Celanese Corp. (CE) Shares Up 7.2% on Strong Earnings
Celanese Corp. (NYSE:CE)’s share price shot up 7.2% during mid-day trading on Tuesday following a better than expected earnings announcement. The stock traded as high as $68.51 and last traded at $68.13, with a volume of 1,845,119 shares changing hands. The stock had previously closed at $63.58.
The company reported $1.67 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.61 by $0.06. Celanese Corp. had a net margin of 6.20% and a return on equity of 30.07%. The firm earned $1.32 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same period last year, the firm posted $1.50 EPS. The firm’s revenue for the quarter was down 6.4% on a year-over-year basis.
Several research firms have weighed in on CE. Zacks Investment Research downgraded shares of Celanese Corp. from a “hold” rating to a “sell” rating in a report on Tuesday, July 12th. Susquehanna assumed coverage on shares of Celanese Corp. in a report on Friday, July 1st. They set a “positive” rating and a $80.00 target price for the company. RBC Capital Markets reiterated 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. JPMorgan Chase & Co. lowered their price target on shares of Celanese Corp. from $75.00 to $70.00 and set a “neutral” rating for the company in a report on Wednesday, July 27th. Finally, Nomura reiterated a “hold” rating on shares of Celanese Corp. in a report on Tuesday, July 12th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $74.19.
Hedge funds have recently bought and sold shares of the stock. Parametric Risk Advisors LLC bought a new stake in shares of Celanese Corp. during the first quarter worth about $543,000. Quadrature Capital Ltd bought a new stake in shares of Celanese Corp. during the first quarter worth about $444,000. State Street Corp raised its stake in shares of Celanese Corp. by 9.6% in the first quarter. State Street Corp now owns 3,471,470 shares of the company’s stock worth $227,377,000 after buying an additional 303,971 shares during the period. Canada Pension Plan Investment Board raised its stake in shares of Celanese Corp. by 443.4% in the first quarter. Canada Pension Plan Investment Board now owns 189,346 shares of the company’s stock worth $12,402,000 after buying an additional 154,500 shares during the period. Finally, Credit Agricole S A raised its stake in shares of Celanese Corp. by 6.8% in the first quarter. Credit Agricole S A now owns 378,471 shares of the company’s stock worth $24,791,000 after buying an additional 24,004 shares during the period. Institutional investors own 95.98% of the company’s stock.
The company has a market capitalization of $9.87 billion, a price-to-earnings ratio of 29.61 and a beta of 1.61. The stock has a 50 day moving average price of $63.98 and a 200 day moving average price of $67.26.
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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