Royal Bank of Canada Issues Pessimistic Forecast for Celanese (NYSE:CE) Stock Price

Celanese (NYSE:CE) had its price objective lowered by stock analysts at Royal Bank of Canada from $163.00 to $122.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the basic materials company’s stock. Royal Bank of Canada’s price objective would indicate a potential upside of 43.92% from the stock’s previous close.

CE has been the subject of several other reports. Bank of America decreased their price objective on shares of Celanese from $137.00 to $128.00 and set an “underperform” rating for the company in a report on Monday, August 12th. JPMorgan Chase & Co. raised shares of Celanese from an “underweight” rating to a “neutral” rating and cut their price objective for the company from $156.00 to $130.00 in a research report on Monday, August 5th. Mizuho cut their price objective on shares of Celanese from $132.00 to $120.00 and set a “neutral” rating on the stock in a research report on Tuesday. KeyCorp downgraded shares of Celanese from an “overweight” rating to a “sector weight” rating in a research report on Monday, October 7th. Finally, Piper Sandler lowered shares of Celanese from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $180.00 to $150.00 in a research note on Thursday, September 5th. Four research analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Celanese currently has an average rating of “Hold” and a consensus target price of $130.12.

Celanese Trading Down 5.5 %

Shares of CE opened at $84.77 on Thursday. The stock has a market capitalization of $9.26 billion, a P/E ratio of 8.53, a PEG ratio of 0.72 and a beta of 1.31. The company has a quick ratio of 0.74, a current ratio of 1.28 and a debt-to-equity ratio of 1.45. The firm has a fifty day simple moving average of $126.33 and a two-hundred day simple moving average of $136.67. Celanese has a twelve month low of $84.75 and a twelve month high of $172.16.

Celanese (NYSE:CE) last announced its quarterly earnings results on Monday, November 4th. The basic materials company reported $2.44 earnings per share for the quarter, missing the consensus estimate of $2.85 by ($0.41). The firm had revenue of $2.65 billion for the quarter, compared to analysts’ expectations of $2.70 billion. Celanese had a net margin of 10.40% and a return on equity of 13.23%. The company’s quarterly revenue was down 2.8% on a year-over-year basis. During the same period in the previous year, the company earned $2.50 EPS. On average, research analysts anticipate that Celanese will post 10.24 EPS for the current year.

Insider Transactions at Celanese

In other news, COO Scott A. Richardson sold 4,675 shares of the firm’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $129.51, for a total value of $605,459.25. Following the transaction, the chief operating officer now owns 69,754 shares of the company’s stock, valued at $9,033,840.54. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.33% of the company’s stock.

Institutional Trading of Celanese

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Capital Research Global Investors raised its stake in Celanese by 0.6% during the 1st quarter. Capital Research Global Investors now owns 14,899,384 shares of the basic materials company’s stock valued at $2,560,608,000 after purchasing an additional 90,206 shares during the period. Capital World Investors increased its stake in Celanese by 0.3% in the 1st quarter. Capital World Investors now owns 6,158,773 shares of the basic materials company’s stock worth $1,058,447,000 after acquiring an additional 21,085 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Celanese by 14.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,161,298 shares of the basic materials company’s stock worth $156,663,000 after acquiring an additional 150,201 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Celanese by 0.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,085,522 shares of the basic materials company’s stock worth $146,426,000 after acquiring an additional 8,700 shares during the last quarter. Finally, Thrivent Financial for Lutherans increased its stake in Celanese by 608.2% in the 3rd quarter. Thrivent Financial for Lutherans now owns 689,570 shares of the basic materials company’s stock worth $93,754,000 after acquiring an additional 592,196 shares during the last quarter. Institutional investors 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.