Celanese (NYSE:CE) Posts Earnings Results, Misses Estimates By $0.23 EPS

Celanese (NYSE:CE) announced its quarterly earnings results on Tuesday. The basic materials company reported $0.67 EPS for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.23), Zacks reports. The business had revenue of $2.20 billion during the quarter, compared to analysts’ expectations of $2.25 billion. Celanese had a positive return on equity of 9.87% and a negative net margin of 31.85%.

Celanese Stock Performance

Shares of NYSE CE traded down $3.22 during trading on Tuesday, reaching $55.63. 4,841,430 shares of the company traded hands, compared to its average volume of 2,366,069. The company has a quick ratio of 1.04, a current ratio of 1.63 and a debt-to-equity ratio of 2.66. The firm has a 50 day simple moving average of $46.50 and a 200-day simple moving average of $43.99. Celanese has a 52-week low of $35.13 and a 52-week high of $70.30. The stock has a market capitalization of $6.09 billion, a PE ratio of -1.97 and a beta of 1.12.

Celanese Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 10th. Stockholders of record on Tuesday, February 24th will be issued a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend is Tuesday, February 24th. Celanese’s dividend payout ratio (DPR) is presently -0.42%.

Insider Activity

In other news, CFO Chuck Kyrish acquired 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 9th. The stock was bought at an average price of $41.03 per share, with a total value of $205,150.00. Following the completion of the acquisition, the chief financial officer directly owned 10,914 shares of the company’s stock, valued at approximately $447,801.42. The trade was a 84.55% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.33% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Celanese

Several large investors have recently added to or reduced their stakes in CE. Geneos Wealth Management Inc. increased its stake in shares of Celanese by 111.1% in the second quarter. Geneos Wealth Management Inc. now owns 513 shares of the basic materials company’s stock worth $28,000 after purchasing an additional 270 shares in the last quarter. Smartleaf Asset Management LLC grew its position in shares of Celanese by 100.0% during the second quarter. Smartleaf Asset Management LLC now owns 662 shares of the basic materials company’s stock worth $38,000 after purchasing an additional 331 shares in the last quarter. National Bank of Canada FI purchased a new position in Celanese in the 3rd quarter worth approximately $34,000. UMB Bank n.a. lifted its holdings in Celanese by 175.7% in the 4th quarter. UMB Bank n.a. now owns 896 shares of the basic materials company’s stock worth $38,000 after purchasing an additional 571 shares in the last quarter. Finally, Kestra Advisory Services LLC bought a new position in Celanese in the 4th quarter worth approximately $41,000. Hedge funds and other institutional investors own 98.87% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on CE shares. UBS Group increased their target price on Celanese from $49.00 to $50.00 and gave the stock a “neutral” rating in a research report on Monday, January 12th. Wells Fargo & Company reissued an “equal weight” rating and set a $45.00 price objective (down previously from $55.00) on shares of Celanese in a research note on Friday, December 19th. Royal Bank Of Canada upped their price objective on shares of Celanese from $43.00 to $48.00 and gave the stock a “sector perform” rating in a report on Friday, January 16th. Zacks Research lowered shares of Celanese from a “hold” rating to a “strong sell” rating in a report on Tuesday, January 20th. Finally, Morgan Stanley began coverage on Celanese in a research note on Tuesday, January 20th. They issued an “equal weight” rating and a $50.00 price target on the stock. Seven investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, Celanese presently has an average rating of “Hold” and an average target price of $55.44.

About Celanese

Celanese Corporation is a global chemical and specialty materials company that develops, manufactures and markets a broad portfolio of products serving diverse industries. The company operates through two primary business segments—Engineered Materials and Acetyl Chain—offering solutions that range from high-performance polymers and specialty additives to industrial chemicals and intermediates. Its engineered materials are used in applications such as automotive components, consumer electronics, medical devices and packaging, while its acetyl derivatives find uses in coatings, adhesives, solvents and personal care products.

In the Engineered Materials segment, Celanese produces a variety of high-performance thermoplastics, polyether-block-amide (PEBA) elastomers and functional additives designed to enhance product durability, thermal resistance and sustainability.