Piper Sandler Issues Pessimistic Forecast for Celanese (NYSE:CE) Stock Price

Celanese (NYSE:CE) had its price objective dropped by equities researchers at Piper Sandler from $98.00 to $77.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an “underweight” rating on the basic materials company’s stock. Piper Sandler’s price objective would indicate a potential upside of 18.68% from the stock’s current price.

A number of other equities analysts have also commented on CE. Jefferies Financial Group decreased their price objective on shares of Celanese from $102.00 to $82.00 in a research note on Thursday, December 5th. Wells Fargo & Company downgraded Celanese from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $165.00 to $115.00 in a report on Tuesday, November 5th. Citigroup reduced their price objective on Celanese from $100.00 to $73.00 and set a “neutral” rating for the company in a research note on Wednesday, December 18th. Barclays lowered their target price on Celanese from $101.00 to $88.00 and set an “equal weight” rating on the stock in a research note on Tuesday, November 19th. Finally, BMO Capital Markets lowered shares of Celanese from a “market perform” rating to an “underperform” rating and reduced their price target for the stock from $138.00 to $76.00 in a research report on Monday, November 11th. Five investment analysts have rated the stock with a sell rating, ten have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Celanese has a consensus rating of “Hold” and an average target price of $109.33.

Celanese Stock Performance

CE opened at $64.88 on Tuesday. The business has a fifty day simple moving average of $76.68 and a 200-day simple moving average of $112.60. The firm has a market cap of $7.09 billion, a PE ratio of 6.53, a P/E/G ratio of 0.72 and a beta of 1.18. The company has a quick ratio of 0.76, a current ratio of 1.37 and a debt-to-equity ratio of 1.47. Celanese has a fifty-two week low of $64.36 and a fifty-two week high of $172.16.

Celanese (NYSE:CE) last released its quarterly earnings results on Monday, November 4th. The basic materials company reported $2.44 earnings per share for the quarter, missing analysts’ consensus estimates of $2.85 by ($0.41). The company had revenue of $2.65 billion during the quarter, compared to analyst estimates of $2.70 billion. Celanese had a net margin of 10.40% and a return on equity of 13.17%. The company’s revenue for the quarter was down 2.8% compared to the same quarter last year. During the same quarter last year, the business earned $2.50 EPS. As a group, equities analysts predict that Celanese will post 8.38 EPS for the current fiscal year.

Hedge Funds Weigh In On Celanese

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CE. DT Investment Partners LLC boosted its holdings in shares of Celanese by 128.8% during the 3rd quarter. DT Investment Partners LLC now owns 183 shares of the basic materials company’s stock worth $25,000 after buying an additional 103 shares during the period. Fairscale Capital LLC bought a new stake in Celanese during the second quarter valued at about $28,000. Mather Group LLC. grew its position in shares of Celanese by 124.0% in the third quarter. Mather Group LLC. now owns 401 shares of the basic materials company’s stock valued at $55,000 after purchasing an additional 222 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt grew its position in shares of Celanese by 1,395.3% in the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 643 shares of the basic materials company’s stock valued at $87,000 after purchasing an additional 600 shares during the last quarter. Finally, Exchange Traded Concepts LLC bought a new position in shares of Celanese in the third quarter worth about $89,000. Institutional investors and hedge funds own 98.87% of the company’s stock.

Celanese Company Profile

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.