Celanese Corporation (NYSE:CE) – Stock analysts at Jefferies Group boosted their FY2017 earnings per share (EPS) estimates for Celanese Corporation in a research report issued to clients and investors on Wednesday. Jefferies Group analyst L. Alexander now forecasts that the basic materials company will earn $7.35 per share for the year, up from their prior forecast of $7.30. Jefferies Group currently has a “Buy” rating and a $122.00 price target on the stock. Jefferies Group also issued estimates for Celanese Corporation’s Q4 2017 earnings at $1.82 EPS and FY2018 earnings at $8.10 EPS.
Celanese Corporation (NYSE:CE) last posted its quarterly earnings results on Monday, October 16th. The basic materials company reported $1.93 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.92 by $0.01. Celanese Corporation had a net margin of 13.66% and a return on equity of 32.18%. The firm had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.49 billion. During the same period in the prior year, the firm posted $1.67 earnings per share. The company’s quarterly revenue was up 18.4% compared to the same quarter last year. COPYRIGHT VIOLATION WARNING: This report was originally reported by Dispatch Tribunal and is the sole property of of Dispatch Tribunal. If you are viewing this report on another publication, it was illegally copied and reposted in violation of United States & international trademark & copyright laws. The legal version of this report can be viewed at https://www.dispatchtribunal.com/2017/10/28/fy2017-eps-estimates-for-celanese-corporation-ce-boosted-by-analyst.html.
Several other equities analysts have also recently weighed in on CE. UBS AG restated a “neutral” rating and set a $95.00 price objective (up from $90.00) on shares of Celanese Corporation in a research note on Thursday, June 22nd. Citigroup Inc. dropped their price objective on Celanese Corporation from $122.00 to $120.00 and set a “buy” rating on the stock in a research note on Wednesday. Royal Bank Of Canada raised their price objective on Celanese Corporation from $109.00 to $115.00 and gave the company an “outperform” rating in a research note on Wednesday. Nomura raised their price objective on Celanese Corporation from $97.00 to $100.00 and gave the company a “neutral” rating in a research note on Tuesday, October 10th. Finally, Instinet reiterated a “neutral” rating and set a $100.00 target price (up from $97.00) on shares of Celanese Corporation in a research note on Friday, October 13th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company. Celanese Corporation has a consensus rating of “Buy” and an average target price of $107.74.
Shares of Celanese Corporation (NYSE CE) opened at 103.46 on Thursday. The firm’s 50-day moving average is $102.74 and its 200 day moving average is $94.89. The company has a market capitalization of $14.13 billion, a price-to-earnings ratio of 18.14 and a beta of 1.31. Celanese Corporation has a 52-week low of $69.96 and a 52-week high of $109.09.
Celanese Corporation declared that its Board of Directors has approved a stock buyback program on Monday, July 17th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the basic materials company to reacquire up to 10.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.
A number of hedge funds have recently bought and sold shares of CE. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Celanese Corporation by 24.2% during 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 position in shares of Celanese Corporation during the second quarter worth about $142,000. Fiduciary Trust Co. purchased a new position in shares of Celanese Corporation during the second quarter worth about $150,000. Toronto Dominion Bank grew its holdings in shares of Celanese Corporation by 8.4% during 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 grew its holdings in shares of Celanese Corporation by 31.5% during 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. 97.21% of the stock is owned by institutional investors and hedge funds.
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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