Celanese (NYSE:CE) Upgraded at Bank of America

Celanese (NYSE:CE) was upgraded by equities research analysts at Bank of America from an “underperform” rating to a “buy” rating in a report released on Tuesday, MarketBeat Ratings reports. The firm presently has a $88.00 price objective on the basic materials company’s stock, down from their previous price objective of $95.00. Bank of America‘s price target would indicate a potential upside of 30.80% from the stock’s previous close.

A number of other research firms also recently weighed in on CE. Barclays decreased their price target on shares of Celanese from $101.00 to $88.00 and set an “equal weight” rating for the company in a research report on Tuesday, November 19th. Piper Sandler dropped their target price on shares of Celanese from $98.00 to $77.00 and set an “underweight” rating for the company in a research report on Tuesday, January 7th. Citigroup lowered their target price on shares of Celanese from $100.00 to $73.00 and set a “neutral” rating for the company in a research note on Wednesday, December 18th. Royal Bank of Canada dropped their price target on Celanese from $122.00 to $88.00 and set an “outperform” rating on the stock in a research report on Thursday, December 19th. Finally, Jefferies Financial Group cut their price objective on shares of Celanese from $102.00 to $82.00 in a research report on Thursday, December 5th. Four equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Celanese currently has an average rating of “Hold” and a consensus price target of $106.00.

Celanese Trading Up 3.5 %

NYSE CE opened at $67.28 on Tuesday. The stock has a market cap of $7.35 billion, a P/E ratio of 6.77, a PEG ratio of 0.72 and a beta of 1.18. The company’s fifty day simple moving average is $71.89 and its 200-day simple moving average is $110.59. 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 52 week low of $64.05 and a 52 week high of $172.16.

Celanese (NYSE:CE) last issued its quarterly earnings data 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). Celanese had a return on equity of 13.17% and a net margin of 10.40%. The firm had revenue of $2.65 billion during the quarter, compared to analyst estimates of $2.70 billion. During the same quarter in the prior year, the firm earned $2.50 EPS. The business’s quarterly revenue was down 2.8% compared to the same quarter last year. Equities research analysts predict that Celanese will post 8.38 EPS for the current fiscal year.

Institutional Trading of Celanese

Several institutional investors have recently modified their holdings of the company. DT Investment Partners LLC grew its stake in shares of Celanese by 128.8% during the third quarter. DT Investment Partners LLC now owns 183 shares of the basic materials company’s stock valued at $25,000 after purchasing an additional 103 shares during the last quarter. First Trust Direct Indexing L.P. raised its stake in Celanese by 5.2% during the 3rd quarter. First Trust Direct Indexing L.P. now owns 2,265 shares of the basic materials company’s stock worth $308,000 after buying an additional 111 shares during the period. Benjamin Edwards Inc. raised its position in shares of Celanese by 7.0% during the second quarter. Benjamin Edwards Inc. now owns 2,064 shares of the basic materials company’s stock worth $278,000 after purchasing an additional 135 shares during the period. Ashton Thomas Private Wealth LLC lifted its stake in Celanese by 0.7% in the third quarter. Ashton Thomas Private Wealth LLC now owns 21,730 shares of the basic materials company’s stock valued at $2,954,000 after buying an additional 145 shares in the last quarter. Finally, Neumann Capital Management LLC lifted its position in Celanese by 5.3% in the 3rd quarter. Neumann Capital Management LLC now owns 3,000 shares of the basic materials company’s stock valued at $408,000 after acquiring an additional 150 shares in the last quarter. Institutional investors and hedge funds 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.