Celanese (NYSE:CE) Stock Price Target Cut by Wells Fargo & Company

Celanese (NYSE:CE) had its target price cut by equities researchers at Wells Fargo & Company from $65.00 to $60.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the basic materials company’s stock. Wells Fargo & Company‘s price objective indicates a potential upside of 29.08% from the company’s previous close.

Several other analysts have also recently weighed in on the company. Morgan Stanley dropped their price target on Celanese from $72.00 to $58.00 and set an “equal weight” rating for the company in a report on Thursday, July 16th. Citigroup upped their price objective on Celanese from $58.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday. Royal Bank Of Canada upped their price objective on Celanese from $45.00 to $46.00 and gave the company a “sector perform” rating in a report on Tuesday, October 13th. BMO Capital Markets lowered their price objective on Celanese from $57.00 to $54.00 and set a “market perform” rating on the stock in a research report on Wednesday, August 5th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Celanese in a report on Friday, August 21st. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Celanese currently has an average rating of “Moderate Buy” and an average price target of $61.56.

Celanese Stock Performance

Celanese stock traded down $1.36 during trading hours on Thursday, hitting $46.48. The company had a trading volume of 1,309,964 shares, compared to its average volume of 1,440,458. The firm has a market cap of $5.10 billion, a PE ratio of 19.61, a PEG ratio of 0.34 and a beta of 0.72. The company has a debt-to-equity ratio of 2.33, a current ratio of 1.45 and a quick ratio of 0.87. Celanese has a one year low of $35.13 and a one year high of $70.70. The firm has a 50-day moving average of $46.37 and a 200 day moving average of $51.45.

Celanese (NYSE:CE) last issued its quarterly earnings data on Monday, November 2nd. The basic materials company reported $1.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.56 by $0.09. Celanese had a return on equity of 13.72% and a net margin of 2.66%. The company had revenue of $2.56 billion during the quarter, compared to analysts’ expectations of $2.62 billion. During the same quarter in the previous year, the company posted $1.34 earnings per share. The business’s revenue was up 5.7% on a year-over-year basis. On average, sell-side analysts expect that Celanese will post 6.11 earnings per share for the current year.

Insider Buying and Selling at Celanese

In related news, SVP Mark Murray purchased 2,153 shares of the business’s stock in a transaction that occurred on Tuesday, August 11th. The stock was acquired at an average cost of $45.52 per share, for a total transaction of $98,004.56. Following the completion of the purchase, the senior vice president owned 30,432 shares in the company, valued at approximately $1,385,264.64. This represents a 7.61% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On Celanese

Hedge funds have recently added to or reduced their stakes in the stock. Provenance Wealth Advisors LLC bought a new position in Celanese during the 3rd quarter worth $26,000. Fortitude Family Office LLC lifted its position in shares of Celanese by 757.7% during the 3rd quarter. Fortitude Family Office LLC now owns 669 shares of the basic materials company’s stock valued at $30,000 after acquiring an additional 591 shares during the period. Mather Group LLC. grew its holdings in shares of Celanese by 6,975.0% during the 3rd quarter. Mather Group LLC. now owns 849 shares of the basic materials company’s stock worth $38,000 after purchasing an additional 837 shares in the last quarter. Global Retirement Partners LLC acquired a new stake in shares of Celanese during the 2nd quarter worth $47,000. Finally, Allworth Financial LP bought a new position in shares of Celanese in the second quarter worth $52,000. Institutional investors own 98.87% 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.