Celanese Corporation (CE) Receives Consensus Rating of “Buy” from Analysts
Celanese Corporation (NYSE:CE) has been given an average recommendation of “Buy” by the nineteen brokerages that are currently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating on the company. The average 12 month price target among analysts that have covered the stock in the last year is $106.92.
Several equities analysts have commented on the stock. Cowen and Company reissued a “buy” rating on shares of Celanese Corporation in a report on Sunday. Jefferies Group LLC reaffirmed a “buy” rating and set a $122.00 price target on shares of Celanese Corporation in a report on Thursday, October 19th. Citigroup Inc. decreased their price target on shares of Celanese Corporation from $122.00 to $120.00 and set a “buy” rating on the stock in a report on Wednesday, October 18th. Royal Bank Of Canada lifted their price target on shares of Celanese Corporation from $109.00 to $115.00 and gave the company an “outperform” rating in a report on Wednesday, October 18th. Finally, UBS AG lifted their price target on shares of Celanese Corporation from $100.00 to $107.00 and gave the company a “neutral” rating in a report on Tuesday, October 17th.
In related news, CFO Christopher W. Jensen sold 1,000 shares of the stock in a transaction dated Monday, October 30th. The shares were sold at an average price of $104.68, for a total transaction of $104,680.00. Following the completion of the transaction, the chief financial officer now owns 60,086 shares in the company, valued at $6,289,802.48. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director John K. Wulff sold 2,500 shares of the stock in a transaction dated Tuesday, October 24th. The shares were sold at an average price of $105.88, for a total transaction of $264,700.00. Following the transaction, the director now owns 30,175 shares of the company’s stock, valued at approximately $3,194,929. The disclosure for this sale can be found here. Corporate insiders own 0.42% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of CE. Neuberger Berman Group LLC bought a new position in Celanese Corporation during the first quarter valued at about $217,000. New York State Teachers Retirement System bought a new position in Celanese Corporation during the first quarter valued at about $1,087,000. Oppenheimer Asset Management Inc. bought a new position in Celanese Corporation during the first quarter valued at about $252,000. Nomura Asset Management Co. Ltd. grew its position in Celanese Corporation by 0.7% during the first quarter. Nomura Asset Management Co. Ltd. now owns 20,330 shares of the basic materials company’s stock valued at $1,826,000 after buying an additional 140 shares during the period. Finally, Pensionfund DSM Netherlands bought a new position in Celanese Corporation during the second quarter valued at about $3,038,000. Institutional investors own 98.52% of the company’s stock.
Celanese Corporation (NYSE:CE) last released its earnings results on Monday, October 16th. The basic materials company reported $1.93 EPS for the quarter, beating the consensus estimate of $1.92 by $0.01. Celanese Corporation had a net margin of 13.66% and a return on equity of 31.98%. The firm had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.49 billion. During the same period last year, the firm earned $1.67 EPS. The business’s quarterly revenue was up 18.4% compared to the same quarter last year.
Celanese Corporation declared that its board has authorized a stock buyback program on Monday, July 17th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the basic materials company to reacquire up to 10.9% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 9th. Shareholders of record on Monday, October 30th will be issued a dividend of $0.46 per share. The ex-dividend date is Friday, October 27th. This represents a $1.84 annualized dividend and a yield of 1.76%. Celanese Corporation’s payout ratio is 32.11%.
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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