On October 26, Chemours (CC) announced the release of its first annual corporate responsibility commitment report. The report discusses the company’s corporate responsibility commitment, which it intends to achieve by 2030.
The goals in the report include vibrant communities, empowered employees, safety excellence, water quality, climate, waste, sustainable offerings, and a sustainable supply chain.
Chemours has also joined the United Nations Global Compact, the world’s largest voluntary corporate citizenship and sustainability pact. Chemours is now among more than 8,000 participating companies.
Mark Vergnano, Chemours’s president and CEO, said, “Chemours is a performance driven company dedicated to making chemistry as responsible as it is essential to everyday life. We are already taking meaningful steps towards achieving our 2030 goals and will report our progress every step of the way. We are fully committed to being a new kind of chemistry company for a world that demands more.”
Update on Chemours stock
For the week that ended on October 26, Chemours stock fell ~7.4% and closed at $33.23. The fall in its stock price resulted in Chemours trading 22.8% below its 100-day moving average price of $43.03, indicating prevailing weakness in its stock. On a year-to-date basis, Chemours stock has fallen 33.6%. Among its peers, W.R. Grace and Company (GRA), Tronox (TROX), and PPG Industries (PPG) have fallen 6.4%, 44.9%, and 13%, respectively.
Analysts are bullish on Chemours stock and have given it a target price of $54. This recommendation implies a potential return of 62% over its October 26 closing price of $33.23. Chemours’s 14-day relative strength index of 33 indicates that the stock is close to moving into an oversold position on a temporary basis.
Chemours underperformed the PowerShares S&P Spin-Off Portfolio ETF (CSD), which fell 5.2% last week. CSD had invested 2.7% of its portfolio in Chemours as of October 26.