Celanese Corporation (NYSE:CE) 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, Bloomberg Earnings reports. 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 quarter in the previous year, the company earned $1.67 EPS. The business’s quarterly revenue was up 18.4% compared to the same quarter last year.
Shares of Celanese Corporation (NYSE CE) opened at 106.05 on Friday. 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 $14.49 billion, a price-to-earnings ratio of 18.59 and a beta of 1.31. The firm’s 50-day moving average is $103.77 and its 200-day moving average is $95.39.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 9th. Shareholders of record on Monday, October 30th will be issued a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date is Friday, October 27th. Celanese Corporation’s dividend payout ratio (DPR) is currently 32.11%.
In other Celanese Corporation news, Director John K. Wulff sold 2,500 shares of Celanese Corporation stock in a transaction that occurred on Tuesday, October 24th. The stock was sold at an average price of $105.88, for a total value of $264,700.00. Following the transaction, the director now directly owns 30,175 shares in the company, valued at approximately $3,194,929. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.42% of the company’s stock.
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Celanese Corporation announced that its Board of Directors has initiated a share repurchase plan on Monday, July 17th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the basic materials company to repurchase up to 10.9% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.
A number of research firms recently commented on CE. Zacks Investment Research upgraded shares of Celanese Corporation from a “hold” rating to a “buy” rating and set a $111.00 price target for the company in a report on Monday, July 17th. ValuEngine upgraded shares of Celanese Corporation from a “buy” rating to a “strong-buy” rating in a report on Friday, September 1st. BidaskClub upgraded shares of Celanese Corporation from a “buy” rating to a “strong-buy” rating in a report on Thursday, July 6th. Royal Bank Of Canada restated a “buy” rating and issued a $109.00 price objective on shares of Celanese Corporation in a report on Wednesday, September 6th. Finally, Alembic Global Advisors reaffirmed a “sell” rating on shares of Celanese Corporation in a research report on Tuesday, July 4th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the stock. Celanese Corporation has a consensus rating of “Buy” and a consensus price target of $107.74.
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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