Celanese (NYSE:CE – Get Free Report) issued its quarterly earnings results on Monday. The basic materials company reported $1.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.56 by $0.09, FiscalAI reports. The company had revenue of $2.56 billion for the quarter, compared to analyst estimates of $2.62 billion. Celanese had a negative net margin of 12.04% and a positive return on equity of 13.04%.
Celanese Stock Down 3.1%
CE stock traded down $1.53 during mid-day trading on Monday, reaching $47.77. The company had a trading volume of 2,457,937 shares, compared to its average volume of 2,066,277. The firm has a fifty day simple moving average of $46.06 and a 200 day simple moving average of $51.39. The company has a debt-to-equity ratio of 2.33, a quick ratio of 0.87 and a current ratio of 1.45. The company has a market capitalization of $5.24 billion, a price-to-earnings ratio of -4.47, a price-to-earnings-growth ratio of 0.35 and a beta of 0.71. Celanese has a fifty-two week low of $35.13 and a fifty-two week high of $70.70.
Celanese Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 10th. Shareholders of record on Tuesday, October 27th will be given a $0.03 dividend. The ex-dividend date of this dividend is Tuesday, October 27th. This represents a $0.12 dividend on an annualized basis and a yield of 0.3%. Celanese’s dividend payout ratio (DPR) is currently -1.12%.
Analyst Upgrades and Downgrades
Several research analysts have recently commented on the stock. Citigroup lowered their price objective on shares of Celanese from $60.00 to $58.00 and set a “buy” rating for the company in a research note on Wednesday, September 30th. Mizuho set a $50.00 target price on shares of Celanese in a research note on Wednesday, August 5th. Barclays initiated coverage on shares of Celanese in a research note on Monday, October 12th. They set an “equal weight” rating and a $49.00 target price on the stock. BMO Capital Markets reduced their target price on shares of Celanese from $57.00 to $54.00 and set a “market perform” rating on the stock in a report on Wednesday, August 5th. Finally, Royal Bank Of Canada raised their price target on shares of Celanese from $45.00 to $46.00 and gave the company a “sector perform” rating in a research report on Tuesday, October 13th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $60.38.
View Our Latest Analysis on Celanese
Insider Activity at Celanese
In related news, SVP Mark Murray acquired 2,153 shares of the stock in a transaction dated Tuesday, August 11th. The stock was acquired at an average cost of $45.52 per share, with a total value of $98,004.56. Following the completion of the transaction, the senior vice president owned 30,432 shares in the company, valued at $1,385,264.64. This represents a 7.61% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.34% of the company’s stock.
About Celanese
Celanese Corporation (NYSE: CE) is a global chemical and specialty materials company headquartered in Irving, Texas. The company develops and manufactures engineered materials and chemical products used by manufacturers in industries including automotive, consumer goods, medical and healthcare, electronics, industrial equipment, energy and infrastructure.
Celanese operates primarily through its Engineered Materials and Acetyl Chain businesses. Its portfolio includes engineered polymers, thermoplastic compounds and other specialty materials, as well as acetyl products such as acetic acid, vinyl acetate monomer, emulsions and related intermediates.
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