Celanese Corporation (NYSE:CE) was downgraded by equities research analysts at BidaskClub from a “strong-buy” rating to a “buy” rating in a report issued on Monday, July 24th.
Other analysts also recently issued reports about the company. Citigroup Inc. upped their price objective on Celanese Corporation from $100.00 to $101.00 and gave the stock a “buy” rating in a report on Tuesday, April 25th. Instinet increased their price target on Celanese Corporation from $77.00 to $88.00 and gave the company a “neutral” rating in a report on Wednesday, April 19th. UBS AG reiterated a “neutral” rating and issued a $95.00 price target (up from $90.00) on shares of Celanese Corporation in a report on Thursday, June 22nd. Vertical Research downgraded Celanese Corporation from a “buy” rating to a “hold” rating and increased their price target for the company from $101.00 to $103.00 in a report on Monday, July 10th. They noted that the move was a valuation call. Finally, Vetr upgraded Celanese Corporation from a “buy” rating to a “strong-buy” rating and set a $103.79 price target for the company in a report on Thursday, April 6th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, nine have given a buy rating and two have given a strong buy rating to the company. Celanese Corporation has an average rating of “Buy” and a consensus price target of $100.55.
Celanese Corporation (NYSE CE) opened at 95.77 on Monday. The stock has a market capitalization of $13.17 billion, a price-to-earnings ratio of 16.29 and a beta of 1.28. The stock’s 50 day moving average price is $96.91 and its 200 day moving average price is $91.08. Celanese Corporation has a 52-week low of $60.59 and a 52-week high of $99.97.
Celanese Corporation (NYSE:CE) last released its quarterly earnings data on Monday, July 24th. The basic materials company reported $1.79 EPS for the quarter, topping analysts’ consensus estimates 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 return on equity of 31.23% and a net margin of 14.89%. The business’s revenue for the quarter was up 11.8% on a year-over-year basis. During the same period in the prior year, the firm posted $1.59 EPS. On average, analysts forecast that Celanese Corporation will post $7.33 EPS for the current year.
Celanese Corporation declared that its Board of Directors has initiated a share buyback program on Monday, July 17th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the basic materials company to buy up to 10.9% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.
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A number of institutional investors have recently modified their holdings of CE. Northwestern Mutual Wealth Management Co. boosted its position in shares of Celanese Corporation by 24.2% in 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. Investment Counselors of Maryland LLC purchased a new stake in shares of Celanese Corporation during the first quarter valued at approximately $125,000. Barrett Asset Management LLC purchased a new stake in shares of Celanese Corporation during the second quarter valued at approximately $142,000. Toronto Dominion Bank raised its stake in shares of Celanese Corporation by 27.4% in the first quarter. Toronto Dominion Bank now owns 1,597 shares of the basic materials company’s stock valued at $144,000 after buying an additional 343 shares during the last quarter. Finally, Fiduciary Trust Co. purchased a new stake in shares of Celanese Corporation during the second quarter valued at approximately $150,000.
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.
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