Celanese Corporation (CE) PT Raised to $116.00
Celanese Corporation (NYSE:CE) had its price target increased by equities research analysts at KeyCorp from $106.00 to $116.00 in a note issued to investors on Monday. The firm presently has an “overweight” rating on the basic materials company’s stock. KeyCorp’s price objective points to a potential upside of 11.25% from the company’s current price.
A number of other research firms also recently issued reports on CE. ValuEngine downgraded shares of Celanese Corporation from a “strong-buy” rating to a “buy” rating in a research note on Friday, October 6th. Nomura increased their price target on shares of Celanese Corporation from $97.00 to $100.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 10th. Instinet reissued a “neutral” rating and issued a $100.00 price target (up from $97.00) on shares of Celanese Corporation in a research note on Friday, October 13th. Cowen and Company increased their price target on shares of Celanese Corporation from $115.00 to $120.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 20th. Finally, Zacks Investment Research raised shares of Celanese Corporation from a “hold” rating to a “buy” rating and set a $111.00 price target for the company in a research note on Monday, July 17th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $105.05.
Shares of Celanese Corporation (NYSE CE) opened at 104.27 on Monday. The firm has a market capitalization of $14.34 billion, a P/E ratio of 17.74 and a beta of 1.31. Celanese Corporation has a 52 week low of $63.02 and a 52 week high of $109.09. The stock has a 50 day moving average price of $102.21 and a 200 day moving average price of $94.59.
Celanese Corporation (NYSE:CE) last issued its quarterly earnings data on Monday, October 16th. The basic materials company reported $1.93 EPS for the quarter, beating the consensus estimate of $1.92 by $0.01. Celanese Corporation had a net margin of 13.66% and a return on equity of 32.18%. The firm had revenue of $1.57 billion during the quarter, compared to the consensus estimate of $1.49 billion. During the same period in the prior year, the firm posted $1.67 earnings per share. The company’s quarterly revenue was up 18.4% compared to the same quarter last year. Analysts forecast that Celanese Corporation will post $7.32 EPS for the current year.
Celanese Corporation declared that its Board of Directors has authorized a share buyback plan on Monday, July 17th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the basic materials company to buy up to 10.9% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board 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 business. Vanguard Group Inc. increased its stake 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 in the last quarter. State Street Corp grew 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 buying an additional 224,136 shares during the last quarter. JPMorgan Chase & Co. grew 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 buying an additional 752,057 shares during the last quarter. Boston Partners grew 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 buying an additional 623,671 shares during the last quarter. Finally, LSV Asset Management grew its holdings in shares of Celanese Corporation by 15.0% during the second quarter. LSV Asset Management now owns 2,212,008 shares of the basic materials company’s stock valued at $210,008,000 after buying an additional 288,356 shares during the last quarter. 97.21% of the stock is owned by institutional investors and hedge funds.
About Celanese Corporation
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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