Celanese Corporation (NYSE:CE) – Research analysts at KeyCorp raised their Q3 2017 earnings estimates for shares of Celanese Corporation in a research note issued on Wednesday. KeyCorp analyst M. Sison now forecasts that the basic materials company will post earnings per share of $1.95 for the quarter, up from their prior forecast of $1.87.
Celanese Corporation (NYSE:CE) last announced its earnings results on Monday, July 24th. The basic materials company reported $1.79 EPS for the quarter, beating the Zacks’ 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 business had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.44 billion. During the same period in the prior year, the company earned $1.59 earnings per share. The firm’s revenue was up 11.8% on a year-over-year basis. ILLEGAL ACTIVITY WARNING: “Q3 2017 EPS Estimates for Celanese Corporation Increased by Analyst (NYSE:CE)” was first published by BNB Daily and is the sole property of of BNB Daily. If you are viewing this story on another publication, it was copied illegally and reposted in violation of U.S. & international trademark and copyright laws. The legal version of this story can be viewed at https://www.baseball-news-blog.com/2017/08/19/q3-2017-eps-estimates-for-celanese-corporation-increased-by-analyst-nysece-updated-updated.html.
CE has been the subject of a number of other reports. Royal Bank Of Canada reissued 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 stock a “buy” rating in a research report on Saturday, May 27th. Zacks Investment Research raised 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 reissued a “neutral” rating and set a $97.00 price target (up from $90.00) on shares of Celanese Corporation in a research report on Tuesday, June 20th. Finally, Goldman Sachs Group, Inc. (The) raised their price target 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 investment analyst has rated the stock with a sell rating, six have issued a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $98.99.
Shares of Celanese Corporation (CE) opened at 96.17 on Monday. The firm’s 50-day moving average is $95.05 and its 200-day moving average is $89.88. Celanese Corporation has a one year low of $60.59 and a one year high of $99.97. The stock has a market capitalization of $13.23 billion, a PE ratio of 16.36 and a beta of 1.28.
The business also recently declared a quarterly dividend, which will be paid on Monday, August 7th. Investors of record on Friday, July 28th will be issued a $0.46 dividend. This represents a $1.84 annualized dividend and a yield of 1.91%. The ex-dividend date is Wednesday, July 26th. Celanese Corporation’s payout ratio is presently 31.24%.
Celanese Corporation announced that its Board of Directors has approved a stock repurchase program on Monday, July 17th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the basic materials company to buy up to 10.9% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.
Large investors have recently modified their holdings of the company. BlackRock Inc. raised its stake in shares of Celanese Corporation by 5,604.5% in the first quarter. BlackRock Inc. now owns 7,632,901 shares of the basic materials company’s stock valued at $685,818,000 after buying an additional 7,499,096 shares during the last quarter. Boston Partners bought a new stake in shares of Celanese Corporation during the first quarter valued at approximately $200,091,000. JPMorgan Chase & Co. raised its stake in shares of Celanese Corporation by 335.6% in the first quarter. JPMorgan Chase & Co. now owns 2,247,203 shares of the basic materials company’s stock valued at $201,910,000 after buying an additional 1,731,282 shares during the last quarter. Victory Capital Management Inc. bought a new stake in shares of Celanese Corporation during the first quarter valued at approximately $135,865,000. Finally, Old Mutual Global Investors UK Ltd. raised its stake in shares of Celanese Corporation by 129.9% in the first quarter. Old Mutual Global Investors UK Ltd. now owns 957,629 shares of the basic materials company’s stock valued at $86,042,000 after buying an additional 541,105 shares during the last quarter. 99.90% of the stock is owned by 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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