Celanese Corporation’s (CE) Buy Rating Reaffirmed at Royal Bank Of Canada
Celanese Corporation (NYSE:CE)‘s stock had its “buy” rating reissued by analysts at Royal Bank Of Canada in a research note issued to investors on Wednesday. They currently have a $109.00 target price on the basic materials company’s stock. Royal Bank Of Canada’s target price would indicate a potential upside of 12.61% from the stock’s current price.
Several other brokerages also recently issued reports on CE. UBS AG reissued a “neutral” rating and set a $95.00 price objective (up previously from $90.00) on shares of Celanese Corporation in a research note on Thursday, June 22nd. Cowen and Company reissued an “outperform” rating and issued a $115.00 price objective (up previously from $100.00) on shares of Celanese Corporation in a research report on Wednesday, August 9th. ValuEngine raised shares of Celanese Corporation from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 1st. BidaskClub lowered shares of Celanese Corporation from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 24th. Finally, KeyCorp reissued a “buy” rating and issued a $106.00 price objective on shares of Celanese Corporation in a research report on Thursday, August 24th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have assigned a buy rating and three have assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $102.74.
Shares of Celanese Corporation (CE) traded down 0.19% on Wednesday, reaching $96.79. 502,246 shares of the company were exchanged. Celanese Corporation has a 52-week low of $60.59 and a 52-week high of $99.97. The stock has a 50 day moving average of $96.93 and a 200-day moving average of $92.02. The company has a market capitalization of $13.31 billion, a P/E ratio of 16.24 and a beta of 1.28.
Celanese Corporation (NYSE:CE) last announced its quarterly earnings results on Monday, July 24th. The basic materials company reported $1.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.76 by $0.03. Celanese Corporation had a net margin of 14.89% and a return on equity of 31.23%. The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.44 billion. During the same quarter in the prior year, the firm earned $1.59 earnings per share. The company’s revenue for the quarter was up 11.8% compared to the same quarter last year. On average, analysts predict that Celanese Corporation will post $7.33 EPS for the current fiscal year.
Celanese Corporation declared that its board has approved a share buyback plan on Monday, July 17th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the basic materials company to purchase up to 10.9% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
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Hedge funds and other institutional investors have recently bought and sold shares of the business. OppenheimerFunds Inc. boosted its stake in Celanese Corporation by 34.2% during the 1st quarter. OppenheimerFunds Inc. now owns 518,783 shares of the basic materials company’s stock valued at $46,613,000 after acquiring an additional 132,280 shares during the last quarter. Neuberger Berman Group LLC bought a new position in Celanese Corporation during the 1st quarter valued at $217,000. Morgan Stanley boosted its stake in Celanese Corporation by 84.9% during the 1st quarter. Morgan Stanley now owns 395,279 shares of the basic materials company’s stock valued at $35,514,000 after acquiring an additional 181,484 shares during the last quarter. Nomura Holdings Inc. boosted its stake in Celanese Corporation by 32.4% during the 1st quarter. Nomura Holdings Inc. now owns 3,414 shares of the basic materials company’s stock valued at $307,000 after acquiring an additional 835 shares during the last quarter. Finally, State of Wisconsin Investment Board boosted its stake in Celanese Corporation by 23.5% during the 1st quarter. State of Wisconsin Investment Board now owns 76,478 shares of the basic materials company’s stock valued at $6,872,000 after acquiring an additional 14,557 shares during the last quarter. Hedge funds and other institutional investors own 97.24% of the company’s stock.
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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