Celanese Corporation (NYSE:CE) declared a quarterly dividend on Tuesday, July 18th, Wall Street Journal reports. Stockholders of record on Friday, July 28th will be given a dividend of 0.46 per share by the basic materials company on Monday, August 7th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.90%. The ex-dividend date of this dividend is Wednesday, July 26th.
Celanese Corporation has raised its dividend payment by an average of 38.0% per year over the last three years and has increased its dividend every year for the last 5 years. Celanese Corporation has a dividend payout ratio of 25.1% meaning its dividend is sufficiently covered by earnings. Analysts expect Celanese Corporation to earn $8.09 per share next year, which means the company should continue to be able to cover its $1.84 annual dividend with an expected future payout ratio of 22.7%.
Celanese Corporation (NYSE CE) traded up 0.59% on Friday, reaching $96.71. 784,523 shares of the company were exchanged. Celanese Corporation has a 12-month low of $60.59 and a 12-month high of $99.97. The firm has a market capitalization of $13.30 billion, a PE ratio of 16.45 and a beta of 1.28. The stock has a 50 day moving average of $96.36 and a 200 day moving average of $90.67.
Celanese Corporation (NYSE:CE) last posted its quarterly earnings results on Monday, July 24th. The basic materials company reported $1.79 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 firm had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.44 billion. During the same period in the prior year, the firm posted $1.59 earnings per share. The company’s quarterly revenue was up 11.8% compared to the same quarter last year. Equities analysts anticipate that Celanese Corporation will post $7.33 EPS for the current year.
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Celanese Corporation declared that its Board of Directors has authorized a stock buyback plan on Monday, July 17th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the basic materials company to purchase up to 10.9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.
Several equities analysts have recently weighed in on the stock. Nomura increased their price objective on shares of Celanese Corporation from $95.00 to $97.00 and gave the company a “neutral” rating in a research report 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. Cowen and Company restated an “outperform” rating and issued a $115.00 price target (up from $100.00) on shares of Celanese Corporation in a research note on Wednesday. BidaskClub downgraded shares of Celanese Corporation from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 24th. Finally, UBS AG restated a “neutral” rating and issued a $100.00 price target (up from $95.00) on shares of Celanese Corporation in a research note on Tuesday, July 25th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $100.55.
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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