Celanese Corporation (NYSE:CE) – Investment analysts at SunTrust Banks reduced their Q4 2017 earnings per share estimates for Celanese Corporation in a report released on Tuesday. SunTrust Banks analyst J. Sheehan now anticipates that the basic materials company will earn $1.83 per share for the quarter, down from their prior estimate of $1.85.
CE has been the subject of several other research reports. BidaskClub upgraded Celanese Corporation from a “hold” rating to a “buy” rating in a research note on Saturday, August 26th. ValuEngine cut Celanese Corporation from a “strong-buy” rating to a “buy” rating in a research note on Friday, October 6th. KeyCorp boosted their target price on Celanese Corporation from $106.00 to $116.00 and gave the stock an “overweight” rating in a research note on Monday. Cowen and Company restated an “outperform” rating and set a $115.00 target price (up previously from $100.00) on shares of Celanese Corporation in a research note on Wednesday, August 9th. Finally, Zacks Investment Research upgraded Celanese Corporation from a “hold” rating to a “buy” rating and set a $111.00 target price for the company in a research note on Monday, July 17th. 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 issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $107.74.
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Shares of Celanese Corporation (CE) traded up 0.87% during midday trading on Thursday, hitting $104.94. 250,279 shares of the stock were exchanged. Celanese Corporation has a 1-year low of $69.96 and a 1-year high of $109.09. The company has a market capitalization of $14.33 billion, a P/E ratio of 18.40 and a beta of 1.31. The firm has a 50-day moving average of $102.74 and a 200-day moving average of $94.89.
Celanese Corporation (NYSE:CE) last announced its quarterly earnings data on Monday, October 16th. The basic materials company reported $1.93 earnings per share (EPS) for the quarter, beating the Zacks’ 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 company had revenue of $1.57 billion during the quarter, compared to analysts’ expectations of $1.49 billion. During the same quarter in the prior year, the company earned $1.67 EPS. The firm’s revenue was up 18.4% on a year-over-year basis.
A number of hedge funds have recently made changes to their positions in CE. JPMorgan Chase & Co. grew its holdings in Celanese Corporation by 33.5% during the second quarter. JPMorgan Chase & Co. now owns 2,999,260 shares of the basic materials company’s stock worth $284,749,000 after acquiring an additional 752,057 shares during the period. Boston Partners grew its holdings in Celanese Corporation by 28.0% during the second quarter. Boston Partners now owns 2,850,620 shares of the basic materials company’s stock worth $270,637,000 after acquiring an additional 623,671 shares during the period. FMR LLC grew its holdings in Celanese Corporation by 41.5% during the first quarter. FMR LLC now owns 1,714,126 shares of the basic materials company’s stock worth $154,014,000 after acquiring an additional 502,497 shares during the period. Victory Capital Management Inc. grew its holdings in Celanese Corporation by 33.2% during the second quarter. Victory Capital Management Inc. now owns 2,013,602 shares of the basic materials company’s stock worth $191,171,000 after acquiring an additional 501,469 shares during the period. Finally, Nordea Investment Management AB grew its holdings in Celanese Corporation by 277.5% during the second quarter. Nordea Investment Management AB now owns 597,713 shares of the basic materials company’s stock worth $56,747,000 after acquiring an additional 439,378 shares during the period. 97.21% of the stock is currently owned by hedge funds and other institutional investors.
Celanese Corporation declared that its Board of Directors has authorized a share buyback program on Monday, July 17th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the basic materials company to buy up to 10.9% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
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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