Jefferies Group Research Analysts Cut Earnings Estimates for Celanese Corp. (CE)
Celanese Corp. (NYSE:CE) – Research analysts at Jefferies Group lowered their FY2017 earnings per share (EPS) estimates for Celanese Corp. in a research note issued to investors on Tuesday. Jefferies Group analyst L. Alexander now expects that the brokerage will earn $7.00 per share for the year, down from their prior forecast of $7.10. Jefferies Group currently has a “Buy” rating on the stock. Jefferies Group also issued estimates for Celanese Corp.’s FY2019 earnings at $8.25 EPS and FY2020 earnings at $8.85 EPS.
Other research analysts also recently issued reports about the stock. Citigroup Inc. lowered their price objective on shares of Celanese Corp. from $81.00 to $77.00 and set a “buy” rating on the stock in a research report on Thursday, July 28th. Nomura reissued a “hold” rating on shares of Celanese Corp. in a research report on Tuesday, July 12th. Morgan Stanley reissued a “hold” rating and issued a $65.00 target price on shares of Celanese Corp. in a research report on Thursday, June 16th. Zacks Investment Research downgraded shares of Celanese Corp. from a “buy” rating to a “hold” rating in a research report on Wednesday, July 27th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Celanese Corp. from $75.00 to $70.00 and set a “neutral” rating for the company in a research report on Wednesday, July 27th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $73.83.
Celanese Corp. (NYSE:CE) traded up 1.04% during midday trading on Wednesday, reaching $62.40. 584,253 shares of the company traded hands. The stock has a market capitalization of $9.03 billion, a price-to-earnings ratio of 27.10 and a beta of 1.85. Celanese Corp. has a 12 month low of $55.07 and a 12 month high of $74.55. The firm has a 50 day moving average of $64.36 and a 200-day moving average of $67.29.
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Celanese Corp. (NYSE:CE) last issued its earnings results on Monday, July 25th. The company reported $1.59 EPS for the quarter, beating the Zacks’ consensus estimate of $1.56 by $0.03. Celanese Corp. had a net margin of 6.20% and a return on equity of 30.07%. The business had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.42 billion. During the same quarter last year, the firm posted $1.58 EPS. The business’s revenue for the quarter was down 8.5% compared to the same quarter last year.
A number of large investors have recently modified their holdings of CE. Societe Generale bought a new stake in shares of Celanese Corp. during the second quarter worth approximately $111,000. Bessemer Group Inc. raised its stake in shares of Celanese Corp. by 22.5% in the first quarter. Bessemer Group Inc. now owns 1,964 shares of the company’s stock worth $129,000 after buying an additional 361 shares in the last quarter. Meeder Asset Management Inc. bought a new stake in shares of Celanese Corp. during the second quarter worth approximately $133,000. Advisor Group Inc. bought a new stake in shares of Celanese Corp. during the second quarter worth approximately $152,000. Finally, Mizuho Asset Management Co. Ltd. raised its stake in shares of Celanese Corp. by 123.0% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 2,339 shares of the company’s stock worth $153,000 after buying an additional 1,290 shares in the last quarter. 95.96% of the stock is currently owned by hedge funds and other institutional investors.
Celanese Corp. Company Profile
Celanese Corporation (Celanese) is a technology and specialty materials company. The Company operates through four segments: Advanced Engineered Materials, Consumer Specialties, Industrial Specialties and Acetyl Intermediates. Its business involves processing chemical raw materials, such as methanol, carbon monoxide, ethylene and natural products, including wood pulp, into chemicals, thermoplastic polymers and other chemical-based products.
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