Celanese (CE) PT Lowered to $118.00 at Citigroup

Celanese (NYSE:CE) had its price objective reduced by equities researchers at Citigroup from $134.00 to $118.00 in a research report issued on Thursday, Stock Target Advisor reports. The firm presently has a “buy” rating on the basic materials company’s stock. Citigroup’s target price suggests a potential upside of 19.58% from the company’s previous close.

A number of other equities research analysts have also issued reports on CE. Jefferies Financial Group upped their target price on Celanese to $138.00 and gave the company a “buy” rating in a research note on Monday, June 18th. Zacks Investment Research raised Celanese from a “hold” rating to a “buy” rating and set a $128.00 target price on the stock in a research note on Thursday, October 4th. Royal Bank of Canada reaffirmed a “buy” rating and issued a $134.00 target price on shares of Celanese in a research note on Friday, July 13th. Nomura upped their target price on Celanese from $111.00 to $120.00 and gave the company a “neutral” rating in a research note on Wednesday, July 11th. Finally, BMO Capital Markets upped their target price on Celanese from $137.00 to $150.00 and gave the company an “outperform” rating in a research note on Friday, June 15th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $123.53.

Shares of NYSE:CE opened at $98.68 on Thursday. The company has a market cap of $15.39 billion, a PE ratio of 13.32, a PEG ratio of 1.08 and a beta of 1.30. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.39 and a current ratio of 1.96. Celanese has a 12 month low of $95.45 and a 12 month high of $119.29.

Celanese (NYSE:CE) last announced its quarterly earnings results on Thursday, July 19th. The basic materials company reported $2.90 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.40 by $0.50. Celanese had a return on equity of 37.74% and a net margin of 16.57%. The business had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.82 billion. During the same quarter in the previous year, the company earned $1.79 EPS. The company’s quarterly revenue was up 22.1% on a year-over-year basis. Analysts expect that Celanese will post 10.57 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently modified their holdings of CE. New York State Teachers Retirement System acquired a new position in Celanese in the 2nd quarter valued at $100,000. First Bank & Trust raised its holdings in Celanese by 106.4% in the 3rd quarter. First Bank & Trust now owns 1,092 shares of the basic materials company’s stock valued at $127,000 after acquiring an additional 563 shares during the last quarter. Steward Partners Investment Advisory LLC raised its holdings in Celanese by 93.2% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 1,449 shares of the basic materials company’s stock valued at $161,000 after acquiring an additional 699 shares during the last quarter. Squar Milner Financial Services LLC acquired a new position in Celanese in the 2nd quarter valued at $173,000. Finally, Quantum Capital Management acquired a new position in Celanese in the 2nd quarter valued at $208,000. Institutional investors own 94.86% of the company’s stock.

About Celanese

Celanese Corporation, a technology and specialty materials company, manufactures and sells value-added chemicals, thermoplastic polymers, and other chemical-based products worldwide. The company operates through Advanced Engineered Materials, Consumer Specialties, Industrial Specialties, and Acetyl Intermediates segments.

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