Celanese Co. (NYSE:CE) was the recipient of a significant growth in short interest in the month of August. As of August 31st, there was short interest totalling 3,764,900 shares, a growth of 30.1% from the July 31st total of 2,892,800 shares. Approximately 3.1% of the shares of the stock are sold short. Based on an average daily volume of 969,700 shares, the short-interest ratio is presently 3.9 days.
CE has been the subject of a number of research analyst reports. Citigroup set a $122.00 target price on Celanese and gave the stock a “buy” rating in a research report on Monday, July 15th. ValuEngine raised Celanese from a “sell” rating to a “hold” rating in a report on Wednesday, June 12th. Vertical Research downgraded shares of Celanese from a “buy” rating to a “hold” rating in a research note on Tuesday, July 2nd. Cowen reissued a “market perform” rating and set a $110.00 target price (up from $105.00) on shares of Celanese in a research note on Monday, July 1st. Finally, JPMorgan Chase & Co. raised shares of Celanese from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $102.00 to $120.00 in a research note on Wednesday, July 24th. Eleven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $118.25.
NYSE:CE traded up $1.29 during trading hours on Friday, reaching $125.49. The company’s stock had a trading volume of 796,275 shares, compared to its average volume of 1,058,674. The company has a market cap of $15.26 billion, a price-to-earnings ratio of 11.41, a price-to-earnings-growth ratio of 1.21 and a beta of 1.37. Celanese has a one year low of $82.91 and a one year high of $127.15. The business’s 50-day moving average is $111.36 and its 200-day moving average is $105.38. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.04 and a quick ratio of 1.32.
Celanese (NYSE:CE) last issued its quarterly earnings data on Monday, July 22nd. The basic materials company reported $2.38 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.36 by $0.02. The firm had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.64 billion. Celanese had a net margin of 15.52% and a return on equity of 38.56%. Celanese’s revenue for the quarter was down 13.7% on a year-over-year basis. During the same period in the prior year, the company posted $2.90 earnings per share. On average, sell-side analysts predict that Celanese will post 10.15 EPS for the current fiscal year.
A number of hedge funds have recently added to or reduced their stakes in CE. Dimensional Fund Advisors LP boosted its holdings in Celanese by 22.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 937,919 shares of the basic materials company’s stock valued at $84,386,000 after acquiring an additional 171,049 shares during the period. Geode Capital Management LLC lifted its stake in shares of Celanese by 61.5% in the fourth quarter. Geode Capital Management LLC now owns 1,823,172 shares of the basic materials company’s stock valued at $163,756,000 after buying an additional 694,491 shares during the period. Stephens Inc. AR raised its position in Celanese by 5.4% in the first quarter. Stephens Inc. AR now owns 5,311 shares of the basic materials company’s stock worth $524,000 after purchasing an additional 270 shares in the last quarter. Cetera Advisor Networks LLC acquired a new position in Celanese in the first quarter worth about $302,000. Finally, Toronto Dominion Bank raised its position in Celanese by 13.8% in the first quarter. Toronto Dominion Bank now owns 84,274 shares of the basic materials company’s stock worth $8,308,000 after purchasing an additional 10,191 shares in the last quarter. Institutional investors own 98.41% 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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