Piper Sandler Lowers Celanese (NYSE:CE) Price Target to $77.00

Celanese (NYSE:CE) had its price target cut by stock analysts at Piper Sandler from $98.00 to $77.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has an “underweight” rating on the basic materials company’s stock. Piper Sandler’s target price would suggest a potential upside of 16.76% from the stock’s previous close.

CE has been the topic of a number of other reports. Robert W. Baird dropped their target price on shares of Celanese from $150.00 to $110.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 6th. Jefferies Financial Group dropped their price objective on shares of Celanese from $102.00 to $82.00 in a research note on Thursday, December 5th. Wells Fargo & Company downgraded shares of Celanese from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $165.00 to $115.00 in a research note on Tuesday, November 5th. Vertical Research downgraded shares of Celanese from a “hold” rating to a “sell” rating and set a $130.00 price objective on the stock. in a research note on Tuesday, October 29th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Celanese from a “hold” rating to a “buy” rating and dropped their price objective for the company from $135.00 to $110.00 in a research note on Wednesday, November 6th. Five research analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $109.33.

Celanese Stock Performance

Shares of NYSE:CE opened at $65.95 on Tuesday. The company has a market capitalization of $7.21 billion, a price-to-earnings ratio of 6.63, a PEG ratio of 0.72 and a beta of 1.18. Celanese has a 12 month low of $65.50 and a 12 month high of $172.16. The firm’s 50-day moving average is $77.89 and its 200 day moving average is $113.10. 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 (NYSE:CE) last issued its quarterly earnings results on Monday, November 4th. The basic materials company reported $2.44 EPS 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 the consensus estimate of $2.70 billion. Celanese had a net margin of 10.40% and a return on equity of 13.17%. The business’s revenue for the quarter was down 2.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.50 earnings per share. Research analysts predict that Celanese will post 8.38 EPS for the current year.

Institutional Trading of Celanese

Hedge funds and other institutional investors have recently made changes to their positions in the business. Wellington Management Group LLP grew its position in Celanese by 27.4% during the third quarter. Wellington Management Group LLP now owns 9,460,353 shares of the basic materials company’s stock valued at $1,286,230,000 after buying an additional 2,036,362 shares during the period. State Street Corp grew its position in Celanese by 3.1% during the third quarter. State Street Corp now owns 4,500,813 shares of the basic materials company’s stock valued at $611,931,000 after buying an additional 136,994 shares during the period. Geode Capital Management LLC grew its position in Celanese by 7.3% during the third quarter. Geode Capital Management LLC now owns 2,606,172 shares of the basic materials company’s stock valued at $353,145,000 after buying an additional 177,552 shares during the period. Dimensional Fund Advisors LP grew its position in Celanese by 14.9% during the second quarter. Dimensional Fund Advisors LP now owns 1,161,298 shares of the basic materials company’s stock valued at $156,663,000 after buying an additional 150,201 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in Celanese by 7.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 990,901 shares of the basic materials company’s stock valued at $134,723,000 after buying an additional 69,606 shares during the period. 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.