Brokerages Set Celanese Corporation (CE) PT at $102.74
Celanese Corporation (NYSE:CE) has been given an average rating of “Buy” by the nineteen analysts that are currently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, five have given a hold recommendation, ten have issued a buy recommendation and three have issued a strong buy recommendation on the company. The average 1 year target price among brokers that have covered the stock in the last year is $102.74.
A number of equities analysts have recently commented on CE shares. BidaskClub lowered shares of Celanese Corporation from a “buy” rating to a “hold” rating in a report on Monday, July 31st. UBS AG reiterated a “neutral” rating and set a $100.00 price target (up previously from $95.00) on shares of Celanese Corporation in a report on Tuesday, July 25th. Cowen and Company reiterated an “outperform” rating and set a $115.00 price target (up previously from $100.00) on shares of Celanese Corporation in a report on Wednesday, August 9th. J P Morgan Chase & Co reiterated a “neutral” rating and set a $97.00 price target (up previously from $90.00) on shares of Celanese Corporation in a report on Tuesday, June 20th. Finally, Vertical Research lowered shares of Celanese Corporation from a “buy” rating to a “hold” rating and lifted their price target for the stock from $101.00 to $103.00 in a report on Monday, July 10th. They noted that the move was a valuation call.
Celanese Corporation (NYSE:CE) traded up 0.12% on Wednesday, hitting $100.09. The stock had a trading volume of 1,482,392 shares. Celanese Corporation has a 1-year low of $61.36 and a 1-year high of $100.77. The firm has a market capitalization of $13.77 billion, a price-to-earnings ratio of 17.03 and a beta of 1.28. The company’s 50 day moving average is $97.42 and its 200-day moving average is $92.37.
Celanese Corporation (NYSE:CE) last posted its earnings results on Monday, July 24th. The basic materials company reported $1.79 earnings per share for the quarter, topping analysts’ consensus estimates of $1.76 by $0.03. The firm had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.44 billion. Celanese Corporation had a net margin of 14.89% and a return on equity of 31.23%. The company’s revenue was up 11.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.59 earnings per share. 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 authorized a stock repurchase plan on Monday, July 17th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the basic materials company to reacquire up to 10.9% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.
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Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of Celanese Corporation by 1.3% during the second quarter. Vanguard Group Inc. now owns 11,890,128 shares of the basic materials company’s stock valued at $1,128,848,000 after purchasing an additional 153,112 shares during the period. BlackRock Inc. raised its holdings in shares of Celanese Corporation by 5,604.5% during the first quarter. BlackRock Inc. now owns 7,632,901 shares of the basic materials company’s stock valued at $685,818,000 after purchasing an additional 7,499,096 shares during the period. State Street Corp raised its holdings in shares of Celanese Corporation by 6.5% during the first quarter. State Street Corp now owns 3,658,510 shares of the basic materials company’s stock valued at $328,728,000 after purchasing an additional 224,136 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of Celanese Corporation by 33.5% during the second quarter. JPMorgan Chase & Co. now owns 2,999,260 shares of the basic materials company’s stock valued at $284,749,000 after purchasing an additional 752,057 shares during the period. Finally, Boston Partners raised its holdings in shares of Celanese Corporation by 28.0% during the second quarter. Boston Partners now owns 2,850,620 shares of the basic materials company’s stock valued at $270,637,000 after purchasing an additional 623,671 shares during the period. Hedge funds and other 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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