CE has been the topic of a number of other research reports. ValuEngine lowered shares of Celanese Corporation from a strong-buy rating to a buy rating in a research note on Friday, October 6th. BidaskClub upgraded shares of Celanese Corporation from a hold rating to a buy rating in a research note on Saturday, August 26th. Instinet reiterated a neutral rating and set a $100.00 price objective (up previously from $97.00) on shares of Celanese Corporation in a research note on Friday, October 13th. KeyCorp lifted their price objective on shares of Celanese Corporation from $106.00 to $116.00 and gave the company an overweight rating in a research note on Monday, October 16th. Finally, Zacks Investment Research upgraded shares of Celanese Corporation from a hold rating to a buy rating and set a $111.00 price objective on the stock in a research note on Monday, July 17th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the stock. Celanese Corporation has a consensus rating of Buy and an average target price of $107.74.
Celanese Corporation (NYSE:CE) last posted its quarterly earnings data on Monday, October 16th. The basic materials company reported $1.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.92 by $0.01. The company had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.49 billion. Celanese Corporation had a net margin of 13.66% and a return on equity of 31.98%. The business’s quarterly revenue was up 18.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.67 earnings per share.
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Celanese Corporation announced that its board has authorized a share repurchase program on Monday, July 17th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the basic materials company to buy up to 10.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Thursday, November 9th. Stockholders of record on Monday, October 30th will be given a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.76%. The ex-dividend date is Friday, October 27th. Celanese Corporation’s payout ratio is currently 32.11%.
In other news, Director John K. Wulff sold 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, October 24th. The shares were sold at an average price of $105.88, for a total transaction of $264,700.00. Following the completion of the sale, the director now owns 30,175 shares of the company’s stock, valued at $3,194,929. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Christopher W. Jensen sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, October 30th. The stock was sold at an average price of $104.68, for a total transaction of $104,680.00. Following the sale, the chief financial officer now directly 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. 0.42% of the stock is currently owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in CE. JPMorgan Chase & Co. boosted its holdings in Celanese Corporation by 33.5% in the second quarter. JPMorgan Chase & Co. now owns 2,999,260 shares of the basic materials company’s stock worth $284,749,000 after purchasing an additional 752,057 shares during the period. Boston Partners boosted its holdings in Celanese Corporation by 28.0% in the second quarter. Boston Partners now owns 2,850,620 shares of the basic materials company’s stock worth $270,637,000 after purchasing an additional 623,671 shares during the period. Victory Capital Management Inc. boosted its holdings in Celanese Corporation by 33.2% in the second quarter. Victory Capital Management Inc. now owns 2,013,602 shares of the basic materials company’s stock worth $191,171,000 after purchasing an additional 501,469 shares during the period. Nordea Investment Management AB boosted its holdings in Celanese Corporation by 277.5% in the second quarter. Nordea Investment Management AB now owns 597,713 shares of the basic materials company’s stock worth $56,747,000 after purchasing an additional 439,378 shares during the period. Finally, Standard Life Investments LTD acquired a new position in Celanese Corporation in the second quarter worth $38,550,000. 98.52% of the stock is owned by hedge funds and other institutional investors.
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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