Celanese Corporation (NYSE:CE) issued its quarterly earnings data on Monday. The basic materials company reported $1.79 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.76 by $0.03, Bloomberg Earnings reports. Celanese Corporation had a net margin of 15.14% and a return on equity of 30.92%. The business had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.44 billion. During the same period in the previous year, the company earned $1.59 earnings per share. Celanese Corporation’s revenue for the quarter was up 11.8% on a year-over-year basis. Celanese Corporation updated its FY17 guidance to $7.20-7.34 EPS.
Shares of Celanese Corporation (CE) traded up 0.09% during midday trading on Monday, reaching $97.75. 768,469 shares of the company’s stock traded hands. The stock has a market cap of $13.63 billion, a price-to-earnings ratio of 17.03 and a beta of 1.28. The stock has a 50 day moving average of $93.53 and a 200-day moving average of $89.08. Celanese Corporation has a 52-week low of $60.59 and a 52-week high of $99.97.
The firm also recently declared a quarterly dividend, which will be paid on Monday, August 7th. Shareholders of record on Friday, July 28th will be issued a $0.46 dividend. This represents a $1.84 annualized dividend and a yield of 1.88%. The ex-dividend date is Wednesday, July 26th. Celanese Corporation’s dividend payout ratio (DPR) is presently 32.11%.
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Several research firms recently commented on CE. Nomura reiterated a “hold” rating and set a $88.00 target price on shares of Celanese Corporation in a research note on Wednesday, April 19th. Goldman Sachs Group, Inc. (The) upped their target price on shares of Celanese Corporation from $103.00 to $110.00 and gave the company a “conviction-buy” rating in a research note on Tuesday, April 4th. Jefferies Group LLC set a $104.00 target price on shares of Celanese Corporation and gave the company a “buy” rating in a research note on Saturday, May 27th. Vetr upgraded shares of Celanese Corporation from a “buy” rating to a “strong-buy” rating and set a $103.79 target price for the company in a research note on Thursday, April 6th. Finally, Instinet upped their target price on shares of Celanese Corporation from $77.00 to $88.00 and gave the company a “neutral” rating in a research note on Wednesday, April 19th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, nine have assigned a buy rating and three have given a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $98.67.
Celanese Corporation announced that its Board of Directors has initiated a stock buyback plan 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 reacquire up to 10.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
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.
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