Celanese Corporation (CE) Given New $120.00 Price Target at Citigroup Inc.
Celanese Corporation (NYSE:CE) had its price objective trimmed by Citigroup Inc. from $122.00 to $120.00 in a research report report published on Wednesday. The brokerage currently has a buy rating on the basic materials company’s stock.
Several other analysts have also recently commented on the stock. Vertical Research cut shares of Celanese Corporation from a buy rating to a hold rating and lifted their price objective for the company from $101.00 to $103.00 in a research note on Monday, July 10th. They noted that the move was a valuation call. Nomura lifted their price objective on shares of Celanese Corporation from $95.00 to $97.00 and gave the company a neutral rating in a research note on Wednesday, July 19th. Royal Bank Of Canada restated an outperform rating on shares of Celanese Corporation in a research note on Tuesday, June 20th. Alembic Global Advisors restated a sell rating on shares of Celanese Corporation in a research note on Tuesday, July 4th. Finally, Zacks Investment Research upgraded shares of Celanese Corporation from a hold rating to a buy rating and set a $111.00 price objective for the company in a research note on Monday, July 17th. One equities research 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 company’s stock. The company has an average rating of Buy and a consensus price target of $107.74.
Shares of Celanese Corporation (NYSE:CE) opened at 105.60 on Wednesday. The firm’s 50-day moving average is $103.28 and its 200-day moving average is $95.08. Celanese Corporation has a one year low of $70.64 and a one year high of $109.11. The stock has a market capitalization of $14.42 billion, a PE ratio of 18.51 and a beta of 1.31.
Celanese Corporation (NYSE:CE) last announced its quarterly earnings data on Monday, October 16th. The basic materials company reported $1.93 EPS for the quarter, beating the consensus estimate of $1.92 by $0.01. Celanese Corporation had a net margin of 13.66% and a return on equity of 31.98%. The business had revenue of $1.57 billion during the quarter, compared to analysts’ expectations of $1.49 billion. During the same period in the previous year, the business posted $1.67 EPS. The business’s quarterly revenue was up 18.4% compared to the same quarter last year. On average, analysts expect that Celanese Corporation will post $7.39 earnings per share for the current fiscal year.
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The business also recently declared a quarterly dividend, which will be paid on Thursday, November 9th. Investors of record on Monday, October 30th will be issued a $0.46 dividend. This represents a $1.84 annualized dividend and a yield of 1.74%. The ex-dividend date of this dividend is Friday, October 27th. Celanese Corporation’s payout ratio is presently 32.11%.
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.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Honkamp Krueger Financial Services Inc. increased its holdings in Celanese Corporation by 0.4% in the 2nd quarter. Honkamp Krueger Financial Services Inc. now owns 2,670 shares of the basic materials company’s stock worth $253,000 after acquiring an additional 10 shares in the last quarter. Alps Advisors Inc. increased its holdings in Celanese Corporation by 0.3% in the 2nd quarter. Alps Advisors Inc. now owns 5,276 shares of the basic materials company’s stock worth $501,000 after acquiring an additional 14 shares in the last quarter. Atria Investments LLC increased its holdings in Celanese Corporation by 0.8% in the 2nd quarter. Atria Investments LLC now owns 2,381 shares of the basic materials company’s stock worth $226,000 after acquiring an additional 19 shares in the last quarter. Financial Architects Inc increased its holdings in Celanese Corporation by 2.2% in the 2nd quarter. Financial Architects Inc now owns 1,959 shares of the basic materials company’s stock worth $186,000 after acquiring an additional 43 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund increased its holdings in Celanese Corporation by 0.6% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 15,732 shares of the basic materials company’s stock worth $1,494,000 after acquiring an additional 100 shares in the last quarter. 97.21% of the stock is owned by institutional investors.
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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