In a report released today, Hassan Ahmed from Alembic Global initiated coverage with a Buy rating on Chemours Company (CC) and a price target of $31.00. The company’s shares closed last Friday at $24.78, close to its 52-week high of $26.07.
According to TipRanks.com, Ahmed is a 1-star analyst with an average return of -0.8% and a 47.3% success rate. Ahmed covers the Basic Materials sector, focusing on stocks such as Westlake Chemical, Venator Materials, and LyondellBasell.
Currently, the analyst consensus on Chemours Company is a Moderate Buy with an average price target of $25.83.
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Based on Chemours Company’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $1.23 billion and net profit of $76 million. In comparison, last year the company earned revenue of $1.39 billion and had a net profit of $76 million.
Based on the recent corporate insider activity of 33 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of CC in relation to earlier this year. Earlier this month, Snell E Bryan, the President of CC sold 28,341 shares for a total of $631,721.
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The Chemours Co. is a holding company, which engages in the provision of performance chemicals. It operates through the following segments: Titanium Technologies, Fluoroproducts and Chemical Solutions. The Titanium Technologies segment produces titanium dioxide. The Fluoroproducts segment supplies refrigerants and industrial fluoropolymer resins. The Chemical Solutions segment provides chemicals used in gold production, oil refining, agriculture, and industrial polymers. The firm offers refrigerants, industrial fluoropolymer resins, sodium cyanide, performance chemicals and intermediates, and titanium dioxide pigments to the plastics and coatings, refrigeration and air conditioning, general industrial, electronics, mining, and oil refining markets. The company was founded on February 18, 2014 and is headquartered in Wilmington, Delaware.