Celanese Corporation (CE) PT Raised to $116.00
Celanese Corporation (NYSE:CE) had its target price lifted by 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 target would indicate a potential upside of 8.31% from the stock’s current price.
Several other research firms also recently issued reports on CE. ValuEngine downgraded Celanese Corporation from a “strong-buy” rating to a “buy” rating in a report on Friday, October 6th. Nomura boosted their price objective on Celanese Corporation from $97.00 to $100.00 and gave the stock a “neutral” rating in a report on Tuesday, October 10th. Instinet restated a “neutral” rating and set a $100.00 price objective (up previously from $97.00) on shares of Celanese Corporation in a report on Friday. Cowen and Company boosted their price objective on Celanese Corporation from $115.00 to $120.00 and gave the stock an “outperform” rating in a report on Wednesday, September 20th. Finally, 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 report on Monday, July 17th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company. Celanese Corporation presently has a consensus rating of “Buy” and an average price target of $104.61.
Celanese Corporation (NYSE CE) traded down 0.23% during midday trading on Monday, hitting $107.10. 1,199,501 shares of the company’s stock traded hands. The company has a 50 day moving average of $102.21 and a 200-day moving average of $94.59. The company has a market capitalization of $14.73 billion, a PE ratio of 18.22 and a beta of 1.31. Celanese Corporation has a 52 week low of $63.02 and a 52 week high of $109.11.
Celanese Corporation (NYSE:CE) last posted its quarterly earnings data on Monday, July 24th. The basic materials company reported $1.79 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.76 by $0.03. The firm had revenue of $1.51 billion for 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 business’s revenue for the quarter was up 11.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.59 EPS. Equities research analysts predict that Celanese Corporation will post $7.31 earnings per share for the current year.
Celanese Corporation announced that its Board of Directors has approved a stock buyback 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 generally an indication that the company’s board believes its stock is undervalued.
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Hedge funds and other institutional investors have recently made changes to their positions in the stock. Morgan Stanley grew its stake in shares of Celanese Corporation by 84.9% in the 1st quarter. Morgan Stanley now owns 395,279 shares of the basic materials company’s stock valued at $35,514,000 after buying an additional 181,484 shares in the last quarter. Neuberger Berman Group LLC bought a new stake in shares of Celanese Corporation in the 1st quarter valued at approximately $217,000. Uniplan Investment Counsel Inc. bought a new stake in shares of Celanese Corporation in the 2nd quarter valued at approximately $15,843,000. Swiss National Bank grew its stake in shares of Celanese Corporation by 1.2% in the 2nd quarter. Swiss National Bank now owns 513,530 shares of the basic materials company’s stock valued at $48,755,000 after buying an additional 6,100 shares in the last quarter. Finally, BT Investment Management Ltd bought a new stake in shares of Celanese Corporation in the 2nd quarter valued at approximately $8,922,000. 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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