Celanese Corporation (CE) to Post FY2018 Earnings of $8.23 Per Share, SunTrust Banks Forecasts
Celanese Corporation (NYSE:CE) – Stock analysts at SunTrust Banks reduced their FY2018 EPS estimates for Celanese Corporation in a research note issued on Tuesday. SunTrust Banks analyst J. Sheehan now forecasts that the basic materials company will earn $8.23 per share for the year, down from their prior forecast of $8.25.
A number of other analysts have also recently commented on the stock. ValuEngine upgraded shares of Celanese Corporation from a “buy” rating to a “strong-buy” rating in a research note on Friday. KeyCorp reiterated a “buy” rating and issued a $106.00 target price on shares of Celanese Corporation in a research note on Thursday, August 24th. BidaskClub upgraded shares of Celanese Corporation from a “hold” rating to a “buy” rating in a research note on Saturday, August 26th. Cowen and Company restated an “outperform” rating and set a $115.00 price objective (up from $100.00) on shares of Celanese Corporation in a research note on Wednesday, August 9th. Finally, UBS AG restated a “neutral” rating and set a $100.00 price objective (up from $95.00) on shares of Celanese Corporation in a research note on Tuesday, July 25th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have given a buy rating and three have assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $102.17.
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Shares of Celanese Corporation (CE) traded up 1.06% during mid-day trading on Friday, reaching $98.05. 506,770 shares of the company’s stock were exchanged. The company’s 50-day moving average price is $97.21 and its 200-day moving average price is $91.80. The company has a market capitalization of $13.49 billion, a PE ratio of 16.68 and a beta of 1.28. Celanese Corporation has a one year low of $60.59 and a one year high of $99.97.
Celanese Corporation (NYSE:CE) last released its quarterly earnings data on Monday, July 24th. The basic materials company reported $1.79 earnings per share for the quarter, beating the consensus estimate of $1.76 by $0.03. Celanese Corporation had a net margin of 14.89% and a return on equity of 31.23%. The firm had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.44 billion. During the same period in the previous year, the company earned $1.59 earnings per share. The firm’s quarterly revenue was up 11.8% on a year-over-year basis.
The company also recently announced a quarterly dividend, which was paid on Monday, August 7th. Stockholders of record on Friday, July 28th were issued a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a dividend yield of 1.88%. The ex-dividend date of this dividend was Wednesday, July 26th. Celanese Corporation’s dividend payout ratio (DPR) is 31.24%.
Celanese Corporation announced that its Board of Directors has approved a stock repurchase 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 buy up to 10.9% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.
Institutional investors have recently bought and sold shares of the stock. Toronto Dominion Bank raised its position in Celanese Corporation by 8.4% in the second quarter. Toronto Dominion Bank now owns 1,731 shares of the basic materials company’s stock valued at $164,000 after buying an additional 134 shares during the period. WINTON GROUP Ltd bought a new stake in shares of Celanese Corporation during the second quarter valued at approximately $699,000. Koch Industries Inc. bought a new stake in shares of Celanese Corporation during the second quarter valued at approximately $289,000. National Asset Management Inc. raised its stake in shares of Celanese Corporation by 60.3% in the second quarter. National Asset Management Inc. now owns 5,002 shares of the basic materials company’s stock valued at $475,000 after buying an additional 1,882 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. raised its stake in shares of Celanese Corporation by 13.4% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 5,222 shares of the basic materials company’s stock valued at $496,000 after buying an additional 616 shares during the last quarter. 97.22% of the stock is owned by hedge funds and other institutional investors.
About Celanese Corporation
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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