$1.92 EPS Expected for Celanese Corporation (CE) This Quarter
Wall Street analysts expect that Celanese Corporation (NYSE:CE) will post earnings of $1.92 per share for the current fiscal quarter, according to Zacks Investment Research. Five analysts have provided estimates for Celanese Corporation’s earnings, with the highest EPS estimate coming in at $1.99 and the lowest estimate coming in at $1.85. Celanese Corporation posted earnings per share of $1.67 in the same quarter last year, which would indicate a positive year-over-year growth rate of 15%. The business is scheduled to issue its next quarterly earnings report on Monday, October 16th.
According to Zacks, analysts expect that Celanese Corporation will report full-year earnings of $7.33 per share for the current financial year, with EPS estimates ranging from $7.29 to $7.40. For the next financial year, analysts forecast that the company will post earnings of $8.10 per share, with EPS estimates ranging from $7.90 to $8.35. Zacks’ EPS averages are a mean average based on a survey of analysts that that provide coverage for Celanese Corporation.
Celanese Corporation (NYSE:CE) last issued its quarterly earnings data on Monday, July 24th. The basic materials company reported $1.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.76 by $0.03. Celanese Corporation had a return on equity of 31.23% and a net margin of 14.89%. The business had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.44 billion. During the same period in the prior year, the company posted $1.59 EPS. The business’s revenue for the quarter was up 11.8% compared to the same quarter last year.
A number of brokerages recently weighed in on CE. Vertical Research lowered shares of Celanese Corporation from a “buy” rating to a “hold” rating and raised their price target for the company from $101.00 to $103.00 in a report on Monday, July 10th. They noted that the move was a valuation call. Nomura raised their price target on shares of Celanese Corporation from $95.00 to $97.00 and gave the company a “neutral” rating in a report on Wednesday, July 19th. Royal Bank Of Canada reissued an “outperform” rating on shares of Celanese Corporation in a report on Tuesday, June 20th. Alembic Global Advisors reissued a “sell” rating on shares of Celanese Corporation in a report on Tuesday, July 4th. 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 report on Monday, July 17th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, ten have given a buy rating and three have issued a strong buy rating to the company. Celanese Corporation currently has an average rating of “Buy” and an average price target of $103.05.
Shares of Celanese Corporation (NYSE:CE) traded down 0.07% during trading on Wednesday, reaching $104.27. The company had a trading volume of 664,838 shares. The firm has a 50-day moving average of $97.80 and a 200-day moving average of $92.60. Celanese Corporation has a 12-month low of $62.22 and a 12-month high of $104.75. The company has a market cap of $14.34 billion, a P/E ratio of 17.74 and a beta of 1.28.
Celanese Corporation declared that its Board of Directors has initiated a stock repurchase plan 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 shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its shares are undervalued.
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Several hedge funds have recently made changes to their positions in CE. Northwestern Mutual Wealth Management Co. grew its holdings 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 valued at $101,000 after buying an additional 206 shares during the period. Barrett Asset Management LLC acquired a new position in shares of Celanese Corporation in the 2nd quarter valued at $142,000. Fiduciary Trust Co. acquired a new position in shares of Celanese Corporation in the 2nd quarter valued at $150,000. Toronto Dominion Bank grew its holdings in shares of Celanese Corporation by 8.4% in the 2nd quarter. Toronto Dominion Bank now owns 1,731 shares of the basic materials company’s stock valued at $164,000 after buying an additional 134 shares during the period. Finally, Fifth Third Bancorp grew its holdings 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 valued at $180,000 after buying an additional 480 shares during the period. 97.24% of the stock is owned by institutional investors.
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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