Celanese (NYSE:CE) Upgraded by JPMorgan Chase & Co. to Neutral

JPMorgan Chase & Co. upgraded shares of Celanese (NYSE:CE) from an underweight rating to a neutral rating in a research report sent to investors on Monday, MarketBeat.com reports. They currently have $130.00 price target on the basic materials company’s stock, down from their previous price target of $156.00.

Other equities research analysts have also recently issued reports about the stock. Robert W. Baird raised their target price on shares of Celanese from $165.00 to $180.00 and gave the stock an outperform rating in a research report on Friday, May 10th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Celanese from $175.00 to $160.00 and set a hold rating for the company in a research note on Monday, June 10th. Mizuho lifted their target price on Celanese from $161.00 to $173.00 and gave the company a neutral rating in a report on Thursday, May 9th. Piper Sandler boosted their target price on Celanese from $170.00 to $180.00 and gave the stock an overweight rating in a report on Friday, May 17th. Finally, BMO Capital Markets reaffirmed a market perform rating and set a $158.00 price target on shares of Celanese in a research report on Tuesday, June 11th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of Hold and an average price target of $156.75.

Celanese Price Performance

Shares of CE traded up $1.10 during mid-day trading on Monday, reaching $127.09. 1,443,080 shares of the company’s stock were exchanged, compared to its average volume of 738,524. Celanese has a 52-week low of $110.76 and a 52-week high of $172.16. The company has a quick ratio of 0.73, a current ratio of 1.21 and a debt-to-equity ratio of 1.46. The company has a 50-day simple moving average of $140.61 and a two-hundred day simple moving average of $150.33. The company has a market cap of $13.88 billion, a price-to-earnings ratio of 6.93, a PEG ratio of 0.59 and a beta of 1.30.

Celanese (NYSE:CE) last issued its quarterly earnings results on Thursday, August 1st. The basic materials company reported $2.38 EPS for the quarter, missing analysts’ consensus estimates of $2.71 by ($0.33). The firm had revenue of $2.65 billion for the quarter, compared to analysts’ expectations of $2.76 billion. Celanese had a return on equity of 13.73% and a net margin of 18.24%. During the same quarter last year, the firm earned $2.17 earnings per share. The business’s quarterly revenue was down 5.2% compared to the same quarter last year. On average, sell-side analysts predict that Celanese will post 11.26 EPS for the current fiscal year.

Celanese Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 12th. Shareholders of record on Tuesday, July 30th will be given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date of this dividend is Tuesday, July 30th. Celanese’s payout ratio is 15.41%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Mather Group LLC. acquired a new stake in shares of Celanese during the first quarter worth $31,000. Johnson Financial Group Inc. acquired a new position in Celanese in the fourth quarter valued at approximately $28,000. Desjardins Global Asset Management Inc. boosted its stake in Celanese by 142.1% in the fourth quarter. Desjardins Global Asset Management Inc. now owns 184 shares of the basic materials company’s stock valued at $29,000 after acquiring an additional 108 shares during the period. JFS Wealth Advisors LLC raised its position in shares of Celanese by 100.0% during the 4th quarter. JFS Wealth Advisors LLC now owns 188 shares of the basic materials company’s stock worth $29,000 after purchasing an additional 94 shares during the period. Finally, LRI Investments LLC acquired a new position in shares of Celanese during the first quarter valued at $31,000. 98.87% of the stock is currently 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.