Royal Bank Of Canada Raises Celanese Corporation (CE) Price Target to $115.00
Celanese Corporation (NYSE:CE) had its price target raised by Royal Bank Of Canada from $109.00 to $115.00 in a research note issued to investors on Wednesday, MarketBeat reports. The firm currently has an outperform rating on the basic materials company’s stock.
CE has been the topic of a number of other research reports. Zacks Investment Research raised Celanese Corporation from a hold rating to a buy rating and set a $111.00 price target on the stock in a research report on Monday, July 17th. ValuEngine raised Celanese Corporation from a buy rating to a strong-buy rating in a research report on Friday, September 1st. BidaskClub raised Celanese Corporation from a buy rating to a strong-buy rating in a research report on Thursday, July 6th. Alembic Global Advisors reaffirmed a sell rating on shares of Celanese Corporation in a research report on Tuesday, July 4th. Finally, Nomura raised their price target 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 given a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company. Celanese Corporation presently has a consensus rating of Buy and an average target price of $107.74.
Celanese Corporation (NYSE CE) opened at 105.60 on Wednesday. The stock has a 50 day moving average price of $103.28 and a 200-day moving average price of $95.08. The firm has a market cap of $14.42 billion, a P/E ratio of 18.51 and a beta of 1.31. Celanese Corporation has a one year low of $70.64 and a one year high of $109.11.
Celanese Corporation (NYSE:CE) last released its quarterly earnings results on Monday, October 16th. The basic materials company reported $1.93 EPS for the quarter, topping the Zacks’ consensus estimate of $1.92 by $0.01. The company had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.49 billion. Celanese Corporation had a return on equity of 31.98% and a net margin of 13.66%. Celanese Corporation’s revenue was up 18.4% compared to the same quarter last year. During the same quarter last year, the firm posted $1.67 earnings per share. Analysts predict that Celanese Corporation will post $7.39 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, November 9th. Investors of record on Monday, October 30th will be given a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date of this dividend is Friday, October 27th. Celanese Corporation’s dividend payout ratio is presently 32.11%.
Celanese Corporation declared that its board has authorized a stock buyback program on Monday, July 17th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the basic materials company to reacquire up to 10.9% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.
Large investors have recently bought and sold shares of the business. Morgan Stanley increased its position in shares of Celanese Corporation by 84.9% during the 1st quarter. Morgan Stanley now owns 395,279 shares of the basic materials company’s stock worth $35,514,000 after purchasing an additional 181,484 shares during the last quarter. Neuberger Berman Group LLC acquired a new position in shares of Celanese Corporation during the 1st quarter worth approximately $217,000. Uniplan Investment Counsel Inc. acquired a new position in shares of Celanese Corporation during the 2nd quarter worth approximately $15,843,000. Swiss National Bank increased its position in shares of Celanese Corporation by 1.2% during the 2nd quarter. Swiss National Bank now owns 513,530 shares of the basic materials company’s stock worth $48,755,000 after purchasing an additional 6,100 shares during the last quarter. Finally, BT Investment Management Ltd acquired a new position in shares of Celanese Corporation during the 2nd quarter worth approximately $8,922,000. 97.21% of the stock is currently owned by hedge funds and other 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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