Celanese Corp. (CE) Releases FY16 Earnings Guidance
Celanese Corp. (NYSE:CE) updated its FY16 earnings guidance on Monday. The company provided earnings per share guidance of $6.50-6.62 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $6.54.
Several equities analysts recently issued reports on the company. RBC Capital Markets restated a sector perform rating and set a $72.00 price target (down from $76.00) on shares of Celanese Corp. in a research note on Thursday, July 28th. Citigroup Inc. lowered their price objective on Celanese Corp. from $81.00 to $77.00 and set a buy rating on the stock in a research note on Thursday, July 28th. Jefferies Group reiterated a buy rating on shares of Celanese Corp. in a research note on Thursday, August 4th. Zacks Investment Research upgraded Celanese Corp. from a sell rating to a hold rating in a research note on Monday, July 18th. Finally, JPMorgan Chase & Co. lowered their price objective 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, seven have issued a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. The company currently has a consensus rating of Buy and a consensus target price of $74.19.
Celanese Corp. (NYSE:CE) traded up 0.33% on Monday, hitting $63.58. The stock had a trading volume of 2,114,983 shares. The firm has a market capitalization of $9.20 billion, a price-to-earnings ratio of 27.61 and a beta of 1.61. Celanese Corp. has a 1-year low of $55.07 and a 1-year high of $74.55. The company’s 50 day moving average is $64.03 and its 200-day moving average is $67.25.
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Celanese Corp. (NYSE:CE) last released its quarterly earnings results on Monday, October 17th. The company reported $1.67 earnings per share for the quarter, beating analysts’ consensus estimates of $1.61 by $0.06. Celanese Corp. had a net margin of 6.20% and a return on equity of 30.07%. The company earned $1.32 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same period in the previous year, the business earned $1.50 earnings per share. The firm’s quarterly revenue was down 6.4% on a year-over-year basis. On average, analysts forecast that Celanese Corp. will post $6.54 EPS for the current year.
Large investors have recently added to or reduced their stakes in the stock. Banced Corp purchased a new position in shares of Celanese Corp. during the second quarter worth about $216,000. BlackRock Investment Management LLC boosted its position in shares of Celanese Corp. by 3.1% in the second quarter. BlackRock Investment Management LLC now owns 96,377 shares of the company’s stock worth $6,308,000 after buying an additional 2,874 shares during the period. BlackRock Inc. boosted its position in shares of Celanese Corp. by 62.0% in the second quarter. BlackRock Inc. now owns 133,130 shares of the company’s stock worth $8,714,000 after buying an additional 50,973 shares during the period. BlackRock Fund Advisors boosted its position in shares of Celanese Corp. by 3.9% in the second quarter. BlackRock Fund Advisors now owns 1,551,201 shares of the company’s stock worth $101,526,000 after buying an additional 58,071 shares during the period. Finally, BlackRock Group LTD boosted its position in shares of Celanese Corp. by 7.4% in the second quarter. BlackRock Group LTD now owns 956,584 shares of the company’s stock worth $62,610,000 after buying an additional 65,817 shares during the period. Institutional investors own 95.98% of the company’s stock.
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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