Celanese Corp. (NYSE:CE) saw a large increase in short interest in September. As of September 15th, there was short interest totalling 2,618,567 shares, an increase of 44.6% from the August 31st total of 1,811,442 shares. Approximately 1.8% of the shares of the stock are short sold. Based on an average trading volume of 791,630 shares, the days-to-cover ratio is presently 3.3 days.
Several equities research analysts recently commented on CE shares. Morgan Stanley reissued a “hold” rating and issued a $65.00 price target on shares of Celanese Corp. in a report on Thursday, June 16th. Susquehanna assumed coverage on shares of Celanese Corp. in a report on Friday, July 1st. They set a “positive” rating and a $80.00 target price for the company. Zacks Investment Research lowered shares of Celanese Corp. from a “hold” rating to a “sell” rating in a report on Tuesday, July 12th. Nomura reaffirmed a “hold” rating on shares of Celanese Corp. in a report on Tuesday, July 12th. Finally, Citigroup Inc. dropped their target price on shares of Celanese Corp. from $82.00 to $81.00 and set a “buy” rating for the company in a report on Friday, July 15th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $73.83.
Several hedge funds and other institutional investors have recently made changes to their positions in CE. Vanguard Group Inc. boosted its position in shares of Celanese Corp. by 3.5% in the second quarter. Vanguard Group Inc. now owns 11,043,208 shares of the company’s stock worth $722,778,000 after buying an additional 378,344 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of Celanese Corp. by 7.4% in the first quarter. Wellington Management Group LLP now owns 7,599,679 shares of the company’s stock worth $497,779,000 after buying an additional 520,647 shares in the last quarter. BlackRock Institutional Trust Company N.A. boosted its position in shares of Celanese Corp. by 3.7% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 3,851,619 shares of the company’s stock worth $252,088,000 after buying an additional 138,362 shares in the last quarter. State Street Corp boosted its position in shares of Celanese Corp. by 9.6% in the first quarter. State Street Corp now owns 3,471,470 shares of the company’s stock worth $227,377,000 after buying an additional 303,971 shares in the last quarter. Finally, Investec Asset Management LTD purchased a new position in shares of Celanese Corp. during the first quarter worth $105,163,000. Institutional investors and hedge funds own 95.96% of the company’s stock.
Shares of Celanese Corp. (NYSE:CE) opened at 66.56 on Monday. The firm has a market cap of $9.63 billion, a PE ratio of 28.90 and a beta of 1.85. Celanese Corp. has a 12 month low of $55.07 and a 12 month high of $74.55. The stock’s 50 day moving average is $64.25 and its 200 day moving average is $67.29.
Celanese Corp. (NYSE:CE) last announced its quarterly earnings results on Monday, July 25th. The company reported $1.59 earnings per share for the quarter, beating analysts’ consensus estimates of $1.56 by $0.03. Celanese Corp. had a return on equity of 30.07% and a net margin of 6.20%. The business earned $1.35 billion during the quarter, compared to analysts’ expectations of $1.42 billion. During the same quarter last year, the business posted $1.58 earnings per share. The business’s revenue for the quarter was down 8.5% on a year-over-year basis. On average, analysts anticipate that Celanese Corp. will post $6.54 earnings per share for the current fiscal year.
About Celanese Corp.
Celanese Corporation (Celanese) is a technology and specialty materials company. The Company operates through four segments: Advanced Engineered Materials, Consumer Specialties, Industrial Specialties and Acetyl Intermediates. Its business involves processing chemical raw materials, such as methanol, carbon monoxide, ethylene and natural products, including wood pulp, into chemicals, thermoplastic polymers and other chemical-based products.
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