Celanese Co. (NYSE:CE) – Analysts at KeyCorp upped their FY2018 earnings estimates for shares of Celanese in a report issued on Tuesday. KeyCorp analyst M. Sison now expects that the basic materials company will post earnings per share of $8.65 for the year, up from their previous forecast of $8.40. KeyCorp has a “Overweight” rating and a $131.00 price objective on the stock. KeyCorp also issued estimates for Celanese’s FY2019 earnings at $9.40 EPS.
A number of other equities research analysts have also weighed in on the company. Robert W. Baird reaffirmed a “buy” rating and set a $130.00 target price on shares of Celanese in a research report on Monday, January 29th. Deutsche Bank reissued a “buy” rating and issued a $128.00 price target on shares of Celanese in a research report on Monday, January 29th. Jefferies Group reissued a “buy” rating and issued a $130.00 price target on shares of Celanese in a research report on Monday, January 29th. Citigroup boosted their price target on Celanese from $123.00 to $128.00 and gave the stock a “buy” rating in a research report on Monday, January 29th. Finally, UBS boosted their price target on Celanese from $107.00 to $113.00 and gave the stock a “neutral” rating in a research report on Friday, January 26th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $114.16.
Celanese (NYSE:CE) last issued its earnings results on Thursday, January 25th. The basic materials company reported $1.98 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.86 by $0.12. The business had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.49 billion. Celanese had a return on equity of 32.96% and a net margin of 13.73%. Celanese’s revenue was up 21.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.52 EPS.
A number of hedge funds have recently made changes to their positions in CE. The Manufacturers Life Insurance Company grew its stake in Celanese by 11.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 5,531 shares of the basic materials company’s stock worth $525,000 after buying an additional 582 shares during the last quarter. Toronto Dominion Bank grew its stake in Celanese by 240.3% during the 3rd quarter. Toronto Dominion Bank now owns 5,890 shares of the basic materials company’s stock valued at $614,000 after purchasing an additional 4,159 shares during the last quarter. Comerica Bank grew its stake in Celanese by 4.6% during the 3rd quarter. Comerica Bank now owns 14,882 shares of the basic materials company’s stock valued at $1,560,000 after purchasing an additional 649 shares during the last quarter. Russell Investments Group Ltd. grew its stake in Celanese by 12.2% during the 3rd quarter. Russell Investments Group Ltd. now owns 257,552 shares of the basic materials company’s stock valued at $26,851,000 after purchasing an additional 28,105 shares during the last quarter. Finally, Advisors Asset Management Inc. grew its stake in Celanese by 10.9% during the 3rd quarter. Advisors Asset Management Inc. now owns 20,700 shares of the basic materials company’s stock valued at $2,158,000 after purchasing an additional 2,035 shares during the last quarter. Hedge funds and other institutional investors own 95.82% of the company’s stock.
In related news, CFO Christopher W. Jensen sold 3,000 shares of the business’s stock in a transaction on Thursday, January 11th. The stock was sold at an average price of $110.00, for a total transaction of $330,000.00. Following the transaction, the chief financial officer now directly owns 52,924 shares in the company, valued at approximately $5,821,640. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 0.41% of the stock is owned by insiders.
The firm also recently announced a quarterly dividend, which was paid on Friday, March 2nd. Investors of record on Tuesday, February 20th were paid a dividend of $0.46 per share. The ex-dividend date of this dividend was Friday, February 16th. This represents a $1.84 annualized dividend and a yield of 1.90%. Celanese’s dividend payout ratio (DPR) is 30.16%.
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Celanese Corporation (Celanese) is a technology and specialty materials company. The Company’s segments include Advanced Engineered Materials, Consumer Specialties, Industrial Specialties, Acetyl Intermediates and Other Activities. The Advanced Engineered Materials segment includes the Company’s engineered materials business and certain affiliates.
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