Celanese Corporation to Issue Quarterly Dividend of $0.46 (NYSE:CE)
Celanese Corporation (NYSE:CE) announced a quarterly dividend on Tuesday, July 18th, Wall Street Journal reports. Investors of record on Friday, July 28th will be paid a dividend of 0.46 per share by the basic materials company on Monday, August 7th. This represents a $1.84 annualized dividend and a yield of 1.92%. The ex-dividend date is Wednesday, July 26th.
Celanese Corporation has raised its dividend by an average of 38.0% annually over the last three years and has increased its dividend annually for the last 5 consecutive years. Celanese Corporation has a dividend payout ratio of 25.1% meaning its dividend is sufficiently covered by earnings. Research analysts expect Celanese Corporation to earn $8.08 per share next year, which means the company should continue to be able to cover its $1.84 annual dividend with an expected future payout ratio of 22.8%.
Celanese Corporation (NYSE:CE) traded down 0.85% during trading on Friday, reaching $95.77. 1,105,598 shares of the company’s stock traded hands. Celanese Corporation has a one year low of $60.59 and a one year high of $99.97. The company has a 50 day moving average of $96.91 and a 200 day moving average of $91.08. The firm has a market cap of $13.17 billion, a price-to-earnings ratio of 16.29 and a beta of 1.28.
Celanese Corporation (NYSE:CE) last posted its earnings results on Monday, July 24th. The basic materials company reported $1.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.76 by $0.03. Celanese Corporation had a return on equity of 31.23% and a net margin of 14.89%. The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.44 billion. During the same quarter in the previous year, the firm earned $1.59 earnings per share. The firm’s quarterly revenue was up 11.8% compared to the same quarter last year. Equities research analysts predict that Celanese Corporation will post $7.33 EPS for the current year.
Celanese Corporation announced that its Board of Directors has authorized a share buyback program on Monday, July 17th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the basic materials company to reacquire up to 10.9% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.
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CE has been the topic of a number of research analyst reports. Jefferies Group LLC set a $104.00 price target on Celanese Corporation and gave the stock a “buy” rating in a research note on Saturday, May 27th. Royal Bank Of Canada restated a “buy” rating on shares of Celanese Corporation in a research note on Tuesday, May 2nd. Citigroup Inc. boosted their price target on Celanese Corporation from $100.00 to $101.00 and gave the stock a “buy” rating in a research note on Tuesday, April 25th. Zacks Investment Research upgraded Celanese Corporation from a “hold” rating to a “buy” rating and set a $111.00 price target on the stock in a research note on Monday, July 17th. Finally, BidaskClub lowered Celanese Corporation from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 24th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company’s stock. Celanese Corporation currently has a consensus rating of “Buy” and a consensus price target of $100.55.
Celanese Corporation Company Profile
Celanese Corporation (Celanese) is a technology and specialty materials company. The Company’s segments include Advanced Engineered Materials, Consumer Specialties, Industrial Specialties, Acetyl Intermediates and Other Activities. The Advanced Engineered Materials segment includes the Company’s engineered materials business and certain affiliates.
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