Celanese Corporation (CE) Reaches New 52-Week High Following Analyst Upgrade
Celanese Corporation (NYSE:CE) shares reached a new 52-week high during trading on Wednesday after Cowen and raised their price target on the stock from $115.00 to $120.00. Cowen and currently has an outperform rating on the stock. Celanese Corporation traded as high as $104.37 and last traded at $104.21, with a volume of 305,007 shares traded. The stock had previously closed at $102.46.
CE has been the topic of several other reports. BidaskClub upgraded Celanese Corporation from a “hold” rating to a “buy” rating in a research note on Saturday, August 26th. ValuEngine upgraded Celanese Corporation from a “buy” rating to a “strong-buy” rating in a research note on Friday, September 1st. Royal Bank Of Canada reiterated an “outperform” rating on shares of Celanese Corporation in a research note on Tuesday, June 20th. Zacks Investment Research upgraded Celanese Corporation from a “hold” rating to a “buy” rating and set a $111.00 price objective on the stock in a research note on Monday, July 17th. Finally, Jefferies Group LLC set a $104.00 price objective on Celanese Corporation and gave the company a “buy” rating in a research note on Saturday, May 27th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, ten have assigned a buy rating and three have assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $103.05.
A number of large investors have recently bought and sold shares of the stock. Honkamp Krueger Financial Services Inc. increased its holdings in Celanese Corporation by 0.4% in the second quarter. Honkamp Krueger Financial Services Inc. now owns 2,670 shares of the basic materials company’s stock valued at $253,000 after buying an additional 10 shares during the last quarter. Alps Advisors Inc. increased its holdings in Celanese Corporation by 0.3% in the second quarter. Alps Advisors Inc. now owns 5,276 shares of the basic materials company’s stock valued at $501,000 after buying an additional 14 shares during the last quarter. Atria Investments LLC increased its holdings in Celanese Corporation by 0.8% in the second quarter. Atria Investments LLC now owns 2,381 shares of the basic materials company’s stock valued at $226,000 after buying an additional 19 shares during the last quarter. Financial Architects Inc increased its holdings in Celanese Corporation by 2.2% in the second quarter. Financial Architects Inc now owns 1,959 shares of the basic materials company’s stock valued at $186,000 after buying an additional 43 shares during the last quarter. Finally, Pacer Advisors Inc. increased its holdings in Celanese Corporation by 3.3% in the first quarter. Pacer Advisors Inc. now owns 2,748 shares of the basic materials company’s stock valued at $247,000 after buying an additional 88 shares during the last quarter. 97.24% of the stock is currently owned by hedge funds and other institutional investors.
The firm has a market cap of $14.30 billion, a PE ratio of 17.68 and a beta of 1.28. The company’s 50-day moving average is $97.80 and its 200-day moving average is $92.60.
Celanese Corporation (NYSE:CE) last issued its quarterly earnings data on Monday, July 24th. The basic materials company reported $1.79 EPS for the quarter, topping analysts’ consensus estimates of $1.76 by $0.03. Celanese Corporation had a net margin of 14.89% and a return on equity of 31.23%. The firm had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.44 billion. During the same quarter in the previous year, the business posted $1.59 EPS. The firm’s revenue was up 11.8% compared to the same quarter last year. On average, equities research analysts expect that Celanese Corporation will post $7.33 EPS for the current fiscal year.
Celanese Corporation declared that its Board of Directors has approved a share repurchase program on Monday, July 17th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the basic materials company to buy up to 10.9% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
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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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