Citigroup Issues Pessimistic Forecast for Celanese (NYSE:CE) Stock Price

Celanese (NYSE:CE) had its price target cut by analysts at Citigroup from $100.00 to $73.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the basic materials company’s stock. Citigroup’s price objective would indicate a potential upside of 8.91% from the stock’s current price.

A number of other equities analysts have also recently issued reports on CE. Piper Sandler cut Celanese from a “neutral” rating to an “underweight” rating and reduced their target price for the stock from $150.00 to $98.00 in a report on Friday, November 8th. Barclays reduced their price objective on shares of Celanese from $101.00 to $88.00 and set an “equal weight” rating on the stock in a research note on Tuesday, November 19th. Deutsche Bank Aktiengesellschaft upgraded shares of Celanese from a “hold” rating to a “buy” rating and cut their target price for the stock from $135.00 to $110.00 in a report on Wednesday, November 6th. UBS Group lowered shares of Celanese from a “buy” rating to a “neutral” rating and decreased their price target for the company from $161.00 to $97.00 in a report on Monday, November 11th. Finally, Morgan Stanley dropped their price objective on Celanese from $140.00 to $100.00 and set an “equal weight” rating on the stock in a research note on Wednesday, November 6th. Five equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, Celanese currently has a consensus rating of “Hold” and an average price target of $110.50.

Celanese Stock Down 1.3 %

Shares of NYSE CE opened at $67.03 on Wednesday. The company has a current ratio of 1.37, a quick ratio of 0.76 and a debt-to-equity ratio of 1.47. The firm has a market capitalization of $7.33 billion, a PE ratio of 6.74, a price-to-earnings-growth ratio of 0.72 and a beta of 1.17. The firm’s 50-day moving average is $93.38 and its 200-day moving average is $119.79. Celanese has a 1 year low of $66.99 and a 1 year high of $172.16.

Celanese (NYSE:CE) last released its earnings results on Monday, November 4th. The basic materials company reported $2.44 EPS for the quarter, missing analysts’ consensus estimates of $2.85 by ($0.41). The business had revenue of $2.65 billion for the quarter, compared to analyst estimates of $2.70 billion. Celanese had a return on equity of 13.17% and a net margin of 10.40%. Celanese’s revenue was down 2.8% on a year-over-year basis. During the same period in the prior year, the firm posted $2.50 EPS. Equities analysts expect that Celanese will post 8.38 EPS for the current year.

Institutional Investors Weigh In On Celanese

Several institutional investors and hedge funds have recently added to or reduced their stakes in CE. Principal Financial Group Inc. increased its position in shares of Celanese by 11.8% in the third quarter. Principal Financial Group Inc. now owns 128,201 shares of the basic materials company’s stock valued at $17,430,000 after acquiring an additional 13,503 shares during the last quarter. Oddo BHF Asset Management Sas acquired a new position in shares of Celanese during the 3rd quarter worth approximately $1,302,000. Wilmington Savings Fund Society FSB bought a new stake in shares of Celanese during the 3rd quarter worth approximately $179,000. Pine Valley Investments Ltd Liability Co boosted its holdings in shares of Celanese by 29.0% in the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 17,397 shares of the basic materials company’s stock valued at $2,365,000 after buying an additional 3,906 shares during the last quarter. Finally, Toronto Dominion Bank boosted its holdings in shares of Celanese by 36.3% in the 3rd quarter. Toronto Dominion Bank now owns 47,678 shares of the basic materials company’s stock valued at $6,482,000 after buying an additional 12,701 shares during the last quarter. 98.87% of the stock is owned by institutional investors.

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.