Celanese Corporation’s (CE) “Buy” Rating Reaffirmed at KeyCorp
KeyCorp restated their buy rating on shares of Celanese Corporation (NYSE:CE) in a research note issued to investors on Thursday. They currently have a $106.00 price objective on the basic materials company’s stock.
Other research analysts also recently issued research reports about the company. BidaskClub downgraded Celanese Corporation from a strong-buy rating to a buy rating in a report on Monday, July 24th. Jefferies Group LLC set a $104.00 price target on Celanese Corporation and gave the company a buy rating in a report on Saturday, May 27th. Royal Bank Of Canada reissued a buy rating on shares of Celanese Corporation in a report on Tuesday, May 2nd. Zacks Investment Research raised 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. Finally, Vertical Research downgraded Celanese Corporation from a buy rating to a hold rating and increased their price target for the company from $101.00 to $103.00 in a report on Monday, July 10th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company’s stock. The stock has a consensus rating of Buy and an average target price of $102.17.
Shares of Celanese Corporation (NYSE:CE) traded down 0.63% during trading on Thursday, reaching $98.00. 916,813 shares of the company’s stock were exchanged. The stock has a 50-day moving average price of $97.20 and a 200 day moving average price of $91.48. The company has a market capitalization of $13.48 billion, a P/E ratio of 16.67 and a beta of 1.28. Celanese Corporation has a 12-month low of $60.59 and a 12-month high of $99.97.
Celanese Corporation (NYSE:CE) last issued its earnings results on Monday, July 24th. The basic materials company reported $1.79 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.76 by $0.03. The company had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.44 billion. Celanese Corporation had a return on equity of 31.23% and a net margin of 14.89%. The company’s revenue was up 11.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.59 earnings per share. Equities analysts expect that Celanese Corporation will post $7.33 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, August 7th. Shareholders of record on Friday, July 28th were paid a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a yield of 1.88%. The ex-dividend date of this dividend was Wednesday, July 26th. Celanese Corporation’s payout ratio is currently 31.24%.
Celanese Corporation announced that its Board of Directors has authorized a share repurchase program on Monday, July 17th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the basic materials company to purchase up to 10.9% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.
Several hedge funds have recently made changes to their positions in the company. APG Asset Management N.V. boosted its stake in shares of Celanese Corporation by 0.9% in the first quarter. APG Asset Management N.V. now owns 461,401 shares of the basic materials company’s stock worth $41,457,000 after buying an additional 4,041 shares during the last quarter. OLD National Bancorp IN bought a new stake in shares of Celanese Corporation during the first quarter worth $292,000. Seminole Management Co. Inc. bought a new stake in shares of Celanese Corporation during the first quarter worth $2,828,000. Bowling Portfolio Management LLC bought a new stake in shares of Celanese Corporation during the first quarter worth $2,235,000. Finally, Coconut Grove Bank boosted its stake in shares of Celanese Corporation by 61.5% in the first quarter. Coconut Grove Bank now owns 2,390 shares of the basic materials company’s stock worth $215,000 after buying an additional 910 shares during the last quarter.
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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