Celanese Corp. (CE) Sees Unusually-High Trading Volume Following Strong Earnings
Celanese Corp. (NYSE:CE) shares saw unusually-high trading volume on Monday following a stronger than expected earnings report. Approximately 1,435,459 shares changed hands during trading, an increase of 14% from the previous session’s volume of 1,255,100 shares.The stock last traded at $63.58 and had previously closed at $63.37.
The company reported $1.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.61 by $0.06. Celanese Corp. had a net margin of 6.20% and a return on equity of 30.07%. The company had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same period in the prior year, the company posted $1.50 EPS. The company’s revenue was down 6.4% compared to the same quarter last year.
A number of research analysts have issued reports on CE shares. Jefferies Group restated a “buy” rating on shares of Celanese Corp. in a research report on Friday, August 12th. Citigroup Inc. cut their target price on shares of Celanese Corp. from $81.00 to $77.00 and set a “buy” rating on the stock in a research report on Thursday, July 28th. Zacks Investment Research downgraded shares of Celanese Corp. from a “buy” rating to a “hold” rating in a research report on Wednesday, July 27th. Nomura restated a “hold” rating on shares of Celanese Corp. in a research report on Tuesday, July 12th. Finally, JPMorgan Chase & Co. cut their target price on shares of Celanese Corp. from $75.00 to $70.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 27th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $74.19.
Several institutional investors have recently modified their holdings of the company. Wellington Management Group LLP boosted its position in shares of Celanese Corp. by 7.4% in the first quarter. Wellington Management Group LLP now owns 7,599,679 shares of the company’s stock valued at $497,779,000 after buying an additional 520,647 shares in the last quarter. Renaissance Technologies LLC purchased a new position in Celanese Corp. during the first quarter valued at $28,316,000. Vanguard Group Inc. boosted its position in Celanese Corp. by 3.5% in the second quarter. Vanguard Group Inc. now owns 11,043,208 shares of the company’s stock valued at $722,778,000 after buying an additional 378,344 shares in the last quarter. Point72 Asset Management L.P. purchased a new position in Celanese Corp. during the second quarter valued at $23,896,000. Finally, State Street Corp boosted its position in Celanese Corp. by 9.6% in the first quarter. State Street Corp now owns 3,471,470 shares of the company’s stock valued at $227,377,000 after buying an additional 303,971 shares in the last quarter. 95.98% of the stock is owned by institutional investors.
The stock has a market capitalization of $9.20 billion, a price-to-earnings ratio of 27.61 and a beta of 1.61. The firm’s 50-day moving average is $63.98 and its 200-day moving average is $67.26.
About Celanese Corp.
Celanese Corporation (Celanese) is a technology and specialty materials company. The Company operates through four segments: Advanced Engineered Materials, Consumer Specialties, Industrial Specialties and Acetyl Intermediates. Its business involves processing chemical raw materials, such as methanol, carbon monoxide, ethylene and natural products, including wood pulp, into chemicals, thermoplastic polymers and other chemical-based products.
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