Analysts Set Expectations for Celanese Corp.’s Q3 2016 Earnings (CE)
Celanese Corp. (NYSE:CE) – Equities research analysts at KeyCorp issued their Q3 2016 earnings per share (EPS) estimates for shares of Celanese Corp. in a research report issued on Thursday. KeyCorp analyst M. Sison forecasts that the brokerage will post earnings of $1.70 per share for the quarter. KeyCorp currently has a “Overweight” rating and a $80.00 target price on the stock. KeyCorp also issued estimates for Celanese Corp.’s Q4 2016 earnings at $1.37 EPS, FY2016 earnings at $6.50 EPS and FY2017 earnings at $6.95 EPS.
Several other equities analysts have also recently weighed in on CE. Zacks Investment Research cut Celanese Corp. from a “hold” rating to a “sell” rating in a research note on Tuesday, July 12th. Susquehanna began coverage on Celanese Corp. in a research note on Friday, July 1st. They set a “positive” rating and a $80.00 price objective on the stock. RBC Capital Markets reiterated a “sector perform” rating and set a $72.00 target price (down from $76.00) on shares of Celanese Corp. in a research note on Thursday, July 28th. Morgan Stanley reiterated a “hold” rating and set a $65.00 target price on shares of Celanese Corp. in a research note on Thursday, June 16th. Finally, JPMorgan Chase & Co. lowered their target price on Celanese Corp. from $75.00 to $70.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 27th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $74.19.
Celanese Corp. (NYSE:CE) opened at 66.05 on Monday. Celanese Corp. has a 12-month low of $55.07 and a 12-month high of $74.55. The firm has a market capitalization of $9.56 billion, a P/E ratio of 28.68 and a beta of 1.61. The firm has a 50 day moving average of $64.21 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 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.56 by $0.03. The business had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.42 billion. Celanese Corp. had a net margin of 6.20% and a return on equity of 30.07%. The firm’s revenue for the quarter was down 8.5% on a year-over-year basis. During the same period in the previous year, the company earned $1.58 earnings per share.
Several hedge funds and other institutional investors have recently modified their holdings of CE. Societe Generale acquired a new position in shares of Celanese Corp. during the second quarter valued at approximately $111,000. Bessemer Group Inc. raised its position 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 valued at $129,000 after buying an additional 361 shares during the last quarter. Meeder Asset Management Inc. acquired a new position in shares of Celanese Corp. during the second quarter valued at approximately $133,000. Advisor Group Inc. acquired a new position in shares of Celanese Corp. during the second quarter valued at approximately $152,000. Finally, Mizuho Asset Management Co. Ltd. raised its position 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 valued at $153,000 after buying an additional 1,290 shares during the last quarter. 95.96% of the stock is owned by institutional investors.
About Celanese Corp.
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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