Celanese (CE) Stock Rating Upgraded by Zacks Investment Research
Celanese (NYSE:CE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Monday. The firm presently has a $118.00 price objective on the basic materials company’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 10.76% from the stock’s current price.
According to Zacks, “Celanese has outperformed the industry it belongs to over a year. Celanese’s strategic measures including operational cost savings through productivity actions should lend support to its earnings in 2017. The company should also gain from growth initiatives that include acquisitions and expansion in emerging regions. SO.F.TER. and Nilit acquisitions are expected to drive earnings in the Advanced Engineered Materials unit in 2017. Moreover, Celanese remains focused on returning value to shareholders.”
A number of other analysts also recently weighed in on the company. ValuEngine upgraded Celanese from a “buy” rating to a “strong-buy” rating in a research note on Friday, September 1st. Tudor Pickering initiated coverage on Celanese in a research note on Tuesday, November 14th. They issued a “buy” rating on the stock. KeyCorp restated a “buy” rating and issued a $106.00 price target on shares of Celanese in a research note on Thursday, August 24th. Royal Bank of Canada restated a “buy” rating and issued a $109.00 price target on shares of Celanese in a research note on Wednesday, September 6th. Finally, Cowen lifted their price target on Celanese from $115.00 to $120.00 and gave the company an “outperform” rating in a research note on Wednesday, September 20th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Celanese currently has an average rating of “Buy” and a consensus target price of $108.17.
Celanese (NYSE:CE) last posted its quarterly earnings results on Monday, October 16th. The basic materials company reported $1.93 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.92 by $0.01. Celanese had a return on equity of 31.98% and a net margin of 13.66%. The firm had revenue of $1.57 billion for the quarter, compared to the consensus estimate of $1.49 billion. During the same period in the previous year, the business earned $1.67 earnings per share. The company’s revenue for the quarter was up 18.4% compared to the same quarter last year. equities research analysts predict that Celanese will post 7.37 earnings per share for the current fiscal year.
In other news, Director John K. Wulff sold 2,500 shares of the business’s stock in a transaction on Tuesday, October 24th. The stock was sold at an average price of $105.88, for a total value of $264,700.00. Following the completion of the transaction, the director now directly owns 30,175 shares of the company’s stock, valued at $3,194,929. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Christopher W. Jensen sold 1,000 shares of the business’s stock in a transaction on Monday, October 30th. The stock was sold at an average price of $104.68, for a total value of $104,680.00. Following the completion of the transaction, the chief financial officer now directly owns 60,086 shares of the company’s stock, valued at $6,289,802.48. The disclosure for this sale can be found here. Insiders own 0.42% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Uniplan Investment Counsel Inc. acquired a new position in shares of Celanese in the second quarter worth $15,843,000. Koch Industries Inc. purchased a new stake in shares of Celanese in the second quarter valued at $289,000. Swiss National Bank grew its position in shares of Celanese by 1.2% in the second quarter. Swiss National Bank now owns 513,530 shares of the basic materials company’s stock valued at $48,755,000 after purchasing an additional 6,100 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of Celanese by 1.2% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 434,546 shares of the basic materials company’s stock valued at $45,310,000 after purchasing an additional 5,242 shares during the period. Finally, Macquarie Group Ltd. grew its position in shares of Celanese by 10.2% in the third quarter. Macquarie Group Ltd. now owns 157,840 shares of the basic materials company’s stock valued at $16,458,000 after purchasing an additional 14,650 shares during the period. 96.16% of the stock is owned by institutional investors.
Celanese 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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