Celanese Co. (NYSE:CE) was the target of a significant decrease in short interest during the month of November. As of November 15th, there was short interest totalling 2,210,000 shares, a decrease of 9.8% from the October 31st total of 2,450,000 shares. Approximately 1.8% of the company’s stock are short sold. Based on an average daily volume of 846,400 shares, the days-to-cover ratio is currently 2.6 days.
CE has been the subject of several recent research reports. Goldman Sachs Group cut shares of Celanese from a “buy” rating to a “neutral” rating and set a $129.00 target price for the company. in a report on Tuesday, October 1st. ValuEngine upgraded shares of Celanese from a “sell” rating to a “hold” rating in a report on Friday, November 1st. Alembic Global Advisors set a $115.00 target price on shares of Celanese and gave the stock a “hold” rating in a report on Monday, October 21st. Cowen increased their target price on shares of Celanese from $110.00 to $120.00 and gave the stock a “market perform” rating in a report on Wednesday, November 13th. Finally, UBS Group increased their target price on shares of Celanese from $128.00 to $138.00 and gave the stock a “buy” rating in a report on Wednesday, October 2nd. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and eight have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $121.42.
A number of hedge funds have recently made changes to their positions in the business. BlackRock Inc. raised its position in shares of Celanese by 0.6% in the second quarter. BlackRock Inc. now owns 8,891,430 shares of the basic materials company’s stock valued at $958,494,000 after purchasing an additional 54,291 shares during the period. LSV Asset Management raised its position in shares of Celanese by 5.9% in the second quarter. LSV Asset Management now owns 2,976,134 shares of the basic materials company’s stock valued at $320,827,000 after purchasing an additional 166,620 shares during the period. Northern Trust Corp raised its position in shares of Celanese by 1.0% in the second quarter. Northern Trust Corp now owns 1,367,407 shares of the basic materials company’s stock valued at $147,407,000 after purchasing an additional 13,817 shares during the period. Invesco Ltd. raised its position in shares of Celanese by 14.4% in the second quarter. Invesco Ltd. now owns 1,032,296 shares of the basic materials company’s stock valued at $111,281,000 after purchasing an additional 130,196 shares during the period. Finally, Bank of America Corp DE raised its position in shares of Celanese by 16.2% in the second quarter. Bank of America Corp DE now owns 890,236 shares of the basic materials company’s stock valued at $95,968,000 after purchasing an additional 124,276 shares during the period. Hedge funds and other institutional investors own 99.33% of the company’s stock.
CE stock traded down $0.96 during trading hours on Friday, reaching $125.57. The stock had a trading volume of 257,385 shares, compared to its average volume of 664,506. The stock has a market capitalization of $15.18 billion, a PE ratio of 11.42, a price-to-earnings-growth ratio of 1.86 and a beta of 1.36. The company has a debt-to-equity ratio of 1.13, a current ratio of 1.85 and a quick ratio of 1.21. The stock has a 50-day simple moving average of $123.89 and a 200 day simple moving average of $113.03. Celanese has a fifty-two week low of $82.91 and a fifty-two week high of $128.88.
Celanese (NYSE:CE) last announced its quarterly earnings results on Monday, October 21st. The basic materials company reported $2.53 EPS for the quarter, beating analysts’ consensus estimates of $2.50 by $0.03. The firm had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.64 billion. Celanese had a net margin of 13.85% and a return on equity of 38.21%. The company’s revenue for the quarter was down 10.4% compared to the same quarter last year. During the same quarter last year, the company posted $2.96 earnings per share. On average, sell-side analysts forecast that Celanese will post 9.69 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, November 7th. Shareholders of record on Monday, October 28th were paid a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a yield of 1.97%. The ex-dividend date was Friday, October 25th. Celanese’s dividend payout ratio is currently 22.55%.
Celanese Company Profile
Celanese Corporation, a technology and specialty materials company, manufactures and sells high performance engineered polymers in the United States and internationally. The company operates through Engineered Materials, Acetate Tow, and Acetyl Chain segments. 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.
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