Celanese (CE) Stock Rating Reaffirmed by Wells Fargo & Co

Celanese (NYSE:CE)‘s stock had its “market perform” rating reissued by analysts at Wells Fargo & Co in a research report issued to clients and investors on Wednesday, The Fly reports. They currently have a $110.00 price objective on the basic materials company’s stock, up from their prior price objective of $104.00. Wells Fargo & Co’s price target points to a potential downside of 2.62% from the company’s previous close.

CE has been the subject of several other reports. SunTrust Banks reissued a “buy” rating on shares of Celanese in a research note on Wednesday. Zacks Investment Research cut Celanese from a “buy” rating to a “hold” rating in a research note on Friday, December 15th. Tudor Pickering assumed coverage on Celanese in a research note on Tuesday, November 14th. They set a “buy” rating for the company. Royal Bank of Canada boosted their target price on Celanese from $109.00 to $115.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 18th. Finally, Instinet reissued a “neutral” rating and set a $100.00 target price (up from $97.00) on shares of Celanese in a research note on Friday, October 13th. One research analyst has rated the stock with a sell rating, six have given a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $108.28.

Celanese (NYSE:CE) traded up $1.93 on Wednesday, reaching $112.96. The company had a trading volume of 699,463 shares, compared to its average volume of 563,135. Celanese has a 1 year low of $81.69 and a 1 year high of $113.33. The firm has a market cap of $15,320.00, a PE ratio of 19.41, a price-to-earnings-growth ratio of 1.49 and a beta of 1.32. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.69 and a quick ratio of 1.16.

Celanese (NYSE:CE) last released its earnings results on Monday, October 16th. The basic materials company reported $1.93 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.92 by $0.01. Celanese had a return on equity of 31.98% and a net margin of 13.66%. The firm had revenue of $1.57 billion during the quarter, compared to analysts’ expectations of $1.49 billion. During the same period in the previous year, the firm posted $1.67 EPS. Celanese’s revenue for the quarter was up 18.4% on a year-over-year basis. equities research analysts anticipate that Celanese will post 7.39 EPS for the current year.

In related news, CFO Christopher W. Jensen sold 3,000 shares of the company’s stock in a transaction dated Thursday, January 11th. The stock was sold at an average price of $110.00, for a total value of $330,000.00. Following the completion of the sale, the chief financial officer now directly owns 52,924 shares of the company’s stock, valued at approximately $5,821,640. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director John K. Wulff sold 2,500 shares of the company’s stock in a transaction dated Tuesday, October 24th. The shares were sold at an average price of $105.88, for a total value of $264,700.00. Following the completion of the sale, the director now directly owns 30,175 shares of the company’s stock, valued at $3,194,929. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 6,500 shares of company stock valued at $699,380. Insiders own 0.42% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of Celanese by 1.3% in the 2nd quarter. Vanguard Group Inc. now owns 11,890,128 shares of the basic materials company’s stock valued at $1,128,848,000 after purchasing an additional 153,112 shares during the period. Barrow Hanley Mewhinney & Strauss LLC boosted its position in shares of Celanese by 13.4% in the 3rd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,150,894 shares of the basic materials company’s stock valued at $224,274,000 after purchasing an additional 253,809 shares during the period. Fuller & Thaler Asset Management Inc. boosted its position in shares of Celanese by 5.5% in the 3rd quarter. Fuller & Thaler Asset Management Inc. now owns 1,683,032 shares of the basic materials company’s stock valued at $175,490,000 after purchasing an additional 88,311 shares during the period. Westfield Capital Management Co. LP boosted its position in shares of Celanese by 15.4% in the 3rd quarter. Westfield Capital Management Co. LP now owns 1,048,124 shares of the basic materials company’s stock valued at $109,288,000 after purchasing an additional 140,148 shares during the period. Finally, Amundi Pioneer Asset Management Inc. boosted its position in shares of Celanese by 0.3% in the 3rd quarter. Amundi Pioneer Asset Management Inc. now owns 812,483 shares of the basic materials company’s stock valued at $84,718,000 after purchasing an additional 2,188 shares during the period. 96.06% of the stock is owned by hedge funds and other institutional investors.

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Celanese Company Profile

Celanese Corporation (Celanese) is a technology and specialty materials company. The Company’s segments include Advanced Engineered Materials, Consumer Specialties, Industrial Specialties, Acetyl Intermediates and Other Activities. The Advanced Engineered Materials segment includes the Company’s engineered materials business and certain affiliates.

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