$1.51 Billion in Sales Expected for Celanese Corporation (CE) This Quarter
Brokerages forecast that Celanese Corporation (NYSE:CE) will post $1.51 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Five analysts have provided estimates for Celanese Corporation’s earnings, with the highest sales estimate coming in at $1.55 billion and the lowest estimate coming in at $1.46 billion. Celanese Corporation reported sales of $1.32 billion in the same quarter last year, which would suggest a positive year over year growth rate of 14.4%. The company is scheduled to report its next earnings results on Monday, October 16th.
According to Zacks, analysts expect that Celanese Corporation will report full-year sales of $1.51 billion for the current financial year, with estimates ranging from $5.79 billion to $6.06 billion. For the next fiscal year, analysts forecast that the business will report sales of $6.32 billion per share, with estimates ranging from $5.97 billion to $6.53 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover Celanese Corporation.
Celanese Corporation (NYSE:CE) last posted its earnings results on Monday, July 24th. The basic materials company reported $1.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.76 by $0.03. The company had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.44 billion. Celanese Corporation had a net margin of 14.89% and a return on equity of 31.23%. The firm’s quarterly revenue was up 11.8% on a year-over-year basis. During the same period in the previous year, the firm posted $1.59 earnings per share.
Several research analysts have issued reports on CE shares. Jefferies Group LLC set a $104.00 price objective on shares of Celanese Corporation and gave the stock a “buy” rating in a research report on Saturday, May 27th. BidaskClub downgraded shares of Celanese Corporation from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 24th. Zacks Investment Research raised shares of Celanese Corporation from a “hold” rating to a “buy” rating and set a $111.00 price objective on the stock in a research report on Monday, July 17th. KeyCorp reissued a “buy” rating and set a $106.00 price objective on shares of Celanese Corporation in a research report on Thursday, August 24th. Finally, Royal Bank Of Canada reissued a “buy” rating and set a $109.00 price objective on shares of Celanese Corporation in a research report on Wednesday, September 6th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have assigned a buy rating and three have given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $102.74.
Celanese Corporation (CE) traded up 0.19% on Friday, reaching $99.27. 735,235 shares of the company were exchanged. The stock has a 50-day moving average price of $96.99 and a 200 day moving average price of $92.19. Celanese Corporation has a 52 week low of $60.59 and a 52 week high of $99.97. The stock has a market capitalization of $13.65 billion, a price-to-earnings ratio of 16.89 and a beta of 1.28.
Celanese Corporation announced that its board has approved a stock buyback program on Monday, July 17th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the basic materials company to buy up to 10.9% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.
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Hedge funds have recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Celanese Corporation by 24.2% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,059 shares of the basic materials company’s stock worth $101,000 after acquiring an additional 206 shares during the period. Barrett Asset Management LLC acquired a new stake in shares of Celanese Corporation in the 2nd quarter worth $142,000. Toronto Dominion Bank lifted its stake in shares of Celanese Corporation by 27.4% in the 1st quarter. Toronto Dominion Bank now owns 1,597 shares of the basic materials company’s stock worth $144,000 after acquiring an additional 343 shares during the period. Fiduciary Trust Co. acquired a new stake in shares of Celanese Corporation in the 2nd quarter worth $150,000. Finally, Fifth Third Bancorp lifted its stake in shares of Celanese Corporation by 31.5% in the 1st quarter. Fifth Third Bancorp now owns 2,005 shares of the basic materials company’s stock worth $180,000 after acquiring an additional 480 shares during the period. Institutional investors own 97.24% of the company’s stock.
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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