Celanese Co. (NYSE:CE) – SunTrust Banks reduced their FY2020 earnings estimates for Celanese in a research report issued to clients and investors on Wednesday, June 12th. SunTrust Banks analyst J. Sheehan now expects that the basic materials company will earn $12.21 per share for the year, down from their previous forecast of $12.25.
Several other equities research analysts have also commented on CE. ValuEngine upgraded shares of Celanese from a “sell” rating to a “hold” rating in a research note on Friday, February 22nd. Zacks Investment Research upgraded shares of Celanese from a “sell” rating to a “hold” rating in a research note on Tuesday, April 2nd. Barclays dropped their price target on shares of Celanese from $125.00 to $120.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 9th. Deutsche Bank lowered shares of Celanese from a “buy” rating to a “hold” rating and set a $110.00 price target on the stock. in a research note on Sunday, April 14th. Finally, Alembic Global Advisors set a $95.00 price target on shares of Celanese and gave the company a “sell” rating in a research note on Monday, April 22nd. Nine investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Celanese presently has an average rating of “Hold” and a consensus price target of $119.53.
Celanese (NYSE:CE) last announced its quarterly earnings results on Monday, April 22nd. The basic materials company reported $2.62 EPS for the quarter, beating the consensus estimate of $2.49 by $0.13. Celanese had a net margin of 16.89% and a return on equity of 39.76%. The company had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.76 billion. During the same quarter last year, the business earned $2.79 earnings per share. Celanese’s revenue was down 8.9% compared to the same quarter last year.
Several hedge funds and other institutional investors have recently bought and sold shares of CE. Morgan Stanley increased its holdings in shares of Celanese by 32.2% in the third quarter. Morgan Stanley now owns 324,432 shares of the basic materials company’s stock valued at $36,985,000 after purchasing an additional 79,019 shares during the period. Advisors Asset Management Inc. increased its holdings in shares of Celanese by 8.7% in the fourth quarter. Advisors Asset Management Inc. now owns 17,674 shares of the basic materials company’s stock valued at $1,590,000 after purchasing an additional 1,422 shares during the period. LS Investment Advisors LLC acquired a new position in shares of Celanese in the fourth quarter valued at about $173,000. Parallel Advisors LLC increased its holdings in shares of Celanese by 12.1% in the fourth quarter. Parallel Advisors LLC now owns 1,311 shares of the basic materials company’s stock valued at $117,000 after purchasing an additional 141 shares during the period. Finally, Comerica Bank increased its holdings in shares of Celanese by 143.6% in the fourth quarter. Comerica Bank now owns 33,854 shares of the basic materials company’s stock valued at $3,259,000 after purchasing an additional 19,957 shares during the period. Institutional investors and hedge funds own 97.25% of the company’s stock.
In related news, Director John K. Wulff sold 9,175 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $108.32, for a total transaction of $993,836.00. Following the transaction, the director now owns 19,872 shares in the company, valued at $2,152,535.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.57% of the stock is owned by company insiders.
Celanese Corporation, a technology and specialty materials company, manufactures and sells high performance engineered polymers in the United States and internationally. The company operates through Engineered Materials, Acetate Tow, and Acetyl Chain segments. The Engineered Materials segment develops, produces, and supplies specialty polymers for automotive and medical applications, as well as for use in industrial products and consumer electronics.
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