Celanese Corp. (CE) Updates FY16 Earnings Guidance
Celanese Corp. (NYSE:CE) updated its FY16 earnings guidance on Monday. The company provided earnings per share guidance of $6.50-6.62 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $6.54.
Several research firms recently weighed in on CE. RBC Capital Markets reissued a sector perform rating and set a $72.00 price target (down from $76.00) on shares of Celanese Corp. in a report on Thursday, July 28th. Citigroup Inc. dropped their price target on Celanese Corp. from $81.00 to $77.00 and set a buy rating for the company in a report on Thursday, July 28th. Jefferies Group reissued a buy rating on shares of Celanese Corp. in a report on Thursday, August 4th. Zacks Investment Research raised Celanese Corp. from a sell rating to a hold rating in a report on Monday, July 18th. Finally, JPMorgan Chase & Co. dropped their price target on Celanese Corp. from $75.00 to $70.00 and set a neutral rating for the company in a report on Wednesday, July 27th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. Celanese Corp. has an average rating of Buy and an average price target of $74.19.
Shares of Celanese Corp. (NYSE:CE) traded up 0.33% during midday trading on Monday, reaching $63.58. The company had a trading volume of 2,115,878 shares. Celanese Corp. has a one year low of $55.07 and a one year high of $74.55. The company has a market capitalization of $9.20 billion, a PE ratio of 27.61 and a beta of 1.61. The company has a 50 day moving average of $64.03 and a 200 day moving average of $67.25.
Celanese Corp. (NYSE:CE) last announced its quarterly earnings data on Monday, October 17th. The company reported $1.67 earnings per share for the quarter, beating the consensus estimate of $1.61 by $0.06. Celanese Corp. had a return on equity of 30.07% and a net margin of 6.20%. The business earned $1.32 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same period in the prior year, the company earned $1.50 earnings per share. Celanese Corp.’s revenue was down 6.4% compared to the same quarter last year. Analysts predict that Celanese Corp. will post $6.54 EPS for the current fiscal year.
A number of institutional investors have recently made changes to their positions in CE. Advisor Group Inc. purchased a new position in shares of Celanese Corp. during the second quarter valued at $152,000. Pacer Advisors Inc. increased its stake in Celanese Corp. by 10.3% in the second quarter. Pacer Advisors Inc. now owns 2,692 shares of the company’s stock valued at $176,000 after buying an additional 251 shares in the last quarter. Stratos Wealth Partners LTD. bought a new stake in Celanese Corp. during the second quarter valued at about $215,000. Banced Corp bought a new stake in Celanese Corp. during the second quarter valued at about $216,000. Finally, HighTower Advisors LLC bought a new stake in Celanese Corp. during the second quarter valued at about $221,000. 95.98% of the stock is owned by institutional investors and hedge funds.
Celanese Corp. Company Profile
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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