Celanese Corporation (CE) PT Raised to $100.00

Celanese Corporation (NYSE:CE) had its price objective hoisted by Nomura from $97.00 to $100.00 in a research note issued on Tuesday. The brokerage currently has a “neutral” rating on the basic materials company’s stock. Nomura’s target price indicates a potential downside of 6.16% from the stock’s current price.

A number of other equities research analysts also recently issued reports on CE. J P Morgan Chase & Co restated a “neutral” rating and set a $97.00 price objective (up from $90.00) on shares of Celanese Corporation in a research report on Tuesday, June 20th. Royal Bank Of Canada restated an “outperform” rating on shares of Celanese Corporation in a research report on Tuesday, June 20th. 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 report on Thursday, June 22nd. Alembic Global Advisors restated a “sell” rating on shares of Celanese Corporation in a research report on Tuesday, July 4th. Finally, BidaskClub upgraded Celanese Corporation from a “buy” rating to a “strong-buy” rating in a research report on Thursday, July 6th. One analyst has rated the stock with a sell rating, five have issued a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $103.24.

Celanese Corporation (NYSE CE) opened at 106.56 on Tuesday. The stock has a market capitalization of $14.66 billion, a PE ratio of 18.13 and a beta of 1.31. Celanese Corporation has a one year low of $63.02 and a one year high of $109.09. The company’s 50 day moving average price is $101.58 and its 200-day moving average price is $94.30.

Celanese Corporation (NYSE:CE) last announced its quarterly earnings results on Monday, July 24th. The basic materials company reported $1.79 EPS for the quarter, beating analysts’ consensus estimates of $1.76 by $0.03. Celanese Corporation had a return on equity of 31.23% and a net margin of 14.89%. The company had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.44 billion. During the same period in the prior year, the company earned $1.59 earnings per share. The firm’s revenue was up 11.8% on a year-over-year basis. Analysts expect that Celanese Corporation will post $7.31 earnings per share for the current year.

Celanese Corporation announced that its Board of Directors has authorized a stock repurchase program on Monday, July 17th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the basic materials company to repurchase up to 10.9% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

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Hedge funds and other institutional investors have recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Celanese Corporation by 24.2% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,059 shares of the basic materials company’s stock worth $101,000 after buying an additional 206 shares during the period. Barrett Asset Management LLC bought a new position in Celanese Corporation in the second quarter worth approximately $142,000. Fiduciary Trust Co. bought a new position in Celanese Corporation in the second quarter worth approximately $150,000. Toronto Dominion Bank grew its stake in Celanese Corporation by 8.4% in 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, Benjamin F. Edwards & Company Inc. grew its stake in Celanese Corporation by 6.8% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 1,919 shares of the basic materials company’s stock worth $182,000 after purchasing an additional 122 shares in the last quarter. Hedge funds and other institutional investors own 97.24% of the company’s stock.

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.

Analyst Recommendations for Celanese Corporation (NYSE:CE)

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