RBC Capital took its Chemours [CC] rating to the equivalent of Outperform from Sector Perform, and the price target to $35.0 from $27, in a research note dated 2021-01-08. That figure represents around a 25.57% premium from where the company’s shares closed on Thursday. Some new analysts also started their coverage, with Alembic Global Advisors’s analysts assigning the shares to “an Overweight” rating in a research note to investors issued in late November. Meanwhile, Jefferies had lowered its rating on CC to “Hold” from the earlier “Buy”, in a research note produced for clients March 23, 2020. In addition, there was an upgrade from CFRA on February 14, 2020. The rater changed CC from “a Buy” to “a Strong buy”.
Is The Chemours Company [NYSE:CC] a Good Buy Right Now?
It should be noted that CC technical indicators for short, intermediate as well as long term progress have placed an overall average of 100% as Buy. The average signal changed from 80% Buy in the last week and compares with 100% Buy in the past month. Data from The Chemours Company’s Trend Spotter indicated that the signals were Strengthening. The stock current average is 1.19 million shares in the past 20 days and the short term average signal indicates a 100% Buy. In the last 50 days, the average trading volume was 1.09 million shares while the medium term average advocated for 100% Buy. The average long-term signal stands at 100% Buy and the 100-day average volume stands at 1.1 million shares.
CC Price Performance
On Wall Street, The Chemours Company [NYSE:CC] finished Thursday’s session down -0.61% at $27.89. The stock went up to $28.81 at the same session while its lowest single day price was $27.29. In the last five days, it saw a rise of about 10.19%, The Chemours Company shares gained by almost 12.51% since the beginning of the year. However, the share price has dropped to as low as -3.53% below its one year high. On 01/06/21, the company shares recorded $28.91, the highest single-day price it has got to in the last 52-weeks and a 52-week low was seen on 01/04/21, the same year at $24.72. The company’s shares have inclined by 62.25% in the past year. The 50-day SMA achieved is $24.56 while the 200-day SMA is $18.56. Volume dropped to 1.19 million from 2.2 million in the previous session.
CC Stock Support And Resistance Levels
On the 24-hour scale, the immediate backing is perceived around 27.18 level, and in case of violation of this particular level, it will cause more drop to 26.48 level. On the upper level, 29.52 is still the key resistance. The stock may increase to the subsequent resistance at 28.70. The Relative Strength Index (RSI) pinned on the 14-day chart is 61.98, implying a neutral technical stance while the MACD stands at 1.00, meaning price will increase in the next trading period. Percent R indicator moved to 22.03%, implying bullish price movement. Stochastic %K at 72.61% suggest selling the stock.
What is the short interest in The Chemours Company?
Short interest in the The Chemours Company stock has surged, increasing by 0.18 million shares to total 10.76 million shares on Dec 14, 2020. The interest had seen shares on Nov 12, 2020 stand at 10.94 million, data from Yahoo Finance shows. The decrease of -1.67% suggests the stock saw some decreased bullish sentiment. The stock’s days to cover (short ratio) moved to while the shorted shares account for just 7.73% of the overall float for the stock.
The Chemours Company’s Biggest Shareholders: Who Owns The Chemours Company [CC]?
Filings by Fidelity Management & Research Co showed that the firm now holds a total of 23,925,183 shares or roughly 14.55% of the outstanding CC shares. This means their shares have increased by 1,014,204 from the 23,925,183 the investor reportedly held in its prior 13-F filing. With the conclusion of the purchase, The Vanguard Group, Inc. updated stake is worth $356,294,821. Details in the latest 13F filings reveal that BlackRock Fund Advisors disposed off their -3.83% stake valued at $298,341,978 while Sessa Capital IM LP cut theirs at $238,080,728. During the last quarter, BlackRock Fund Advisors liquidated -488,282 of its shares in The Chemours Company while Sessa Capital IM LP sold -1,036,178 shares. The LSV Asset Management’s holdings currently number 4,040,211 shares at $112681484.79. According to the firm’s last 13F report, SSgA Funds Management, Inc. shares in the company at filing stood at 3,880,266 shares, roughly $94,406,872.
CC Earnings Forecast For The Current Quarter
The Chemours Company [CC] is expected to report weak earnings results for the quarter ending on Dec 2020. Consensus estimates give the company expected revenues of $1.25B and an earnings per share of $0.38 for Dec 2020. Looking further ahead, the company is expected to report revenue of $1.35B at an EPS of $0.63 for Mar 2021. The estimates represent downside of 11.80% and 44.27% in the company’s revenue and earnings per share, respectively, on a year-on-year basis.
CC Earnings Estimates For The Current Year
For the financial year, The Chemours Company [NYSE:CC] is expected to bring in revenue of $4.88B. The returns are nearly $-650.0 million lower than the company’s actual revenue recorded in the fiscal year 2019. In terms of EPS for the 2020, estimate put it at 1.75, lower than that of FY19 by -$0.76. Estimates put this year’s earnings growth at -30.30%, 46.30% for the next, and at an annual 9.70% over the next 5-year period. As for sales, forecasts are for a decrease of -11.70% in the current fiscal year and a further 11.80% over the following year.