Celanese Corporation (CE) Receives Average Recommendation of “Buy” from Analysts
Shares of Celanese Corporation (NYSE:CE) have received a consensus rating of “Buy” from the eighteen brokerages that are covering the stock, MarketBeat reports. One research 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 company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $100.59.
A number of brokerages have commented on CE. UBS AG reiterated a “neutral” rating and issued a $95.00 price objective (up previously from $90.00) on shares of Celanese Corporation in a research report on Thursday, June 22nd. Vertical Research downgraded Celanese Corporation from a “buy” rating to a “hold” rating and raised their price objective for the stock from $101.00 to $103.00 in a research report on Monday, July 10th. They noted that the move was a valuation call. Citigroup Inc. raised their price objective on Celanese Corporation from $100.00 to $101.00 and gave the stock a “buy” rating in a research report on Tuesday, April 25th. Alembic Global Advisors reiterated a “sell” rating on shares of Celanese Corporation in a research report on Tuesday, July 4th. Finally, Barclays PLC reduced their price objective on Celanese Corporation from $105.00 to $98.00 and set an “overweight” rating for the company in a research report on Tuesday, April 25th.
Celanese Corporation (NYSE CE) traded down 0.85% during midday trading on Friday, hitting $95.77. The company had a trading volume of 1,105,598 shares. The company has a market cap of $13.17 billion, a P/E ratio of 16.29 and a beta of 1.28. The company’s 50 day moving average is $96.91 and its 200-day moving average is $91.08. Celanese Corporation has a one year low of $60.59 and a one year high of $99.97.
Celanese Corporation (NYSE:CE) last announced its quarterly earnings data on Monday, July 24th. The basic materials company reported $1.79 EPS for the quarter, topping the Zacks’ consensus estimate 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 during the quarter, compared to the consensus estimate of $1.44 billion. During the same quarter last year, the company earned $1.59 EPS. The company’s quarterly revenue was up 11.8% on a year-over-year basis. On average, equities analysts predict that Celanese Corporation will post $7.33 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, August 7th. Investors of record on Friday, July 28th were given a dividend of $0.46 per share. The ex-dividend date was Wednesday, July 26th. This represents a $1.84 annualized dividend and a dividend yield of 1.92%. Celanese Corporation’s dividend payout ratio (DPR) is presently 31.24%.
Celanese Corporation declared that its board has approved a stock buyback program on Monday, July 17th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the basic materials company to reacquire up to 10.9% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.
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Several institutional investors have recently bought and sold shares of the company. BlackRock Inc. increased its position in Celanese Corporation by 5,604.5% in the first quarter. BlackRock Inc. now owns 7,632,901 shares of the basic materials company’s stock valued at $685,818,000 after buying an additional 7,499,096 shares during the period. Boston Partners acquired a new stake in Celanese Corporation during the first quarter worth $200,091,000. JPMorgan Chase & Co. boosted its stake in Celanese Corporation by 335.6% in the first quarter. JPMorgan Chase & Co. now owns 2,247,203 shares of the basic materials company’s stock worth $201,910,000 after buying an additional 1,731,282 shares in the last quarter. Victory Capital Management Inc. acquired a new stake in Celanese Corporation during the first quarter worth $135,865,000. Finally, Old Mutual Global Investors UK Ltd. boosted its stake in Celanese Corporation by 129.9% in the first quarter. Old Mutual Global Investors UK Ltd. now owns 957,629 shares of the basic materials company’s stock worth $86,042,000 after buying an additional 541,105 shares in the last quarter.
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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