Celanese Corp. (CE) Updates FY16 Earnings Guidance

Celanese Corp. (NYSE:CE) issued an update on its FY16 earnings guidance on Monday morning. The company provided earnings per share guidance of $6.50-6.62 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $6.54.

Shares of Celanese Corp. (NYSE:CE) opened at 69.37 on Wednesday. The company’s 50-day moving average is $64.08 and its 200-day moving average is $67.28. Celanese Corp. has a one year low of $55.07 and a one year high of $74.55. The company has a market cap of $10.04 billion, a price-to-earnings ratio of 30.12 and a beta of 1.61.

Celanese Corp. (NYSE:CE) last posted its earnings results on Monday, October 17th. The company reported $1.67 EPS for the quarter, beating the Zacks’ consensus estimate of $1.61 by $0.06. Celanese Corp. had a net margin of 6.20% and a return on equity of 30.07%. The company had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.63 billion. During the same quarter in the prior year, the company posted $1.50 earnings per share. Celanese Corp.’s revenue for the quarter was down 6.4% compared to the same quarter last year. On average, equities analysts predict that Celanese Corp. will post $6.54 EPS for the current year.

Earnings History and Estimates for Celanese Corp. (NYSE:CE)

CE has been the topic of several research reports. Susquehanna initiated coverage on shares of Celanese Corp. in a research report on Friday, July 1st. They set a positive rating and a $80.00 price target on the stock. Zacks Investment Research cut shares of Celanese Corp. from a hold rating to a sell rating in a research report on Tuesday, July 12th. Nomura reissued a hold rating on shares of Celanese Corp. in a research report on Tuesday, July 12th. Citigroup Inc. reduced their price target on shares of Celanese Corp. from $82.00 to $81.00 and set a buy rating on the stock in a research report on Friday, July 15th. Finally, Barclays PLC reduced their price target on shares of Celanese Corp. from $82.00 to $76.00 and set an overweight rating on the stock in a research report on Wednesday, July 27th. One analyst has rated the stock with a sell rating, seven have given a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and an average price target of $74.19.

Institutional investors have recently made changes to their positions in the company. GAM Holding AG raised its position in shares of Celanese Corp. by 31.9% in the second quarter. GAM Holding AG now owns 5,372 shares of the company’s stock worth $352,000 after buying an additional 1,299 shares during the period. Canada Pension Plan Investment Board raised its position in shares of Celanese Corp. by 61.7% in the second quarter. Canada Pension Plan Investment Board now owns 306,093 shares of the company’s stock worth $20,034,000 after buying an additional 116,747 shares during the period. HighTower Advisors LLC acquired a new position in shares of Celanese Corp. during the second quarter worth about $221,000. Engineers Gate Manager LP raised its position in shares of Celanese Corp. by 21.7% in the second quarter. Engineers Gate Manager LP now owns 46,800 shares of the company’s stock worth $3,063,000 after buying an additional 8,350 shares during the period. Finally, Commonwealth Bank of Australia raised its position in shares of Celanese Corp. by 2.8% in the second quarter. Commonwealth Bank of Australia now owns 10,512 shares of the company’s stock worth $689,000 after buying an additional 285 shares during the period. Institutional investors and hedge funds own 95.98% of the company’s stock.

Celanese Corp. Company Profile

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.

5 Day Chart for NYSE:CE

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