Celanese Corp. (CE) Shares Down 6.4%
Shares of Celanese Corp. (NYSE:CE) traded down 6.4% on Tuesday . The stock traded as low as $65.13 and last traded at $65.53, with a volume of 1,180,893 shares traded. The stock had previously closed at $70.01.
Several equities analysts have commented on the company. Citigroup Inc. increased their target price on Celanese Corp. from $73.00 to $79.00 and gave the company a “buy” rating in a research report on Monday, April 18th. Zacks Investment Research downgraded Celanese Corp. from a “hold” rating to a “sell” rating in a research report on Tuesday, July 12th. Royal Bank Of Canada increased their target price on Celanese Corp. from $72.00 to $77.00 and gave the company a “sector perform” rating in a research report on Wednesday, April 20th. Cowen and Company upgraded Celanese Corp. from a “market perform” rating to an “outperform” rating and increased their target price for the company from $66.00 to $80.00 in a research report on Friday, April 29th. Finally, Susquehanna assumed coverage on Celanese Corp. in a research report on Friday, July 1st. They issued a “positive” rating and a $80.00 target price for the company. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $75.31.
The company has a 50 day moving average of $68.51 and a 200-day moving average of $66.18. The firm has a market capitalization of $9.69 billion and a price-to-earnings ratio of 30.43.
Celanese Corp. (NYSE:CE) last announced its quarterly earnings data on Monday, July 25th. The company reported $1.59 earnings per share for the quarter, beating analysts’ consensus estimates of $1.56 by $0.03. During the same period last year, the firm earned $1.58 earnings per share. The company had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.42 billion. Celanese Corp.’s quarterly revenue was down 8.5% compared to the same quarter last year. Equities analysts forecast that Celanese Corp. will post $6.60 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 11th. Stockholders of record on Monday, August 1st will be issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.19%. The ex-dividend date is Thursday, July 28th.
In other news, Director Farah M. Walters sold 14,650 shares of the business’s stock in a transaction on Thursday, June 16th. The shares were sold at an average price of $68.61, for a total transaction of $1,005,136.50. Following the sale, the director now directly owns 49,686 shares of the company’s stock, valued at $3,408,956.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Mark C. Rohr sold 17,200 shares of the business’s stock in a transaction on Thursday, June 16th. The shares were sold at an average price of $69.50, for a total transaction of $1,195,400.00. Following the sale, the chief executive officer now directly owns 418,464 shares in the company, valued at $29,083,248. The disclosure for this sale can be found here.
A number of hedge funds and institutional investors have bought and sold shares of CE. New York State Common Retirement Fund increased its position in Celanese Corp. by 1.2% in the fourth quarter. New York State Common Retirement Fund now owns 390,600 shares of the company’s stock worth $26,299,000 after buying an additional 4,800 shares in the last quarter. OppenheimerFunds Inc. increased its position in Celanese Corp. by 13.7% in the fourth quarter. OppenheimerFunds Inc. now owns 307,433 shares of the company’s stock worth $20,699,000 after buying an additional 36,960 shares in the last quarter. Robeco Institutional Asset Management B.V. increased its position in Celanese Corp. by 87.8% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 90,123 shares of the company’s stock worth $6,068,000 after buying an additional 42,139 shares in the last quarter. Quantitative Investment Management LLC increased its position in Celanese Corp. by 11.2% in the fourth quarter. Quantitative Investment Management LLC now owns 15,900 shares of the company’s stock worth $1,070,000 after buying an additional 1,600 shares in the last quarter. Finally, Mizuho Trust & Banking Co. Ltd. increased its position in Celanese Corp. by 3.9% in the fourth quarter. Mizuho Trust & Banking Co. Ltd. now owns 233,938 shares of the company’s stock worth $15,777,000 after buying an additional 8,882 shares in the last quarter.
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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