Nomura Analysts Give Celanese Corp. (CE) a $77.00 Price Target
Celanese Corp. (NYSE:CE) received a $77.00 target price from research analysts at Nomura in a research note issued to investors on Wednesday. The brokerage presently has a a “hold” rating on the stock. Nomura’s price objective points to a potential upside of 9.16% from the stock’s previous close.
Several other brokerages have also recently issued reports on CE. Deutsche Bank AG reaffirmed a “buy” rating and issued a $75.00 price objective (down previously from $78.00) on shares of Celanese Corp. in a research note on Tuesday. KeyCorp started coverage on shares of Celanese Corp. in a research note on Thursday, October 6th. They issued an “overweight” rating and a $80.00 price objective on the stock. Zacks Investment Research raised shares of Celanese Corp. from a “sell” rating to a “hold” rating in a research note on Monday, September 26th. Citigroup Inc. downgraded shares of Celanese Corp. from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $77.00 to $71.00 in a research report on Wednesday, September 7th. Finally, Jefferies Group reissued a “buy” rating on shares of Celanese Corp. in a research report on Tuesday, August 23rd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, eight have given a buy rating and two have given a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $74.35.
Celanese Corp. (NYSE:CE) traded up 1.69% during mid-day trading on Wednesday, hitting $70.54. 1,786,766 shares of the stock traded hands. The stock has a 50 day moving average price of $64.08 and a 200 day moving average price of $67.28. The firm has a market cap of $10.21 billion, a PE ratio of 30.63 and a beta of 1.61. Celanese Corp. has a 12-month low of $55.07 and a 12-month high of $74.55.
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Celanese Corp. (NYSE:CE) last released its quarterly earnings results on Monday, October 17th. The company reported $1.67 EPS for the quarter, topping analysts’ consensus estimates of $1.61 by $0.06. Celanese Corp. had a net margin of 8.17% and a return on equity of 31.10%. The company had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same period in the previous year, the firm earned $1.50 EPS. Celanese Corp.’s revenue was down 6.4% on a year-over-year basis. On average, analysts expect that Celanese Corp. will post $6.54 earnings per share for the current fiscal year.
Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in Celanese Corp. by 3.5% in the second quarter. Vanguard Group Inc. now owns 11,043,208 shares of the company’s stock valued at $722,778,000 after buying an additional 378,344 shares during the last quarter. Wellington Management Group LLP boosted its position in Celanese Corp. by 7.4% in the first quarter. Wellington Management Group LLP now owns 7,599,679 shares of the company’s stock valued at $497,779,000 after buying an additional 520,647 shares during the last quarter. BlackRock Institutional Trust Company N.A. boosted its position in 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 valued at $252,088,000 after buying an additional 138,362 shares during the last quarter. State Street Corp boosted 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 during the last quarter. Finally, PNC Financial Services Group Inc. boosted its position in Celanese Corp. by 10.8% in the second quarter. PNC Financial Services Group Inc. now owns 1,591,884 shares of the company’s stock valued at $104,187,000 after buying an additional 154,710 shares during the last quarter. Institutional investors and hedge funds own 95.98% of the company’s stock.
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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