Barclays Cuts Celanese (NYSE:CE) Price Target to $88.00

Celanese (NYSE:CE) had its target price trimmed by Barclays from $101.00 to $88.00 in a research report released on Tuesday morning,Benzinga reports. The brokerage currently has an equal weight rating on the basic materials company’s stock.

Several other equities analysts have also recently issued reports on the stock. Deutsche Bank Aktiengesellschaft upgraded shares of Celanese from a “hold” rating to a “buy” rating and reduced their price target for the company from $135.00 to $110.00 in a research report on Wednesday, November 6th. Piper Sandler lowered Celanese from a “neutral” rating to an “underweight” rating and decreased their target price for the stock from $150.00 to $98.00 in a research report on Friday, November 8th. Bank of America lowered their target price on Celanese from $137.00 to $128.00 and set an “underperform” rating for the company in a research note on Monday, August 12th. Robert W. Baird reduced their price target on Celanese from $150.00 to $110.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 6th. Finally, Morgan Stanley dropped their target price on shares of Celanese from $140.00 to $100.00 and set an “equal weight” rating on the stock in a report on Wednesday, November 6th. Five research analysts have rated the stock with a sell rating, ten have given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $120.59.

Celanese Stock Down 0.4 %

Shares of NYSE:CE opened at $74.69 on Tuesday. The stock’s 50-day moving average is $117.69 and its 200 day moving average is $131.60. The company has a market cap of $8.16 billion, a PE ratio of 7.51, a P/E/G ratio of 0.74 and a beta of 1.31. The company has a debt-to-equity ratio of 1.47, a current ratio of 1.37 and a quick ratio of 0.76. Celanese has a 1 year low of $71.38 and a 1 year high of $172.16.

Celanese (NYSE:CE) last announced its earnings results on Monday, November 4th. The basic materials company reported $2.44 EPS for the quarter, missing analysts’ consensus estimates of $2.85 by ($0.41). The business had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.70 billion. Celanese had a net margin of 10.40% and a return on equity of 13.17%. Celanese’s revenue was down 2.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.50 EPS. Sell-side analysts anticipate that Celanese will post 8.67 EPS for the current year.

Celanese Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 13th. Stockholders of record on Wednesday, October 30th were paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.75%. The ex-dividend date was Wednesday, October 30th. Celanese’s dividend payout ratio is currently 28.17%.

Institutional Investors Weigh In On Celanese

Large investors have recently bought and sold shares of the business. Covestor Ltd grew its stake in shares of Celanese by 45.1% in the first quarter. Covestor Ltd now owns 689 shares of the basic materials company’s stock worth $118,000 after acquiring an additional 214 shares during the period. O Shaughnessy Asset Management LLC boosted its holdings in Celanese by 13.4% in the first quarter. O Shaughnessy Asset Management LLC now owns 14,608 shares of the basic materials company’s stock worth $2,511,000 after purchasing an additional 1,731 shares during the last quarter. UniSuper Management Pty Ltd raised its stake in Celanese by 464.6% during the 1st quarter. UniSuper Management Pty Ltd now owns 7,170 shares of the basic materials company’s stock valued at $1,232,000 after buying an additional 5,900 shares during the last quarter. Bessemer Group Inc. lifted its holdings in shares of Celanese by 264.2% during the 1st quarter. Bessemer Group Inc. now owns 19,441 shares of the basic materials company’s stock valued at $3,342,000 after buying an additional 14,103 shares during the period. Finally, Lake Street Advisors Group LLC bought a new position in shares of Celanese during the 1st quarter valued at $380,000. 98.87% of the stock is currently owned by institutional investors.

About Celanese

Celanese Corporation, a chemical and specialty materials company, manufactures and sells high performance engineered polymers in the United States and internationally. It operates through Engineered Materials and Acetyl Chain. 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.