Celanese Co. (NYSE:CE)’s share price fell 6.8% during mid-day trading on Friday following a weaker than expected earnings announcement. The stock traded as low as $149.23 and last traded at $149.23. 26,836 shares changed hands during trading, a decline of 96% from the average session volume of 630,462 shares. The stock had previously closed at $160.07.The basic materials company reported $4.91 earnings per share for the quarter, missing the consensus estimate of $5.07 by ($0.16). The business had revenue of $2.28 billion for the quarter, compared to analyst estimates of $2.26 billion. Celanese had a return on equity of 42.83% and a net margin of 35.90%. Celanese’s revenue was up 43.0% compared to the same quarter last year. During the same quarter last year, the company earned $2.09 EPS.
Several research firms have recently issued reports on CE. JPMorgan Chase & Co. increased their price objective on shares of Celanese from $175.00 to $195.00 and gave the company an “overweight” rating in a report on Monday, October 25th. Robert W. Baird increased their price objective on shares of Celanese from $195.00 to $225.00 and gave the company an “outperform” rating in a report on Monday, October 25th. KeyCorp increased their price objective on shares of Celanese from $180.00 to $187.00 and gave the company an “overweight” rating in a report on Monday, October 25th. Citigroup increased their price objective on shares of Celanese from $198.00 to $206.00 in a report on Tuesday, January 11th. Finally, BMO Capital Markets raised their target price on shares of Celanese from $190.00 to $200.00 and gave the stock an “outperform” rating in a report on Tuesday, October 26th. Three research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $193.40.
In other news, SVP Vanessa Dupuis sold 512 shares of Celanese stock in a transaction dated Friday, November 5th. The shares were sold at an average price of $170.00, for a total transaction of $87,040.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.20% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. CVA Family Office LLC bought a new position in shares of Celanese in the fourth quarter worth about $26,000. Mascoma Wealth Management LLC acquired a new stake in shares of Celanese during the 4th quarter worth approximately $26,000. Farmers & Merchants Trust Co of Chambersburg PA grew its position in shares of Celanese by 115.4% during the 4th quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 168 shares of the basic materials company’s stock worth $28,000 after buying an additional 90 shares during the period. Baystate Wealth Management LLC grew its position in shares of Celanese by 55.9% during the 4th quarter. Baystate Wealth Management LLC now owns 184 shares of the basic materials company’s stock worth $31,000 after buying an additional 66 shares during the period. Finally, Assetmark Inc. grew its position in shares of Celanese by 1,376.9% during the 3rd quarter. Assetmark Inc. now owns 192 shares of the basic materials company’s stock worth $29,000 after buying an additional 179 shares during the period. 93.42% of the stock is owned by hedge funds and other institutional investors.
The firm’s 50-day moving average price is $163.61 and its 200 day moving average price is $160.04. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.76 and a current ratio of 2.40. The company has a market cap of $16.41 billion, a price-to-earnings ratio of 6.49, a PEG ratio of 0.41 and a beta of 1.28.
Celanese Company Profile (NYSE:CE)
Celanese Corp. engages in the provision of technology and specialty materials businesses. It operates through the following segments: Engineered Materials, Acetate Tow, Acetyl Chain and Other Activities .The Engineered Materials segment includes the engineered materials business, food ingredients business and certain strategic affiliates.
