SunTrust Banks Weighs in on Celanese Corporation’s Q3 2017 Earnings (CE)
Celanese Corporation (NYSE:CE) – Research analysts at SunTrust Banks lowered their Q3 2017 EPS estimates for Celanese Corporation in a report released on Tuesday. SunTrust Banks analyst J. Sheehan now expects that the basic materials company will earn $1.85 per share for the quarter, down from their prior forecast of $1.89. SunTrust Banks also issued estimates for Celanese Corporation’s FY2017 earnings at $7.29 EPS.
A number of other equities analysts have also recently issued reports on CE. Jefferies Group LLC set a $104.00 price objective on shares of Celanese Corporation and gave the company a “buy” rating in a research report on Saturday, May 27th. J P Morgan Chase & Co restated a “neutral” rating and issued a $97.00 price objective (up previously from $90.00) on shares of Celanese Corporation in a research report on Tuesday, June 20th. Royal Bank Of Canada restated an “outperform” rating on shares of Celanese Corporation in a research report on Tuesday, June 20th. UBS AG reaffirmed a “neutral” rating and set a $95.00 target price (up previously from $90.00) on shares of Celanese Corporation in a research note on Thursday, June 22nd. Finally, Alembic Global Advisors reaffirmed a “sell” rating on shares of Celanese Corporation in a research note on Tuesday, July 4th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, ten have issued a buy rating and three have issued a strong buy rating to the company. Celanese Corporation currently has a consensus rating of “Buy” and an average price target of $102.17.
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Celanese Corporation (CE) opened at 98.05 on Thursday. Celanese Corporation has a one year low of $60.59 and a one year high of $99.97. The stock’s 50 day moving average is $97.21 and its 200 day moving average is $91.80. The firm has a market cap of $13.49 billion, a price-to-earnings ratio of 16.68 and a beta of 1.28.
Celanese Corporation (NYSE:CE) last issued its quarterly earnings results on Monday, July 24th. The basic materials company reported $1.79 EPS for the quarter, beating the Zacks’ consensus estimate of $1.76 by $0.03. The business had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.44 billion. Celanese Corporation had a net margin of 14.89% and a return on equity of 31.23%. The business’s quarterly revenue was up 11.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.59 earnings per share.
A number of large investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of Celanese Corporation by 1.3% in the second quarter. Vanguard Group Inc. now owns 11,890,128 shares of the basic materials company’s stock valued at $1,128,848,000 after buying an additional 153,112 shares during the period. BlackRock Inc. boosted its position in shares of Celanese Corporation by 5,604.5% in the first quarter. BlackRock Inc. now owns 7,632,901 shares of the basic materials company’s stock valued at $685,818,000 after buying an additional 7,499,096 shares during the period. State Street Corp boosted its position in shares of Celanese Corporation by 6.5% in the first quarter. State Street Corp now owns 3,658,510 shares of the basic materials company’s stock valued at $328,728,000 after buying an additional 224,136 shares during the period. JPMorgan Chase & Co. boosted its position in shares of Celanese Corporation by 33.5% in the second quarter. JPMorgan Chase & Co. now owns 2,999,260 shares of the basic materials company’s stock valued at $284,749,000 after buying an additional 752,057 shares during the period. Finally, Boston Partners boosted its position in shares of Celanese Corporation by 28.0% in the second quarter. Boston Partners now owns 2,850,620 shares of the basic materials company’s stock valued at $270,637,000 after buying an additional 623,671 shares during the period. 97.22% of the stock is currently owned by institutional investors and hedge funds.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 7th. Investors of record on Friday, July 28th were paid a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a yield of 1.88%. The ex-dividend date was Wednesday, July 26th. Celanese Corporation’s payout ratio is currently 31.24%.
Celanese Corporation declared that its Board of Directors has initiated a stock repurchase program on Monday, July 17th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the basic materials company to purchase up to 10.9% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board believes its shares are undervalued.
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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