8.11%. Currently the company’s common shares owned by public are about 149.99M shares, out of which, 146.83M shares are available for trading.
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A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 13 analysts are covering the CC stock and their offered price forecasts bring an average price target of $38.73. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $52.00 and could fall to a lowest price of $27.00. The stock’s current price level is 26.23% above of average price target set by the analysts, while a rise to estimated low would result in loss of -5.81% for the stock. However, touching the estimated high of $52.00 would mean a gain of 45.06% for the stock.
According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 36 times over the past 12 months. They bought 527,828 shares in 22 of the transactions. In 14 selling transactions, insiders dumped 490,098 shares.
iShares Core S&P Mid Cap ETF, Vanguard Total Stock Market Index, and iShares Tr. – Select Dividend ETF are the top 3 mutual funds which are holding stakes in The Chemours Company iShares Core S&P Mid Cap ETF is currently holding 4.71 million shares of worth totaling $161.0 million. The company recently came buying 10668.0 shares which brought its stake up to 3.18% of the company’s outstanding shares. Vanguard Total Stock Market Index bought 26710.0 shares, after which its hold over company’s outstanding shares expand to 3.12%, leaving 4.62 million shares with the mutual fund that have a worth of about $158.05 million. iShares Tr. – Select Dividend ETF, after buying 4.52 million shares, have now control over 3.05% of the stake in the company. It holds 7176.0 shares of worth $154.54 million.
The Chemours Company (NYSE: CC) started trading at $29.90, below -$1.19 from concluding price of the previous day. However, the stock later moved at a day high price of 30.22, or with a loss of -8.11%. Stock saw a price change of -16.29% in past 5 days and over the past one month there was a price change of -18.51%. Year-to-date (YTD), CC shares are showing a performance of -6.69% which increased to 3.63% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $23.58 but also hit the highest price of $44.95 during that period. The average intraday trading volume for The Chemours Company shares is 1.05 million. The stock is currently trading -15.85% below its 20-day simple moving average (SMA20), while that difference is down -15.63% for SMA50 and it goes to -12.97% lower than SMA200.
The Vanguard Group, Inc. acquired 18.2 million shares of The Chemours Company having value of about $621.95 million. Data submitted at the U.S SEC by The Vanguard Group, Inc. revealed that the firm now holds 0.67 million shares in the company valued at close to $19193211.72, or have control over 3.83% stake in the company. The Chemours Company (NYSE: CC) currently have 149.99M outstanding shares and institutions hold larger chunk of about 76.70% of that. Holding of mutual funds in the company is about 25.38% while other institutional holders and individual stake holders have control over 48.73% and 2.11% of the stake respectively.
The stock has a current market capitalization of $4.44B and its 3Y-monthly beta is at 1.90. PE ratio of stock for trailing 12 months is 8.02, while it has posted earnings per share of $3.56 in the same period. Its PEG reads 0.59 and has Quick Ratio of 1.00 while making debt-to-equity ratio of 3.27. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for CC, volatility over the week remained 4.63% while standing at 3.77% over the month.
Analysts are in expectations that The Chemours Company (CC) stock would likely to be making an EPS of $0.67 in the current quarter, while forecast for next quarter EPS is $1.25 and it is $5.62 for next year. For the current quarter EPS, analysts have given the company a lowest target $0.27 which is $1.38 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $1.46 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 1.30% while it is estimated to increase by 33.01% in next year. EPS is likely to grow at an annualized rate of 13.50% for next 5-years, compared to annual growth of -2.30% made by the stock over the past 5-years.
Analysts at 13 brokerage firms have issued recommendations for the The Chemours Company (CC)’s stock and average of those rates the stock at a “Moderate Buy” and assign it a score of 2.70. Out of those 13 Wall Street analysts, 4 recommended a “Buy” rating, while 8 were in favor recommending the stock as a “Hold” and 1 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by UBS on January 24, 2023 offering a Buy rating for the stock and assigned a target price range of between $31 and $43 to it. Coverage by BofA Securities stated The Chemours Company (CC) stock as a Buy in their note to investors on January 11, 2023, suggesting a price target of $40 for the stock. On January 10, 2023, RBC Capital Mkts Downgrade their recommendations, while on November 01, 2022, Credit Suisse Initiated their ratings for the stock with a price target of $24. Stock get a Neutral rating from Goldman on October 13, 2022.
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