Celanese (NYSE:CE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Friday.
According to Zacks, “Celanese has outperformed the industry it belongs to over a year. Celanese’s strategic measures including operational cost savings through productivity actions should lend support to its earnings in 2017. The company should also gain from growth initiatives that include acquisitions and expansion in emerging regions. SO.F.TER. and Nilit acquisitions are expected to drive earnings in the Advanced Engineered Materials unit in 2017. Moreover, Celanese remains focused on returning value to shareholders. However, Celanese is exposed to pricing pressure and weak acetyl demand. The company's balance sheet leverage is also relatively high.”
A number of other equities analysts have also recently issued reports on the stock. ValuEngine raised shares of Celanese from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 1st. Tudor Pickering initiated coverage on shares of Celanese in a research report on Tuesday, November 14th. They set a “buy” rating on the stock. KeyCorp reissued a “buy” rating and set a $106.00 price objective on shares of Celanese in a research report on Thursday, August 24th. Royal Bank of Canada reissued a “buy” rating and set a $109.00 price objective on shares of Celanese in a research report on Wednesday, September 6th. Finally, Cowen increased their price objective on shares of Celanese from $115.00 to $120.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 20th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $107.74.
Celanese (NYSE:CE) last issued its quarterly earnings results on Monday, October 16th. The basic materials company reported $1.93 EPS for the quarter, beating the Zacks’ consensus estimate of $1.92 by $0.01. The business had revenue of $1.57 billion for the quarter, compared to analysts’ expectations of $1.49 billion. Celanese had a net margin of 13.66% and a return on equity of 31.98%. The business’s quarterly revenue was up 18.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.67 earnings per share. equities research analysts expect that Celanese will post 7.37 EPS for the current fiscal year.
In other Celanese news, Director John K. Wulff sold 2,500 shares of the stock in a transaction dated Tuesday, October 24th. The shares were sold at an average price of $105.88, for a total value of $264,700.00. Following the completion of the sale, the director now owns 30,175 shares in the company, valued at approximately $3,194,929. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Christopher W. Jensen sold 1,000 shares of the stock in a transaction dated Monday, October 30th. The shares were sold at an average price of $104.68, for a total transaction of $104,680.00. Following the completion of the sale, the chief financial officer now owns 60,086 shares of the company’s stock, valued at approximately $6,289,802.48. The disclosure for this sale can be found here. Corporate insiders own 0.42% of the company’s stock.
A number of large investors have recently bought and sold shares of CE. Alps Advisors Inc. increased its stake in shares of Celanese by 0.3% during the 2nd quarter. Alps Advisors Inc. now owns 5,276 shares of the basic materials company’s stock worth $501,000 after purchasing an additional 14 shares during the last quarter. Toronto Dominion Bank increased its stake in shares of Celanese by 8.4% during the 2nd 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 during the last quarter. Pittenger & Anderson Inc. increased its stake in shares of Celanese by 1.9% during the 2nd quarter. Pittenger & Anderson Inc. now owns 7,165 shares of the basic materials company’s stock worth $680,000 after purchasing an additional 135 shares during the last quarter. Stanley Laman Group Ltd. increased its stake in shares of Celanese by 2.3% during the 2nd quarter. Stanley Laman Group Ltd. now owns 6,576 shares of the basic materials company’s stock worth $624,000 after purchasing an additional 148 shares during the last quarter. Finally, Synovus Financial Corp increased its stake in shares of Celanese by 4.2% during the 2nd quarter. Synovus Financial Corp now owns 4,076 shares of the basic materials company’s stock worth $382,000 after purchasing an additional 166 shares during the last quarter. Hedge funds and other institutional investors own 96.16% of the company’s stock.
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Celanese 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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