Celanese Corp. (CE) Now Covered by KeyCorp
Stock analysts at KeyCorp assumed coverage on shares of Celanese Corp. (NYSE:CE) in a research note issued on Thursday. The brokerage set an “overweight” rating and a $80.00 price target on the stock. KeyCorp’s target price would indicate a potential upside of 21.12% from the stock’s previous close.
Several other equities research analysts have also recently commented on CE. Zacks Investment Research cut Celanese Corp. from a “hold” rating to a “sell” rating in a research note on Tuesday, July 12th. Susquehanna assumed coverage on Celanese Corp. in a research note on Friday, July 1st. They set a “positive” rating and a $80.00 target price for the company. RBC Capital Markets reissued a “sector perform” rating and issued a $72.00 price objective (down previously from $76.00) on shares of Celanese Corp. in a research note on Thursday, July 28th. Morgan Stanley reissued a “hold” rating and issued a $65.00 price objective on shares of Celanese Corp. in a research note on Thursday, June 16th. Finally, JPMorgan Chase & Co. reduced their price objective on Celanese Corp. from $75.00 to $70.00 and set a “neutral” rating for the company in a research note on Wednesday, July 27th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $74.19.
Shares of Celanese Corp. (NYSE:CE) opened at 66.05 on Thursday. The company has a market cap of $9.56 billion, a PE ratio of 28.68 and a beta of 1.61. The company has a 50-day moving average price of $64.21 and a 200-day moving average price of $67.29. Celanese Corp. has a 1-year low of $55.07 and a 1-year high of $74.55.
Celanese Corp. (NYSE:CE) last released its earnings results on Monday, July 25th. The company reported $1.59 EPS for the quarter, topping the consensus estimate of $1.56 by $0.03. Celanese Corp. had a return on equity of 30.07% and a net margin of 6.20%. The business earned $1.35 billion during the quarter, compared to analysts’ expectations of $1.42 billion. During the same quarter last year, the firm posted $1.58 earnings per share. The firm’s revenue was down 8.5% on a year-over-year basis. Equities research analysts expect that Celanese Corp. will post $6.54 earnings per share for the current fiscal year.
Several hedge funds have recently modified their holdings of CE. Vanguard Group Inc. raised its stake in shares of Celanese Corp. by 3.5% in the second quarter. Vanguard Group Inc. now owns 11,043,208 shares of the company’s stock valued at $722,778,000 after buying an additional 378,344 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Celanese Corp. by 7.4% in the first quarter. Wellington Management Group LLP now owns 7,599,679 shares of the company’s stock valued at $497,779,000 after buying an additional 520,647 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in shares of Celanese Corp. by 3.7% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 3,851,619 shares of the company’s stock valued at $252,088,000 after buying an additional 138,362 shares during the last quarter. State Street Corp raised its stake in shares of Celanese Corp. by 9.6% in the first quarter. State Street Corp now owns 3,471,470 shares of the company’s stock valued at $227,377,000 after buying an additional 303,971 shares during the last quarter. Finally, Investec Asset Management LTD purchased a new stake in shares of Celanese Corp. during the first quarter valued at about $105,163,000. Hedge funds and other institutional investors own 95.96% of the company’s stock.
About Celanese Corp.
Celanese Corporation (Celanese) is a technology and specialty materials company. The Company operates through four segments: Advanced Engineered Materials, Consumer Specialties, Industrial Specialties and Acetyl Intermediates. Its business involves processing chemical raw materials, such as methanol, carbon monoxide, ethylene and natural products, including wood pulp, into chemicals, thermoplastic polymers and other chemical-based products.
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