Celanese Corp. (CE) Releases Quarterly Earnings Results, Beats Estimates By $0.06 EPS
Celanese Corp. (NYSE:CE) released its quarterly earnings results on Monday. The company reported $1.67 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.61 by $0.06. Celanese Corp. had a return on equity of 30.07% and a net margin of 6.20%. The business earned $1.32 billion during the quarter, compared to analysts’ expectations of $1.63 billion. During the same period in the previous year, the business posted $1.50 earnings per share. The firm’s revenue for the quarter was down 6.4% compared to the same quarter last year. Celanese Corp. updated its FY16 guidance to $6.50-6.62 EPS.
Celanese Corp. (NYSE:CE) traded up 0.33% during midday trading on Monday, reaching $63.58. The company’s stock had a trading volume of 2,114,983 shares. Celanese Corp. has a 52-week low of $55.07 and a 52-week high of $74.55. The firm has a 50 day moving average of $64.03 and a 200 day moving average of $67.25. The firm has a market cap of $9.20 billion, a P/E ratio of 27.61 and a beta of 1.61.
CE has been the subject of a number of research reports. Jefferies Group reiterated a “buy” rating on shares of Celanese Corp. in a research report on Friday, August 12th. Citigroup Inc. lowered their price objective on Celanese Corp. from $81.00 to $77.00 and set a “buy” rating for the company in a research report on Thursday, July 28th. Zacks Investment Research lowered Celanese Corp. from a “buy” rating to a “hold” rating in a research report on Wednesday, July 27th. Nomura reiterated a “hold” rating on shares of Celanese Corp. in a research report on Tuesday, July 12th. Finally, JPMorgan Chase & Co. lowered their price objective on Celanese Corp. from $75.00 to $70.00 and set a “neutral” rating for the company in a research report on Wednesday, July 27th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the stock. Celanese Corp. has a consensus rating of “Buy” and a consensus target price of $74.19.
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Hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Institutional Trust Company N.A. raised its position in shares of Celanese Corp. by 3.7% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 3,851,619 shares of the company’s stock worth $252,088,000 after buying an additional 138,362 shares during the last quarter. BlackRock Fund Advisors raised 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 last quarter. Franklin Resources Inc. raised its position in shares of Celanese Corp. by 0.4% in the second quarter. Franklin Resources Inc. now owns 1,310,264 shares of the company’s stock worth $85,758,000 after buying an additional 5,246 shares during the last quarter. AQR Capital Management LLC raised its position in shares of Celanese Corp. by 24.8% in the second quarter. AQR Capital Management LLC now owns 1,034,437 shares of the company’s stock worth $67,704,000 after buying an additional 205,406 shares during the last quarter. Finally, BlackRock Group LTD raised 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 last quarter. Hedge funds and other 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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