Celanese Corporation (CE) Cut to “Hold” at BidaskClub

BidaskClub downgraded shares of Celanese Corporation (NYSE:CE) from a buy rating to a hold rating in a research note released on Monday, July 31st.

CE has been the subject of several other research reports. Royal Bank Of Canada restated a buy rating on shares of Celanese Corporation in a research report on Tuesday, May 2nd. Jefferies Group LLC set a $104.00 price target on shares of Celanese Corporation and gave the company a buy rating in a research report on Saturday, May 27th. Zacks Investment Research upgraded shares of Celanese Corporation from a hold rating to a buy rating and set a $111.00 price target for the company in a research report on Monday, July 17th. J P Morgan Chase & Co restated a neutral rating and issued a $97.00 price target (up previously from $90.00) on shares of Celanese Corporation in a research report on Tuesday, June 20th. Finally, Goldman Sachs Group, Inc. (The) increased their target price on shares of Celanese Corporation from $103.00 to $110.00 and gave the stock a conviction-buy rating in a research report on Tuesday, April 4th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Celanese Corporation currently has an average rating of Buy and an average price target of $100.55.

Shares of Celanese Corporation (NYSE CE) traded up 0.59% on Monday, reaching $96.71. The company’s stock had a trading volume of 784,523 shares. Celanese Corporation has a 1-year low of $60.59 and a 1-year high of $99.97. The stock has a 50-day moving average of $96.36 and a 200 day moving average of $90.67. The stock has a market capitalization of $13.30 billion, a PE ratio of 16.45 and a beta of 1.28.

Celanese Corporation (NYSE:CE) last issued its quarterly earnings results on Monday, July 24th. The basic materials company reported $1.79 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.76 by $0.03. The business had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.44 billion. Celanese Corporation had a net margin of 14.89% and a return on equity of 31.23%. The firm’s quarterly revenue was up 11.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.59 EPS. On average, equities analysts forecast that Celanese Corporation will post $7.33 EPS for the current year.

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The firm also recently declared a quarterly dividend, which was paid on Monday, August 7th. Stockholders of record on Friday, July 28th were issued a dividend of $0.46 per share. The ex-dividend date of this dividend was Wednesday, July 26th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.90%. Celanese Corporation’s dividend payout ratio is currently 31.24%.

Celanese Corporation declared that its board has authorized a share repurchase plan 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 plans are often a sign that the company’s management believes its shares are undervalued.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Veritable L.P. increased its position in Celanese Corporation by 15.7% in the second quarter. Veritable L.P. now owns 3,035 shares of the basic materials company’s stock worth $288,000 after buying an additional 411 shares in the last quarter. OxFORD Asset Management LLP increased its position in Celanese Corporation by 116.1% in the second quarter. OxFORD Asset Management LLP now owns 51,788 shares of the basic materials company’s stock worth $4,917,000 after buying an additional 27,828 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Celanese Corporation by 18.4% in the second quarter. Dimensional Fund Advisors LP now owns 766,902 shares of the basic materials company’s stock worth $72,806,000 after buying an additional 119,108 shares in the last quarter. Renaissance Technologies LLC increased its position in Celanese Corporation by 18.5% in the second quarter. Renaissance Technologies LLC now owns 421,800 shares of the basic materials company’s stock worth $40,046,000 after buying an additional 65,800 shares in the last quarter. Finally, TLP Group LLC acquired a new position in Celanese Corporation during the second quarter worth $256,000.

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.

Analyst Recommendations for Celanese Corporation (NYSE:CE)

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