Celanese Corporation (NYSE:CE) Cut to Hold at Vertical Research
Celanese Corporation (NYSE:CE) was downgraded by Vertical Research to a “hold” rating in a research note issued to investors on Monday, The Fly reports. The analysts noted that the move was a valuation call.
Several other brokerages have also recently issued reports on CE. Barclays PLC dropped their price objective on Celanese Corporation from $105.00 to $98.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 25th. Citigroup Inc. increased their price objective on Celanese Corporation from $100.00 to $101.00 and gave the stock a “buy” rating in a research note on Tuesday, April 25th. J P Morgan Chase & Co reissued a “neutral” rating and issued a $97.00 price objective (up previously from $90.00) on shares of Celanese Corporation in a research note on Tuesday, June 20th. Jefferies Group LLC reissued a “buy” rating and issued a $104.00 price objective (up previously from $100.00) on shares of Celanese Corporation in a research note on Saturday, April 22nd. Finally, Royal Bank of Canada reissued a “buy” rating and issued a $100.00 price objective on shares of Celanese Corporation in a research note on Tuesday, March 28th. One analyst has rated the stock with a sell rating, five have given a hold rating, eight have issued a buy rating and three have given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $96.70.
Celanese Corporation (NYSE:CE) opened at 96.14 on Monday. The stock has a market cap of $13.41 billion, a PE ratio of 16.75 and a beta of 1.28. The stock has a 50 day moving average price of $89.10 and a 200-day moving average price of $87.46. Celanese Corporation has a 1-year low of $60.59 and a 1-year high of $96.97.
Celanese Corporation (NYSE:CE) last announced its quarterly earnings data on Monday, April 17th. The basic materials company reported $1.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.72 by $0.09. Celanese Corporation had a return on equity of 30.92% and a net margin of 15.14%. The company had revenue of $1.47 billion for the quarter, compared to analysts’ expectations of $1.44 billion. During the same quarter in the prior year, the firm earned $1.83 earnings per share. Celanese Corporation’s revenue was up 4.8% compared to the same quarter last year. On average, equities analysts expect that Celanese Corporation will post $7.28 EPS for the current year.
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A number of hedge funds have recently bought and sold shares of CE. ING Groep acquired a new stake in shares of Celanese Corporation during the third quarter valued at approximately $1,883,000. J. Goldman & Company acquired a new stake in shares of Celanese Corporation during the third quarter valued at approximately $5,177,000. EQIS Capital Management raised its stake in shares of Celanese Corporation by 140.7% in the fourth quarter. EQIS Capital Management now owns 9,466 shares of the basic materials company’s stock valued at $637,000 after buying an additional 5,533 shares in the last quarter. Janus Capital Management raised its stake in shares of Celanese Corporation by 883.6% in the third quarter. Janus Capital Management now owns 66,100 shares of the basic materials company’s stock valued at $3,911,000 after buying an additional 59,380 shares in the last quarter. Finally, Denali Advisors raised its stake in shares of Celanese Corporation by 3.7% in the fourth quarter. Denali Advisors now owns 58,400 shares of the basic materials company’s stock valued at $3,932,000 after buying an additional 2,100 shares in the last quarter. Institutional investors own 98.42% of the company’s stock.
About Celanese Corporation
Celanese Corporation (Celanese) is a technology and specialty materials company. The Company’s segments include Advanced Engineered Materials, Consumer Specialties, Industrial Specialties, Acetyl Intermediates and Other Activities. The Advanced Engineered Materials segment includes the Company’s engineered materials business and certain affiliates.
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