Celanese Corp. (NYSE:CE) saw unusually-strong trading volume on Monday following a better than expected earnings announcement. Approximately 1,435,459 shares were traded during trading, an increase of 14% from the previous session’s volume of 1,255,100 shares.The stock last traded at $63.58 and had previously closed at $63.37.
The company reported $1.67 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.61 by $0.06. Celanese Corp. had a return on equity of 30.07% and a net margin of 6.20%. The business had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.63 billion. During the same period in the prior year, the business posted $1.50 earnings per share. The firm’s revenue was down 6.4% on a year-over-year basis.
Several brokerages have issued reports on CE. Zacks Investment Research raised Celanese Corp. from a “sell” rating to a “hold” rating in a research note on Monday, July 18th. Citigroup Inc. dropped their price target on Celanese Corp. from $82.00 to $81.00 and set a “buy” rating on the stock in a research note on Friday, July 15th. Nomura reissued a “hold” rating on shares of Celanese Corp. in a research note on Tuesday, July 12th. Jefferies Group reissued a “buy” rating on shares of Celanese Corp. in a research note on Friday, August 12th. Finally, KeyCorp began coverage on Celanese Corp. in a research note on Thursday, October 6th. They issued an “overweight” rating and a $80.00 price target on the stock. One analyst has rated the stock with a sell rating, seven have given a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $74.19.
A number of hedge funds and other institutional investors have recently made changes to their positions in CE. Societe Generale acquired a new position in shares of Celanese Corp. during the second quarter worth about $111,000. Creative Planning increased its position in Celanese Corp. by 261.1% in the third quarter. Creative Planning now owns 1,755 shares of the company’s stock valued at $117,000 after buying an additional 1,269 shares during the last quarter. Bessemer Group Inc. increased its position in Celanese Corp. by 22.5% in the first quarter. Bessemer Group Inc. now owns 1,964 shares of the company’s stock valued at $129,000 after buying an additional 361 shares during the last quarter. Meeder Asset Management Inc. purchased a new position in Celanese Corp. during the second quarter valued at $133,000. Finally, Mizuho Asset Management Co. Ltd. increased its position in Celanese Corp. by 123.0% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 2,339 shares of the company’s stock valued at $153,000 after buying an additional 1,290 shares during the last quarter. Hedge funds and other institutional investors own 95.98% of the company’s stock.
The stock has a market capitalization of $9.20 billion, a P/E ratio of 27.61 and a beta of 1.61. The firm has a 50-day moving average of $63.98 and a 200-day moving average of $67.26.
Celanese Corp. Company Profile
Celanese Corporation (Celanese) is a technology and specialty materials company. The Company operates through four segments: Advanced Engineered Materials, Consumer Specialties, Industrial Specialties and Acetyl Intermediates. Its business involves processing chemical raw materials, such as methanol, carbon monoxide, ethylene and natural products, including wood pulp, into chemicals, thermoplastic polymers and other chemical-based products.
Receive News & Ratings for Celanese Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Celanese Corp. and related companies with MarketBeat.com's FREE daily email newsletter.