Celanese (NYSE:CE) Issues Earnings Results

by · The Cerbat Gem

Celanese (NYSE:CE – Get Free Report) announced its quarterly earnings data on Monday. The basic materials company reported $1.65 earnings per share for the quarter, topping the consensus estimate of $1.56 by $0.09, FiscalAI reports. The company had revenue of $2.56 billion during the quarter, compared to analyst estimates of $2.62 billion. Celanese had a negative net margin of 12.04% and a positive return on equity of 13.04%.

Celanese Stock Down 3.1%

NYSE:CE traded down $1.53 during trading hours on Monday, hitting $47.77. 2,457,937 shares of the stock traded hands, compared to its average volume of 2,066,277. The firm has a 50 day moving average price of $46.06 and a 200 day moving average price of $51.39. The firm has a market cap of $5.24 billion, a price-to-earnings ratio of -4.47, a PEG ratio of 0.35 and a beta of 0.71. The company has a current ratio of 1.45, a quick ratio of 0.87 and a debt-to-equity ratio of 2.33. Celanese has a fifty-two week low of $35.13 and a fifty-two week high of $70.70.

Celanese Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 10th. Stockholders of record on Tuesday, October 27th will be issued a dividend of $0.03 per share. The ex-dividend date is Tuesday, October 27th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.3%. Celanese’s payout ratio is currently -1.12%.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Mizuho set a $50.00 target price on shares of Celanese in a report on Wednesday, August 5th. KeyCorp initiated coverage on Celanese in a report on Thursday, September 10th. They set an “overweight” rating and a $57.00 target price for the company. Citigroup dropped their price target on Celanese from $60.00 to $58.00 and set a “buy” rating on the stock in a research report on Wednesday, September 30th. BMO Capital Markets cut their price target on Celanese from $57.00 to $54.00 and set a “market perform” rating on the stock in a report on Wednesday, August 5th. Finally, Royal Bank Of Canada boosted their price objective on Celanese from $45.00 to $46.00 and gave the company a “sector perform” rating in a research report on Tuesday, October 13th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $60.38.

Check Out Our Latest Stock Analysis on CE

Insider Activity at Celanese

In other news, SVP Mark Murray purchased 2,153 shares of the business’s stock in a transaction dated Tuesday, August 11th. The stock was bought at an average cost of $45.52 per share, with a total value of $98,004.56. Following the purchase, the senior vice president directly owned 30,432 shares of the company’s stock, valued at approximately $1,385,264.64. This trade represents a 7.61% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.34% of the stock is currently owned by corporate insiders.

About Celanese

(Get Free Report)

Celanese Corporation (NYSE: CE) is a global chemical and specialty materials company headquartered in Irving, Texas. The company develops and manufactures engineered materials and chemical products used by manufacturers in industries including automotive, consumer goods, medical and healthcare, electronics, industrial equipment, energy and infrastructure.

Celanese operates primarily through its Engineered Materials and Acetyl Chain businesses. Its portfolio includes engineered polymers, thermoplastic compounds and other specialty materials, as well as acetyl products such as acetic acid, vinyl acetate monomer, emulsions and related intermediates.

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