Zacks: Analysts Anticipate Celanese Corporation (CE) Will Announce Quarterly Sales of $1.52 Billion
Wall Street analysts forecast that Celanese Corporation (NYSE:CE) will announce sales of $1.52 billion for the current quarter, Zacks reports. Five analysts have issued estimates for Celanese Corporation’s earnings. The highest sales estimate is $1.56 billion and the lowest is $1.48 billion. Celanese Corporation reported sales of $1.31 billion in the same quarter last year, which would suggest a positive year over year growth rate of 16%. The business is scheduled to announce its next quarterly earnings report on Wednesday, February 7th.
On average, analysts expect that Celanese Corporation will report full-year sales of $1.52 billion for the current fiscal year, with estimates ranging from $6.01 billion to $6.10 billion. For the next year, analysts forecast that the firm will report sales of $6.47 billion per share, with estimates ranging from $6.17 billion to $6.70 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that cover Celanese Corporation.
Celanese Corporation (NYSE:CE) last issued its quarterly earnings results on Monday, October 16th. The basic materials company reported $1.93 earnings per share (EPS) for the quarter, beating the Zacks’ 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 business had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.49 billion. During the same quarter in the prior year, the business posted $1.67 EPS. Celanese Corporation’s revenue for the quarter was up 18.4% compared to the same quarter last year.
CE has been the topic of a number of recent analyst reports. Vertical Research lowered shares of Celanese Corporation from a “buy” rating to a “hold” rating and upped their price target for the company from $101.00 to $103.00 in a research note on Monday, July 10th. They noted that the move was a valuation call. Nomura upped their price target on shares of 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 shares of Celanese Corporation from a “hold” rating to a “buy” rating and set a $111.00 price target on the stock in a research note on Monday, July 17th. ValuEngine upgraded shares of Celanese Corporation from a “buy” rating to a “strong-buy” rating in a research note on Friday, September 1st. Finally, KeyCorp restated a “buy” rating and set a $106.00 price target on shares of Celanese Corporation in a research note on Thursday, August 24th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $107.74.
Celanese Corporation (NYSE:CE) opened at $106.13 on Monday. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.16 and a current ratio of 1.69. Celanese Corporation has a 52 week low of $71.24 and a 52 week high of $109.11. The stock has a market cap of $14,395.05, a P/E ratio of 15.05, a price-to-earnings-growth ratio of 1.60 and a beta of 1.31.
Celanese Corporation announced that its Board of Directors has initiated a share buyback program on Monday, July 17th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the basic materials company to repurchase up to 10.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Thursday, November 9th. Investors of record on Monday, October 30th will be issued a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a yield of 1.73%. The ex-dividend date is Friday, October 27th. Celanese Corporation’s dividend payout ratio (DPR) is presently 32.11%.
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In related news, CFO Christopher W. Jensen sold 1,000 shares of the stock in a transaction on Monday, October 30th. The shares were sold at an average price of $104.68, for a total transaction of $104,680.00. Following the sale, the chief financial officer now directly owns 60,086 shares of the company’s stock, valued at $6,289,802.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John K. Wulff sold 2,500 shares of the stock in a transaction on Tuesday, October 24th. The stock was sold at an average price of $105.88, for a total transaction of $264,700.00. Following the sale, the director now directly owns 30,175 shares in the company, valued at $3,194,929. The disclosure for this sale can be found here. Corporate insiders own 0.42% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Northwestern Mutual Wealth Management Co. boosted its holdings in Celanese Corporation by 24.2% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,059 shares of the basic materials company’s stock worth $101,000 after buying an additional 206 shares in the last quarter. Barrett Asset Management LLC purchased a new stake in Celanese Corporation during the second quarter worth $142,000. Fiduciary Trust Co. purchased a new stake in Celanese Corporation during the second quarter worth $150,000. Toronto Dominion Bank boosted its holdings in Celanese Corporation by 8.4% during the second quarter. Toronto Dominion Bank now owns 1,731 shares of the basic materials company’s stock worth $164,000 after buying an additional 134 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. boosted its holdings in Celanese Corporation by 6.8% during 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. 98.45% of the stock is currently owned by hedge funds and other institutional investors.
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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