Celanese Corp.’s (CE) “Buy” Rating Reiterated at Deutsche Bank AG
Celanese Corp. (NYSE:CE)‘s stock had its “buy” rating reaffirmed by equities researchers at Deutsche Bank AG in a report released on Tuesday. They presently have a $75.00 target price on the stock, down from their previous target price of $78.00. Deutsche Bank AG’s price objective would indicate a potential upside of 17.96% from the company’s previous close.
CE has been the topic of a number of other reports. KeyCorp started coverage on Celanese Corp. in a research report on Thursday, October 6th. They issued an “overweight” rating and a $80.00 price objective on the stock. Zacks Investment Research upgraded Celanese Corp. from a “sell” rating to a “hold” rating in a research report on Monday, September 26th. Citigroup Inc. lowered Celanese Corp. from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $77.00 to $71.00 in a research report on Wednesday, September 7th. Finally, Jefferies Group restated a “buy” rating on shares of Celanese Corp. in a research report on Tuesday, August 23rd. 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 issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $74.19.
Celanese Corp. (NYSE:CE) traded up 9.11% on Tuesday, reaching $69.37. The company had a trading volume of 3,468,184 shares. Celanese Corp. has a 12 month low of $55.07 and a 12 month high of $74.55. The stock has a market capitalization of $10.04 billion, a price-to-earnings ratio of 30.12 and a beta of 1.61. The firm has a 50 day moving average price of $63.98 and a 200-day moving average price of $67.26.
Celanese Corp. (NYSE:CE) last released its quarterly earnings results on Monday, October 17th. The company reported $1.67 earnings per share for the quarter, beating the Zacks’ 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 firm earned $1.32 billion during the quarter, compared to analysts’ expectations of $1.63 billion. During the same period last year, the firm posted $1.50 EPS. The business’s revenue was down 6.4% on a year-over-year basis. Analysts forecast that Celanese Corp. will post $6.54 earnings per share for the current fiscal year.
Hedge funds have recently added to or reduced their stakes in the stock. Wellington Management Group LLP increased its stake in Celanese Corp. by 7.4% in the first quarter. Wellington Management Group LLP now owns 7,599,679 shares of the company’s stock worth $497,779,000 after buying an additional 520,647 shares in the last quarter. Renaissance Technologies LLC bought a new stake in Celanese Corp. during the first quarter worth about $28,316,000. Vanguard Group Inc. increased its stake in Celanese Corp. by 3.5% in the second quarter. Vanguard Group Inc. now owns 11,043,208 shares of the company’s stock worth $722,778,000 after buying an additional 378,344 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in Celanese Corp. during the second quarter worth about $23,896,000. Finally, State Street Corp increased its stake in 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 in the last quarter. 95.98% of the stock is currently owned by institutional investors and hedge funds.
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.
Receive News & Stock Ratings for Celanese Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Celanese Corp. and related stocks with our FREE daily email newsletter.