Celanese Corporation (CE) PT Raised to $120.00 at Cowen and Company
Celanese Corporation (NYSE:CE) had its price objective lifted by Cowen and Company from $115.00 to $120.00 in a research report issued on Wednesday. The firm currently has an “outperform” rating on the basic materials company’s stock. Cowen and Company’s price target would indicate a potential upside of 17.12% from the stock’s previous close.
CE has been the subject of a number of other research reports. BidaskClub upgraded Celanese Corporation from a “hold” rating to a “buy” rating in a research report on Saturday, August 26th. ValuEngine upgraded Celanese Corporation from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 1st. Royal Bank Of Canada reiterated an “outperform” rating on shares of Celanese Corporation in a research report on Tuesday, June 20th. Zacks Investment Research upgraded 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. Finally, Jefferies Group LLC set a $104.00 price target on Celanese Corporation and gave the company a “buy” rating in a research report on Saturday, May 27th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, ten have assigned a buy rating and three have issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $103.05.
Celanese Corporation (CE) opened at 102.46 on Wednesday. The company has a market cap of $14.09 billion, a PE ratio of 17.43 and a beta of 1.28. Celanese Corporation has a 12-month low of $61.67 and a 12-month high of $102.71. The stock has a 50 day moving average of $97.80 and a 200-day moving average of $92.60.
Celanese Corporation (NYSE:CE) last issued its quarterly earnings results on Monday, July 24th. The basic materials company reported $1.79 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.76 by $0.03. The firm had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.44 billion. Celanese Corporation had a return on equity of 31.23% and a net margin of 14.89%. The company’s revenue for the quarter was up 11.8% on a year-over-year basis. During the same quarter last year, the company posted $1.59 EPS. On average, equities research analysts anticipate that Celanese Corporation will post $7.33 earnings per share for the current fiscal year.
Celanese Corporation announced that its Board of Directors has authorized a stock buyback plan on Monday, July 17th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the basic materials company to reacquire up to 10.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
A number of hedge funds have recently made changes to their positions in CE. Northwestern Mutual Wealth Management Co. lifted its position in Celanese Corporation by 24.2% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,059 shares of the basic materials company’s stock valued at $101,000 after purchasing an additional 206 shares during the last quarter. Barrett Asset Management LLC bought a new stake in Celanese Corporation in the second quarter valued at approximately $142,000. Toronto Dominion Bank lifted its position in Celanese Corporation by 27.4% in the first quarter. Toronto Dominion Bank now owns 1,597 shares of the basic materials company’s stock valued at $144,000 after purchasing an additional 343 shares during the last quarter. Fiduciary Trust Co. bought a new stake in Celanese Corporation in the second quarter valued at approximately $150,000. Finally, Fifth Third Bancorp lifted its position in Celanese Corporation by 31.5% in the first quarter. Fifth Third Bancorp now owns 2,005 shares of the basic materials company’s stock valued at $180,000 after purchasing an additional 480 shares during the last quarter. 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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