Celanese Corporation (CE) Reaches New 1-Year High Following Analyst Upgrade

Celanese Corporation (NYSE:CE)’s share price reached a new 52-week high during mid-day trading on Wednesday after Cowen and raised their price target on the stock from $115.00 to $120.00. Cowen and currently has an outperform rating on the stock. Celanese Corporation traded as high as $104.37 and last traded at $104.21, with a volume of 305,007 shares changing hands. The stock had previously closed at $102.46.

Several other equities research analysts have also recently weighed in on the company. Jefferies Group LLC set a $104.00 target price on Celanese Corporation and gave the stock a “buy” rating in a report on Saturday, May 27th. Royal Bank Of Canada reiterated an “outperform” rating on shares of Celanese Corporation in a report on Tuesday, June 20th. 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 report on Monday, July 17th. ValuEngine upgraded Celanese Corporation from a “buy” rating to a “strong-buy” rating in a report on Friday, September 1st. Finally, BidaskClub upgraded Celanese Corporation from a “buy” rating to a “strong-buy” rating in a report on Thursday, July 6th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have assigned a buy rating and three have assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $103.05.

Several hedge funds and other institutional investors have recently modified their holdings of CE. Northwestern Mutual Wealth Management Co. increased its position in Celanese Corporation by 24.2% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,059 shares of the basic materials company’s stock valued at $101,000 after buying an additional 206 shares in the last quarter. Barrett Asset Management LLC acquired a new position in Celanese Corporation during the 2nd quarter valued at about $142,000. Toronto Dominion Bank increased its position in Celanese Corporation by 27.4% during the 1st quarter. Toronto Dominion Bank now owns 1,597 shares of the basic materials company’s stock valued at $144,000 after buying an additional 343 shares in the last quarter. Fiduciary Trust Co. acquired a new position in Celanese Corporation during the 2nd quarter valued at about $150,000. Finally, Fifth Third Bancorp increased its position in Celanese Corporation by 31.5% during the 1st quarter. Fifth Third Bancorp now owns 2,005 shares of the basic materials company’s stock valued at $180,000 after buying an additional 480 shares in the last quarter. Hedge funds and other institutional investors own 97.24% of the company’s stock.

The stock’s 50-day moving average is $97.80 and its 200 day moving average is $92.60. The firm has a market cap of $14.35 billion, a P/E ratio of 17.75 and a beta of 1.28.

Celanese Corporation (NYSE:CE) last announced its quarterly earnings results on Monday, July 24th. The basic materials company reported $1.79 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.76 by $0.03. The company had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.44 billion. Celanese Corporation had a return on equity of 31.23% and a net margin of 14.89%. Celanese Corporation’s revenue for the quarter was up 11.8% on a year-over-year basis. During the same period in the previous year, the business earned $1.59 EPS. On average, equities research analysts predict that Celanese Corporation will post $7.33 earnings per share for the current fiscal year.

Celanese Corporation announced that its Board of Directors has initiated a share buyback program on Monday, July 17th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the basic materials company to purchase up to 10.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

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About Celanese Corporation

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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