Celanese Corporation (CE) Upgraded to Buy at BidaskClub
BidaskClub upgraded shares of Celanese Corporation (NYSE:CE) from a hold rating to a buy rating in a research report sent to investors on Saturday morning.
CE has been the subject of a number of other research reports. Jefferies Group LLC set a $104.00 price objective on Celanese Corporation and gave the stock a buy rating in a research report on Saturday, May 27th. Royal Bank Of Canada reiterated an outperform rating on shares of Celanese Corporation in a research report on Tuesday, June 20th. Zacks Investment Research upgraded Celanese Corporation from a hold rating to a buy rating and set a $111.00 price objective for the company in a research report on Monday, July 17th. Alembic Global Advisors reiterated a sell rating on shares of Celanese Corporation in a research report on Tuesday, July 4th. Finally, Nomura raised their price objective on Celanese Corporation from $95.00 to $97.00 and gave the stock a neutral rating in a research report on Wednesday, July 19th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the stock. The company presently has a consensus rating of Buy and an average price target of $102.17.
Shares of Celanese Corporation (CE) opened at 97.20 on Friday. Celanese Corporation has a 1-year low of $60.59 and a 1-year high of $99.97. The company’s 50 day moving average is $97.20 and its 200-day moving average is $91.48. The stock has a market capitalization of $13.37 billion, a price-to-earnings ratio of 16.54 and a beta of 1.28.
Celanese Corporation (NYSE:CE) last announced its quarterly earnings data on Monday, July 24th. The basic materials company reported $1.79 EPS for the quarter, topping the Zacks’ 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 during the quarter, compared to the consensus estimate of $1.44 billion. During the same quarter last year, the company earned $1.59 EPS. The company’s quarterly revenue was up 11.8% on a year-over-year basis. Equities analysts anticipate that Celanese Corporation will post $7.33 earnings per share for the current fiscal year.
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Celanese Corporation declared that its Board of Directors has initiated a share buyback program on Monday, July 17th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the basic materials company to purchase up to 10.9% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which was paid on Monday, August 7th. Stockholders of record on Friday, July 28th were issued a $0.46 dividend. The ex-dividend date was Wednesday, July 26th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.89%. Celanese Corporation’s payout ratio is presently 31.24%.
Several institutional investors have recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. boosted its stake in Celanese Corporation by 24.2% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,059 shares of the basic materials company’s stock worth $101,000 after buying an additional 206 shares in the last quarter. Investment Counselors of Maryland LLC acquired a new stake in Celanese Corporation during the first quarter worth $125,000. Barrett Asset Management LLC acquired a new stake in Celanese Corporation during the second quarter worth $142,000. Toronto Dominion Bank boosted its stake in Celanese Corporation by 27.4% in the first quarter. Toronto Dominion Bank now owns 1,597 shares of the basic materials company’s stock worth $144,000 after buying an additional 343 shares in the last quarter. Finally, Fiduciary Trust Co. acquired a new stake in Celanese Corporation during the second quarter worth $150,000. 97.22% of the stock is owned by institutional investors and hedge funds.
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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