Celanese (NYSE:CE) Shares Gap Up on Better-Than-Expected Earnings

Celanese Co. (NYSE:CE) shares gapped up prior to trading on Tuesday following a better than expected earnings announcement. The stock had previously closed at $44.77, but opened at $47.62. Celanese shares last traded at $48.78, with a volume of 947,259 shares changing hands.

The basic materials company reported $0.57 EPS for the quarter, topping the consensus estimate of $0.37 by $0.20. Celanese had a positive return on equity of 12.86% and a negative net margin of 14.81%. The business had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.26 billion. During the same quarter in the previous year, the firm earned $2.08 EPS. The company’s quarterly revenue was down 8.5% compared to the same quarter last year.

Celanese Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, May 12th. Investors of record on Monday, April 28th will be issued a $0.03 dividend. The ex-dividend date is Monday, April 28th. This represents a $0.12 annualized dividend and a dividend yield of 0.24%. Celanese’s dividend payout ratio is presently -0.86%.

Analysts Set New Price Targets

Several research analysts have commented on CE shares. UBS Group cut their price target on Celanese from $60.00 to $46.00 and set a “neutral” rating on the stock in a research report on Monday, April 7th. StockNews.com downgraded shares of Celanese from a “hold” rating to a “sell” rating in a research report on Thursday, February 20th. Citigroup dropped their target price on Celanese from $58.00 to $52.00 and set a “neutral” rating on the stock in a research report on Friday, April 4th. Bank of America reduced their price target on Celanese from $88.00 to $72.00 and set a “buy” rating for the company in a report on Monday, February 24th. Finally, KeyCorp decreased their target price on shares of Celanese from $76.00 to $71.00 and set an “overweight” rating on the stock in a research report on Monday, April 14th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $61.33.

Hedge Funds Weigh In On Celanese

Several hedge funds and other institutional investors have recently modified their holdings of the company. Barclays PLC raised its stake in shares of Celanese by 14.0% during the third quarter. Barclays PLC now owns 281,709 shares of the basic materials company’s stock valued at $38,300,000 after purchasing an additional 34,658 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new stake in Celanese in the third quarter worth about $179,000. Principal Financial Group Inc. grew its stake in shares of Celanese by 11.8% in the 3rd quarter. Principal Financial Group Inc. now owns 128,201 shares of the basic materials company’s stock worth $17,430,000 after purchasing an additional 13,503 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of Celanese by 148.8% in the 4th quarter. GAMMA Investing LLC now owns 4,724 shares of the basic materials company’s stock worth $327,000 after purchasing an additional 2,825 shares in the last quarter. Finally, Everence Capital Management Inc. bought a new stake in Celanese during the fourth quarter worth approximately $209,000. Institutional investors and hedge funds own 98.87% of the company’s stock.

Celanese Trading Up 9.8 %

The firm has a market cap of $5.38 billion, a price-to-earnings ratio of -3.53, a PEG ratio of 1.05 and a beta of 1.09. The company has a quick ratio of 0.76, a current ratio of 1.34 and a debt-to-equity ratio of 1.98. The company has a 50-day moving average price of $48.47 and a 200 day moving average price of $67.01.

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.