Royal Bank of Canada Lowers Celanese (NYSE:CE) Price Target to $88.00

Celanese (NYSE:CE) had its price objective lowered by equities research analysts at Royal Bank of Canada from $122.00 to $88.00 in a research report issued on Thursday,Benzinga reports. The firm currently has an “outperform” rating on the basic materials company’s stock. Royal Bank of Canada’s price objective indicates a potential upside of 28.94% from the company’s previous close.

Several other equities research analysts have also recently issued reports on the stock. Citigroup dropped their target price on shares of Celanese from $100.00 to $73.00 and set a “neutral” rating on the stock in a report on Wednesday. Piper Sandler downgraded Celanese from a “neutral” rating to an “underweight” rating and dropped their price target for the stock from $150.00 to $98.00 in a research note on Friday, November 8th. Jefferies Financial Group reduced their price objective on Celanese from $102.00 to $82.00 in a research report on Thursday, December 5th. Morgan Stanley dropped their target price on Celanese from $140.00 to $100.00 and set an “equal weight” rating on the stock in a research report on Wednesday, November 6th. Finally, Wells Fargo & Company downgraded Celanese from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $165.00 to $115.00 in a research note on Tuesday, November 5th. Five equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $110.50.

Celanese Stock Up 1.8 %

Celanese stock opened at $68.25 on Thursday. The firm has a market cap of $7.46 billion, a price-to-earnings ratio of 6.87, a PEG ratio of 0.72 and a beta of 1.17. The company has a current ratio of 1.37, a quick ratio of 0.76 and a debt-to-equity ratio of 1.47. Celanese has a 12 month low of $66.73 and a 12 month high of $172.16. The stock has a fifty day simple moving average of $92.03 and a two-hundred day simple moving average of $119.24.

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

Institutional Trading of Celanese

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. DT Investment Partners LLC increased its holdings in Celanese by 128.8% in the 3rd quarter. DT Investment Partners LLC now owns 183 shares of the basic materials company’s stock valued at $25,000 after acquiring an additional 103 shares during the last quarter. Fairscale Capital LLC purchased a new position in shares of Celanese during the second quarter valued at about $28,000. Key Financial Inc increased its holdings in shares of Celanese by 3,933.3% in the second quarter. Key Financial Inc now owns 242 shares of the basic materials company’s stock worth $33,000 after purchasing an additional 236 shares during the last quarter. Rothschild Investment LLC purchased a new stake in shares of Celanese in the second quarter worth about $40,000. Finally, Mather Group LLC. lifted 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 worth $55,000 after buying an additional 222 shares in the last quarter. Institutional investors own 98.87% of the company’s stock.

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.