Celanese (NYSE:CE) Upgraded at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Celanese (NYSE:CE) from a neutral rating to an overweight rating in a research note released on Thursday, BenzingaRatingsTable reports. JPMorgan Chase & Co. currently has $110.00 price objective on the basic materials company’s stock, up from their prior price objective of $83.00.

Several other brokerages have also recently weighed in on CE. Cfra lifted their price objective on Celanese from $81.00 to $86.00 and gave the company a hold rating in a report on Tuesday, April 28th. SunTrust Banks dropped their price objective on Celanese from $110.00 to $85.00 and set a hold rating for the company in a report on Wednesday, April 29th. Wells Fargo & Co cut Celanese from an overweight rating to an equal weight rating and set a $90.00 price objective for the company. in a report on Wednesday, April 29th. ValuEngine raised Celanese from a sell rating to a hold rating in a report on Thursday, July 2nd. Finally, UBS Group lifted their price objective on Celanese from $88.00 to $91.00 and gave the company a buy rating in a report on Tuesday, April 28th. Eleven investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Celanese currently has an average rating of Buy and an average target price of $105.95.

NYSE:CE opened at $97.20 on Thursday. The stock has a market cap of $11.49 billion, a P/E ratio of 18.66, a PEG ratio of 5.28 and a beta of 1.37. The stock has a 50 day simple moving average of $88.67 and a 200 day simple moving average of $90.07. The company has a current ratio of 1.20, a quick ratio of 0.94 and a debt-to-equity ratio of 1.11. Celanese has a 1-year low of $52.70 and a 1-year high of $128.88.

Celanese (NYSE:CE) last released its quarterly earnings results on Tuesday, July 28th. The basic materials company reported $1.30 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.05 by $0.25. The business had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.08 billion. Celanese had a return on equity of 33.49% and a net margin of 11.13%. The firm’s revenue for the quarter was down 25.1% compared to the same quarter last year. During the same period last year, the firm posted $2.38 EPS. As a group, sell-side analysts forecast that Celanese will post 6.73 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 6th. Investors of record on Monday, July 27th will be given a dividend of $0.62 per share. The ex-dividend date of this dividend is Friday, July 24th. This represents a $2.48 dividend on an annualized basis and a yield of 2.55%. Celanese’s dividend payout ratio is currently 26.02%.

A number of hedge funds have recently modified their holdings of CE. Trust Co. of Vermont grew its position in Celanese by 2,766.7% during the 1st quarter. Trust Co. of Vermont now owns 430 shares of the basic materials company’s stock worth $32,000 after acquiring an additional 415 shares during the last quarter. Synovus Financial Corp grew its position in Celanese by 513.7% during the 1st quarter. Synovus Financial Corp now owns 583 shares of the basic materials company’s stock worth $43,000 after acquiring an additional 488 shares during the last quarter. Signaturefd LLC grew its position in Celanese by 31.7% during the 1st quarter. Signaturefd LLC now owns 1,097 shares of the basic materials company’s stock worth $81,000 after acquiring an additional 264 shares during the last quarter. Parallel Advisors LLC grew its position in Celanese by 25.7% during the 1st quarter. Parallel Advisors LLC now owns 1,321 shares of the basic materials company’s stock worth $96,000 after acquiring an additional 270 shares during the last quarter. Finally, Bessemer Group Inc. grew its position in Celanese by 43.3% during the 1st quarter. Bessemer Group Inc. now owns 1,360 shares of the basic materials company’s stock worth $101,000 after acquiring an additional 411 shares during the last quarter. Institutional investors and hedge funds own 94.12% of the company’s stock.

Celanese Company Profile

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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Analyst Recommendations for Celanese (NYSE:CE)

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