Celanese Corporation (NYSE:CE) had its price objective decreased by Citigroup Inc. from $122.00 to $120.00 in a report issued on Wednesday, October 18th. Citigroup Inc. currently has a buy rating on the basic materials company’s stock.
Other research analysts also recently issued research reports about the stock. BidaskClub downgraded shares of Celanese Corporation from a strong-buy rating to a buy rating in a research note on Monday, July 24th. Zacks Investment Research upgraded shares of Celanese Corporation from a hold rating to a buy rating and set a $111.00 target price on the stock in a research note on Monday, July 17th. KeyCorp restated a buy rating and set a $106.00 price objective on shares of Celanese Corporation in a research report on Thursday, August 24th. Royal Bank Of Canada restated a buy rating and set a $109.00 price objective on shares of Celanese Corporation in a research report on Wednesday, September 6th. 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 given a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company. The company currently has a consensus rating of Buy and an average price target of $107.74.
Celanese Corporation (NYSE CE) traded down 0.38% on Wednesday, hitting $105.19. The stock had a trading volume of 57,773 shares. The company has a market capitalization of $14.37 billion, a PE ratio of 18.44 and a beta of 1.31. Celanese Corporation has a 12-month low of $70.64 and a 12-month high of $109.11. The company has a 50 day moving average of $103.77 and a 200 day moving average of $95.39.
Celanese Corporation (NYSE:CE) last issued its earnings results on Monday, October 16th. The basic materials company reported $1.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.92 by $0.01. The firm had revenue of $1.57 billion for the quarter, compared to the consensus estimate of $1.49 billion. Celanese Corporation had a net margin of 13.66% and a return on equity of 31.98%. The business’s revenue was up 18.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.67 earnings per share. On average, equities analysts expect that Celanese Corporation will post $7.37 earnings per share for the current year.
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The firm also recently announced 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. The ex-dividend date is Friday, October 27th. This represents a $1.84 dividend on an annualized basis and a yield of 1.74%. Celanese Corporation’s dividend payout ratio is currently 32.11%.
Celanese Corporation announced that its Board of Directors has initiated a share buyback program on Monday, July 17th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the basic materials company to repurchase up to 10.9% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its stock is undervalued.
In other news, Director John K. Wulff sold 2,500 shares of the stock in a transaction on Tuesday, October 24th. The shares were sold at an average price of $105.88, for a total value of $264,700.00. Following the completion of the sale, the director now directly owns 30,175 shares of the company’s stock, valued at $3,194,929. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.42% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in CE. Northwestern Mutual Wealth Management Co. increased its stake in shares of Celanese Corporation by 24.2% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,059 shares of the basic materials company’s stock worth $101,000 after purchasing an additional 206 shares in the last quarter. Barrett Asset Management LLC purchased a new stake in shares of Celanese Corporation in the second quarter worth $142,000. Fiduciary Trust Co. purchased a new stake in shares of Celanese Corporation in the second quarter worth $150,000. Toronto Dominion Bank increased 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 in the last quarter. Finally, Fifth Third Bancorp increased its stake in shares of Celanese Corporation by 31.5% in the first quarter. Fifth Third Bancorp now owns 2,005 shares of the basic materials company’s stock worth $180,000 after purchasing an additional 480 shares in the last quarter. 97.12% of the stock is owned by hedge funds and other 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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