Celanese Corporation (CE) Price Target Raised to $116.00 at KeyCorp
Celanese Corporation (NYSE:CE) had its price objective raised by KeyCorp from $106.00 to $116.00 in a research report report published on Monday. The brokerage currently has an overweight rating on the basic materials company’s stock. KeyCorp also issued estimates for Celanese Corporation’s Q4 2017 earnings at $1.82 EPS and FY2018 earnings at $8.10 EPS.
Several other research analysts also recently commented on CE. UBS AG restated a neutral rating and set a $95.00 price objective (up from $90.00) on shares of Celanese Corporation in a research report on Thursday, June 22nd. Instinet restated a neutral rating and set a $100.00 price objective (up from $97.00) on shares of Celanese Corporation in a research report on Friday, October 13th. 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 report on Wednesday, August 9th. Nomura boosted their price objective on shares of Celanese Corporation from $97.00 to $100.00 and gave the company a neutral rating in a research report on Tuesday, October 10th. Finally, ValuEngine downgraded shares of Celanese Corporation from a strong-buy rating to a buy rating in a research report on Friday, October 6th. One analyst has rated the stock with a sell rating, five have issued a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the stock. The company presently has an average rating of Buy and an average price target of $107.74.
Shares of Celanese Corporation (CE) opened at 105.72 on Monday. Celanese Corporation has a 52-week low of $69.96 and a 52-week high of $109.09. The company has a market capitalization of $14.44 billion, a price-to-earnings ratio of 18.53 and a beta of 1.31. The company’s 50-day moving average price is $103.04 and its 200-day moving average price is $94.96.
Celanese Corporation (NYSE:CE) last released its quarterly earnings results on Monday, October 16th. The basic materials company reported $1.93 earnings per share for the quarter, beating analysts’ consensus estimates of $1.92 by $0.01. Celanese Corporation had a net margin of 13.66% and a return on equity of 31.98%. The company had revenue of $1.57 billion during the quarter, compared to the consensus estimate of $1.49 billion. During the same period in the previous year, the business earned $1.67 earnings per share. The firm’s quarterly revenue was up 18.4% on a year-over-year basis. Equities research analysts forecast that Celanese Corporation will post $7.39 EPS for the current fiscal year.
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Celanese Corporation announced that its Board of Directors has authorized a stock repurchase program on Monday, July 17th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the basic materials company to reacquire up to 10.9% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 9th. Investors of record on Monday, October 30th will be paid a $0.46 dividend. The ex-dividend date is Friday, October 27th. This represents a $1.84 annualized dividend and a dividend yield of 1.75%. Celanese Corporation’s dividend payout ratio is 32.11%.
Several institutional investors have recently modified their holdings of the stock. Fulton Bank N.A. grew its stake in shares of Celanese Corporation by 21.6% in the third quarter. Fulton Bank N.A. now owns 7,675 shares of the basic materials company’s stock worth $800,000 after purchasing an additional 1,363 shares during the last quarter. Curbstone Financial Management Corp grew its stake in shares of Celanese Corporation by 85.2% in the third quarter. Curbstone Financial Management Corp now owns 13,800 shares of the basic materials company’s stock worth $1,439,000 after purchasing an additional 6,350 shares during the last quarter. Toronto Dominion Bank grew its stake in shares of Celanese Corporation by 8.4% in the second quarter. Toronto Dominion Bank now owns 1,731 shares of the basic materials company’s stock worth $164,000 after purchasing an additional 134 shares during the last quarter. WINTON GROUP Ltd bought a new stake in shares of Celanese Corporation in the second quarter worth $699,000. Finally, Koch Industries Inc. bought a new stake in shares of Celanese Corporation in the second quarter worth $289,000. 97.21% of the stock is currently owned by 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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