Celanese (NYSE:CE) Price Target Raised to $57.00

by · The Markets Daily

Celanese (NYSE:CE – Free Report) had its price target increased by Barclays from $49.00 to $57.00 in a research note released on Wednesday,Benzinga reports. The brokerage currently has an equal weight rating on the basic materials company’s stock.

Several other equities research analysts have also weighed in on the stock. Deutsche Bank Aktiengesellschaft set a $50.00 target price on shares of Celanese in a report on Thursday, August 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of Celanese in a report on Friday, August 21st. Wells Fargo & Company lowered their price objective on shares of Celanese from $80.00 to $65.00 and set an “overweight” rating for the company in a research report on Thursday, August 6th. Royal Bank Of Canada raised their price objective on Celanese from $45.00 to $46.00 and gave the stock a “sector perform” rating in a research note on Tuesday, October 13th. Finally, KeyCorp began coverage on Celanese in a report on Thursday, September 10th. They set an “overweight” rating and a $57.00 target price on the stock. One investment 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 company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $61.56.

Check Out Our Latest Report on CE

Celanese Trading Down 2.8%

Shares of NYSE:CE traded down $1.36 during mid-day trading on Wednesday, reaching $46.48. The stock had a trading volume of 1,309,964 shares, compared to its average volume of 1,440,458. The firm has a market cap of $5.10 billion, a PE ratio of 19.61, a price-to-earnings-growth ratio of 0.34 and a beta of 0.72. The firm has a 50 day simple moving average of $46.37 and a two-hundred day simple moving average of $51.45. 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 twelve month low of $35.13 and a twelve month high of $70.70.

Celanese (NYSE:CE – Get Free Report) last released its quarterly earnings data on Monday, November 2nd. The basic materials company reported $1.65 earnings per share for the quarter, topping the consensus estimate of $1.56 by $0.09. The business had revenue of $2.56 billion for the quarter, compared to analyst estimates of $2.62 billion. Celanese had a net margin of 2.66% and a return on equity of 13.72%. Celanese’s quarterly revenue was up 5.7% compared to the same quarter last year. During the same quarter last year, the firm earned $1.34 EPS. On average, research analysts predict that Celanese will post 6.11 EPS for the current fiscal year.

Celanese Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 10th. Investors of record on Tuesday, October 27th will be paid a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend is Tuesday, October 27th. Celanese’s dividend payout ratio is presently 5.06%.

Insider Buying and Selling

In related news, SVP Mark Murray bought 2,153 shares of the company’s stock in a transaction on Tuesday, August 11th. The shares were purchased at an average cost of $45.52 per share, for a total transaction of $98,004.56. Following the acquisition, the senior vice president owned 30,432 shares of the company’s stock, valued at approximately $1,385,264.64. This represents a 7.61% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Maryland State Retirement & Pension System boosted its holdings in shares of Celanese by 38.7% in the third quarter. Maryland State Retirement & Pension System now owns 29,198 shares of the basic materials company’s stock valued at $1,296,000 after buying an additional 8,149 shares during the period. AMG National Trust Bank raised its holdings in shares of Celanese by 11.2% during the third quarter. AMG National Trust Bank now owns 9,174 shares of the basic materials company’s stock worth $407,000 after acquiring an additional 926 shares during the period. AlphaCore Capital LLC acquired a new stake in shares of Celanese during the third quarter worth $245,000. Fulcrum Asset Management LLP lifted its position in Celanese by 253,354.5% in the 3rd quarter. Fulcrum Asset Management LLP now owns 27,880 shares of the basic materials company’s stock valued at $1,250,000 after acquiring an additional 27,869 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its position in Celanese by 40.1% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 65,063 shares of the basic materials company’s stock valued at $2,876,000 after acquiring an additional 18,609 shares in the last quarter. Institutional investors and hedge funds own 98.87% of the company’s stock.

Celanese Company Profile

(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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