Celanese Corporation (NYSE:CE) Stock Rating Lowered by Vertical Research

Celanese Corporation (NYSE:CE) was downgraded by investment analysts at Vertical Research from a “buy” rating to a “hold” rating in a research note issued on Monday, July 10th. They presently have a $103.00 price target on the basic materials company’s stock, up from their previous price target of $101.00. Vertical Research’s price objective points to a potential upside of 4.78% from the stock’s current price. The analysts noted that the move was a valuation call.

Several other equities research analysts have also recently commented on CE. BidaskClub raised Celanese Corporation from a “buy” rating to a “strong-buy” rating in a research note on Thursday, July 6th. Alembic Global Advisors reaffirmed a “sell” rating on shares of Celanese Corporation in a research report on Tuesday, July 4th. UBS AG reaffirmed a “neutral” rating and set a $95.00 target price (up previously from $90.00) on shares of Celanese Corporation in a research report on Thursday, June 22nd. Royal Bank Of Canada reissued an “outperform” rating on shares of Celanese Corporation in a research report on Tuesday, June 20th. Finally, J P Morgan Chase & Co reissued a “neutral” rating and issued a $97.00 price objective (up from $90.00) on shares of Celanese Corporation in a research report on Tuesday, June 20th. One analyst has rated the stock with a sell rating, five have issued a hold rating, nine have issued a buy rating and three have assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $98.67.

Shares of Celanese Corporation (NYSE:CE) traded down 1.49% during trading on Monday, hitting $98.30. 799,962 shares of the stock traded hands. The firm has a market cap of $13.71 billion, a PE ratio of 17.13 and a beta of 1.28. The company’s 50 day moving average is $93.19 and its 200 day moving average is $89.01. Celanese Corporation has a 52-week low of $60.59 and a 52-week high of $99.97.

Celanese Corporation (NYSE:CE) last issued its earnings results on Monday, April 17th. The basic materials company reported $1.81 earnings per share for the quarter, beating analysts’ consensus estimates of $1.72 by $0.09. The company had revenue of $1.47 billion for the quarter, compared to the consensus estimate of $1.44 billion. Celanese Corporation had a return on equity of 30.92% and a net margin of 15.14%. The firm’s quarterly revenue was up 4.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.83 EPS. On average, equities research analysts predict that Celanese Corporation will post $7.30 EPS for the current year.

Celanese Corporation declared that its board has authorized a stock buyback 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 reacquire up to 10.9% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.

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Hedge funds and other institutional investors have recently modified their holdings of the company. OppenheimerFunds Inc. increased its position in shares of Celanese Corporation by 34.2% in the first quarter. OppenheimerFunds Inc. now owns 518,783 shares of the basic materials company’s stock valued at $46,613,000 after buying an additional 132,280 shares in the last quarter. Fulton Bank N.A. purchased a new stake in Celanese Corporation during the first quarter valued at about $474,000. State of Wisconsin Investment Board increased its stake in Celanese Corporation by 23.5% in the first quarter. State of Wisconsin Investment Board now owns 76,478 shares of the basic materials company’s stock worth $6,872,000 after buying an additional 14,557 shares during the last quarter. Westpac Banking Corp increased its stake in Celanese Corporation by 0.5% in the first quarter. Westpac Banking Corp now owns 83,587 shares of the basic materials company’s stock worth $7,351,000 after buying an additional 398 shares during the last quarter. Finally, Traynor Capital Management Inc. bought a new stake in Celanese Corporation during the first quarter worth $389,000. Institutional investors own 98.39% 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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