Celanese Corp. (CE) Shares Up 7.2% on Strong Earnings
Shares of Celanese Corp. (NYSE:CE) shot up 7.2% during trading on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $68.51 and last traded at $68.13, with a volume of 1,845,119 shares. The stock had previously closed at $63.58.
The company reported $1.67 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.61 by $0.06. The business earned $1.32 billion during the quarter, compared to analysts’ expectations of $1.63 billion. Celanese Corp. had a return on equity of 30.07% and a net margin of 6.20%. The firm’s quarterly revenue was down 6.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.50 EPS.
Several brokerages recently commented on CE. KeyCorp began coverage on Celanese Corp. in a research note on Thursday, October 6th. They issued an “overweight” rating and a $80.00 price target for the company. Zacks Investment Research raised Celanese Corp. from a “sell” rating to a “hold” rating in a research note on Monday, September 26th. Citigroup Inc. cut Celanese Corp. from a “buy” rating to a “neutral” rating and lowered their price target for the company from $77.00 to $71.00 in a research note on Wednesday, September 7th. Finally, Jefferies Group reissued a “buy” rating on shares of Celanese Corp. in a research note on Tuesday, August 23rd. One research analyst has rated the stock with a sell rating, seven have given a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Celanese Corp. presently has an average rating of “Buy” and a consensus price target of $74.19.
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Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Parametric Risk Advisors LLC bought a new position in Celanese Corp. during the first quarter valued at about $543,000. Quadrature Capital Ltd bought a new position in Celanese Corp. during the first quarter valued at about $444,000. State Street Corp raised its position in Celanese Corp. by 9.6% in the first quarter. State Street Corp now owns 3,471,470 shares of the company’s stock valued at $227,377,000 after buying an additional 303,971 shares in the last quarter. Canada Pension Plan Investment Board raised its position in Celanese Corp. by 443.4% in the first quarter. Canada Pension Plan Investment Board now owns 189,346 shares of the company’s stock valued at $12,402,000 after buying an additional 154,500 shares in the last quarter. Finally, Credit Agricole S A raised its position in Celanese Corp. by 6.8% in the first quarter. Credit Agricole S A now owns 378,471 shares of the company’s stock valued at $24,791,000 after buying an additional 24,004 shares in the last quarter. Hedge funds and other institutional investors own 95.98% of the company’s stock.
The stock has a 50-day moving average of $63.98 and a 200-day moving average of $67.26. The company has a market capitalization of $9.87 billion, a PE ratio of 29.61 and a beta of 1.61.
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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