Celanese (NYSE:CE) Price Target Raised to $58.00

Celanese (NYSE:CE) had its price objective upped by investment analysts at UBS Group from $53.00 to $58.00 in a report issued on Tuesday, Benzinga reports. The brokerage presently has a “neutral” rating on the basic materials company’s stock. UBS Group‘s target price points to a potential upside of 19.09% from the stock’s previous close.

Several other brokerages also recently issued reports on CE. Mizuho set a $50.00 price objective on Celanese in a research note on Wednesday, August 5th. BMO Capital Markets reaffirmed a “market perform” rating and set a $58.00 target price on shares of Celanese in a research note on Monday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Celanese in a report on Friday, August 21st. Wall Street Zen raised shares of Celanese from a “hold” rating to a “buy” rating in a research report on Saturday. Finally, Barclays raised their price target on shares of Celanese from $49.00 to $57.00 and gave the stock an “equal weight” rating in a report on Wednesday, November 4th. Ten investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Celanese currently has an average rating of “Hold” and an average target price of $61.56.

Celanese Stock Down 0.1%

Shares of CE traded down $0.05 during mid-day trading on Tuesday, reaching $48.70. The company’s stock had a trading volume of 766,850 shares, compared to its average volume of 2,061,397. The business has a fifty day moving average of $46.45 and a 200 day moving average of $51.45. The company has a market cap of $5.35 billion, a price-to-earnings ratio of 20.55, a price-to-earnings-growth ratio of 0.35 and a beta of 0.72. Celanese has a 1 year low of $35.13 and a 1 year high of $70.70. The company has a quick ratio of 0.87, a current ratio of 1.26 and a debt-to-equity ratio of 2.19.

Celanese (NYSE:CE) last issued its quarterly earnings results on Monday, November 2nd. The basic materials company reported $1.65 earnings per share for the quarter, beating analysts’ consensus estimates of $1.56 by $0.09. Celanese had a return on equity of 13.63% and a net margin of 2.66%. The business had revenue of $2.56 billion for the quarter, compared to the consensus estimate of $2.62 billion. During the same quarter in the previous year, the company posted $1.34 earnings per share. Celanese’s revenue for the quarter was up 5.7% compared to the same quarter last year. As a group, analysts forecast that Celanese will post 6.13 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of CE. Robinhood Asset Management LLC purchased a new stake in shares of Celanese during the 2nd quarter worth about $6,581,000. Assenagon Asset Management S.A. acquired a new stake in shares of Celanese during the 3rd quarter valued at about $19,131,000. Bank of New York Mellon Corp bought a new stake in shares of Celanese in the 2nd quarter valued at approximately $31,261,000. Tejara Capital Ltd acquired a new position in Celanese in the second quarter worth approximately $2,916,000. Finally, Callan Family Office LLC acquired a new position in Celanese in the second quarter worth approximately $1,026,000. Hedge funds and other institutional investors own 98.87% of the company’s stock.

Celanese Company Profile

Celanese Corporation is a global chemicals and specialty materials company that develops and manufactures engineered polymers and acetyl-based products. Its materials are used in applications across industries including automotive, consumer goods, medical, industrial, paints and coatings, and adhesives. The company’s portfolio includes engineered thermoplastics and other polymers, as well as acetyl products such as acetic acid, vinyl acetate monomer, and related emulsions and derivatives. These materials are used in products ranging from vehicle components and medical devices to packaging, coatings, and construction materials.