$1.51 Billion in Sales Expected for Celanese Corporation (CE) This Quarter
Analysts predict that Celanese Corporation (NYSE:CE) will announce $1.51 billion in sales for the current quarter, Zacks reports. Five analysts have made estimates for Celanese Corporation’s earnings. The lowest sales estimate is $1.46 billion and the highest is $1.55 billion. Celanese Corporation reported sales of $1.32 billion during the same quarter last year, which indicates a positive year-over-year growth rate of 14.4%. The firm is scheduled to announce its next quarterly earnings results on Monday, October 16th.
On average, analysts expect that Celanese Corporation will report full-year sales of $1.51 billion for the current financial year, with estimates ranging from $5.79 billion to $6.06 billion. For the next year, analysts forecast that the firm will report sales of $6.32 billion per share, with estimates ranging from $5.97 billion to $6.53 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Celanese Corporation.
Celanese Corporation (NYSE:CE) last posted its earnings results on Monday, July 24th. The basic materials company reported $1.79 earnings per share for the quarter, beating analysts’ consensus estimates of $1.76 by $0.03. Celanese Corporation had a net margin of 14.89% and a return on equity of 31.23%. The firm had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.44 billion. During the same period last year, the firm posted $1.59 earnings per share. Celanese Corporation’s revenue for the quarter was up 11.8% compared to the same quarter last year.
Several research analysts recently commented on the company. Nomura increased their price objective on Celanese Corporation from $95.00 to $97.00 and gave the company a “neutral” rating in a research note on Wednesday, July 19th. Zacks Investment Research upgraded Celanese Corporation from a “hold” rating to a “buy” rating and set a $111.00 target price for the company in a report on Monday, July 17th. Cowen and Company restated an “outperform” rating and issued a $115.00 target price (up from $100.00) on shares of Celanese Corporation in a report on Wednesday, August 9th. ValuEngine upgraded Celanese Corporation from a “buy” rating to a “strong-buy” rating in a report on Friday, September 1st. Finally, BidaskClub upgraded Celanese Corporation from a “hold” rating to a “buy” rating in a report on Saturday, August 26th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have issued a buy rating and three have given a strong buy rating to the stock. Celanese Corporation currently has an average rating of “Buy” and an average target price of $102.74.
Celanese Corporation (CE) opened at 96.79 on Friday. The company has a 50 day moving average of $96.93 and a 200-day moving average of $92.02. The stock has a market capitalization of $13.31 billion, a price-to-earnings ratio of 16.47 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 declared that its board has authorized a share repurchase program on Monday, July 17th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the basic materials company to purchase up to 10.9% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its stock is undervalued.
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Several hedge funds and other institutional investors have recently added to or reduced their stakes in CE. Honkamp Krueger Financial Services Inc. boosted its holdings in Celanese Corporation by 0.4% during the 2nd quarter. Honkamp Krueger Financial Services Inc. now owns 2,670 shares of the basic materials company’s stock valued at $253,000 after acquiring an additional 10 shares during the period. Alps Advisors Inc. boosted its holdings in Celanese Corporation by 0.3% during the 2nd quarter. Alps Advisors Inc. now owns 5,276 shares of the basic materials company’s stock valued at $501,000 after acquiring an additional 14 shares during the period. Atria Investments LLC boosted its holdings in Celanese Corporation by 0.8% during the 2nd quarter. Atria Investments LLC now owns 2,381 shares of the basic materials company’s stock valued at $226,000 after acquiring an additional 19 shares during the period. Financial Architects Inc boosted its holdings in Celanese Corporation by 2.2% during the 2nd quarter. Financial Architects Inc now owns 1,959 shares of the basic materials company’s stock valued at $186,000 after acquiring an additional 43 shares during the period. Finally, Pacer Advisors Inc. boosted its holdings in Celanese Corporation by 3.3% during the 1st quarter. Pacer Advisors Inc. now owns 2,748 shares of the basic materials company’s stock valued at $247,000 after acquiring an additional 88 shares during the period. Institutional investors and hedge funds own 97.24% 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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