Celanese Corporation (NYSE:CE) declared a quarterly dividend on Thursday, October 19th, Wall Street Journal reports. Investors of record on Monday, October 30th will be given a dividend of 0.46 per share by the basic materials company on Thursday, November 9th. This represents a $1.84 dividend on an annualized basis and a yield of 1.75%. The ex-dividend date of this dividend is Friday, October 27th.
Celanese Corporation has raised its dividend payment by an average of 38.0% annually over the last three years and has increased its dividend every year for the last 5 years. Celanese Corporation has a payout ratio of 25.0% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Celanese Corporation to earn $8.23 per share next year, which means the company should continue to be able to cover its $1.84 annual dividend with an expected future payout ratio of 22.4%.
Celanese Corporation (NYSE CE) traded down 0.53% during mid-day trading on Friday, reaching $105.03. 763,828 shares of the company’s stock traded hands. The firm’s 50-day moving average price is $104.24 and its 200 day moving average price is $95.56. The firm has a market cap of $14.35 billion, a price-to-earnings ratio of 18.41 and a beta of 1.31. Celanese Corporation has a one year low of $71.24 and a one year high of $109.11.
Celanese Corporation (NYSE:CE) last issued its quarterly earnings data on Monday, October 16th. The basic materials company reported $1.93 earnings per share for the quarter, topping the consensus estimate of $1.92 by $0.01. The business had revenue of $1.57 billion during 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 company’s revenue was up 18.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.67 EPS. On average, equities analysts forecast that Celanese Corporation will post $7.37 EPS for the current year.
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A number of equities analysts have recently commented on the stock. Jefferies Group LLC reaffirmed a “buy” rating and issued a $122.00 target price on shares of Celanese Corporation in a report on Thursday, October 19th. Royal Bank Of Canada boosted their price objective on shares of Celanese Corporation from $109.00 to $115.00 and gave the company an “outperform” rating in a research note on Wednesday, October 18th. Citigroup Inc. dropped their price objective on shares of Celanese Corporation from $122.00 to $120.00 and set a “buy” rating on the stock in a research note on Wednesday, October 18th. Cowen and Company reissued an “outperform” rating and issued a $115.00 price objective (up from $100.00) on shares of Celanese Corporation in a research note on Wednesday, August 9th. Finally, ValuEngine cut shares of Celanese Corporation from a “strong-buy” rating to a “buy” rating in a research note on Friday, October 6th. One research analyst has rated the stock with a sell rating, five have given a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $107.74.
In related news, Director John K. Wulff sold 2,500 shares of the business’s stock in a transaction dated Tuesday, October 24th. The shares were sold at an average price of $105.88, for a total value of $264,700.00. Following the sale, the director now directly owns 30,175 shares in the company, valued at approximately $3,194,929. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.42% of the stock is owned by insiders.
Celanese Corporation declared that its Board of Directors has approved a share repurchase plan on Monday, July 17th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the basic materials company to purchase up to 10.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
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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