Celanese Corporation (NYSE:CE) announced a quarterly dividend on Tuesday, July 18th, Wall Street Journal reports. Investors of record on Friday, July 28th will be given a dividend of 0.46 per share by the basic materials company on Monday, August 7th. This represents a $1.84 annualized dividend and a dividend yield of 1.88%. The ex-dividend date is Wednesday, July 26th.
Celanese Corporation has raised its dividend by an average of 38.0% annually over the last three years and has increased its dividend annually for the last 5 consecutive years. Celanese Corporation has a payout ratio of 25.1% meaning its dividend is sufficiently covered by earnings. Analysts expect Celanese Corporation to earn $8.08 per share next year, which means the company should continue to be able to cover its $1.84 annual dividend with an expected future payout ratio of 22.8%.
Shares of Celanese Corporation (CE) opened at 97.64 on Friday. Celanese Corporation has a 12-month low of $60.59 and a 12-month high of $99.97. The firm has a market capitalization of $13.43 billion, a PE ratio of 16.61 and a beta of 1.28. The company’s 50 day moving average is $95.24 and its 200 day moving average is $89.98.
Celanese Corporation (NYSE:CE) last posted its earnings results on Monday, July 24th. The basic materials company reported $1.79 earnings per share (EPS) for the quarter, topping 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 business had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.44 billion. During the same period in the prior year, the business earned $1.59 EPS. Celanese Corporation’s revenue for the quarter was up 11.8% compared to the same quarter last year. On average, analysts forecast that Celanese Corporation will post $7.32 earnings per share for the current year.
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A number of research firms recently issued reports on CE. UBS AG reissued a “neutral” rating and set a $95.00 target price (up from $90.00) on shares of Celanese Corporation in a research note on Thursday, June 22nd. BidaskClub cut shares of Celanese Corporation from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. Citigroup Inc. raised their price target on shares of Celanese Corporation from $100.00 to $101.00 and gave the stock a “buy” rating in a research note on Tuesday, April 25th. Instinet raised their price target on shares of Celanese Corporation from $77.00 to $88.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 19th. Finally, Barclays PLC decreased their price target on shares of Celanese Corporation from $105.00 to $98.00 and set an “overweight” rating for the company in a research note on Tuesday, April 25th. One analyst has rated the stock with a sell rating, six have given a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $98.99.
Celanese Corporation announced that its board has initiated a share repurchase 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 repurchase up to 10.9% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are 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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