Cowen and Company Reaffirms Outperform Rating for Celanese Corporation (CE)
Celanese Corporation (NYSE:CE)‘s stock had its “outperform” rating reiterated by equities research analysts at Cowen and Company in a research note issued to investors on Wednesday. They currently have a $115.00 price target on the basic materials company’s stock, up from their previous price target of $100.00. Cowen and Company’s target price points to a potential upside of 16.76% from the stock’s previous close.
Several other equities research analysts also recently issued reports on CE. Nomura reiterated a “hold” rating and set a $88.00 price target on shares of Celanese Corporation in a report on Wednesday, April 19th. Jefferies Group LLC set a $104.00 price target on Celanese Corporation and gave the stock a “buy” rating in a report on Saturday, May 27th. Instinet upped their price target on Celanese Corporation from $77.00 to $88.00 and gave the stock a “neutral” rating in a report on Wednesday, April 19th. Royal Bank Of Canada reiterated an “outperform” rating on shares of Celanese Corporation in a report on Tuesday, June 20th. Finally, Deutsche Bank AG decreased their price target on Celanese Corporation from $100.00 to $96.00 and set a “buy” rating for the company in a report on Wednesday, April 19th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, nine have given a buy rating and two have given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $100.55.
Celanese Corporation (CE) traded down 0.67% on Wednesday, hitting $97.83. 652,080 shares of the stock traded hands. The company’s 50 day moving average price is $95.82 and its 200-day moving average price is $90.13. The stock has a market capitalization of $13.45 billion, a P/E ratio of 16.64 and a beta of 1.28. Celanese Corporation has a 12-month low of $60.59 and a 12-month high of $99.97.
Celanese Corporation (NYSE:CE) last issued its earnings results on Monday, July 24th. The basic materials company reported $1.79 earnings per share for the quarter, topping analysts’ consensus estimates of $1.76 by $0.03. Celanese Corporation had a return on equity of 31.23% and a net margin of 14.89%. The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.44 billion. During the same period in the prior year, the firm earned $1.59 earnings per share. Celanese Corporation’s revenue for the quarter was up 11.8% on a year-over-year basis. Analysts predict that Celanese Corporation will post $7.33 EPS for the current year.
Celanese Corporation declared that its Board of Directors has initiated a share repurchase plan on Monday, July 17th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the basic materials company to buy up to 10.9% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
A number of hedge funds and other institutional investors have recently made changes to their positions in CE. Investment Counselors of Maryland LLC purchased a new position in shares of Celanese Corporation during the first quarter worth approximately $125,000. Barrett Asset Management LLC purchased a new position in shares of Celanese Corporation during the second quarter worth approximately $142,000. Toronto Dominion Bank boosted its position in shares of Celanese Corporation by 27.4% in the first quarter. Toronto Dominion Bank now owns 1,597 shares of the basic materials company’s stock worth $144,000 after buying an additional 343 shares in the last quarter. Financial Architects Inc boosted its position in shares of Celanese Corporation by 104.0% in the first quarter. Financial Architects Inc now owns 1,916 shares of the basic materials company’s stock worth $172,000 after buying an additional 977 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. boosted its position in shares of Celanese Corporation by 6.8% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 1,919 shares of the basic materials company’s stock worth $182,000 after buying an additional 122 shares in the last quarter.
Celanese Corporation Company Profile
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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