Q3 2022 EPS Estimates for Celanese Co. (NYSE:CE) Boosted by KeyCorp

Celanese Co. (NYSE:CEGet Rating) – Stock analysts at KeyCorp boosted their Q3 2022 earnings per share (EPS) estimates for Celanese in a research report issued to clients and investors on Sunday, July 31st. KeyCorp analyst A. Yefremov now forecasts that the basic materials company will earn $3.96 per share for the quarter, up from their prior forecast of $2.50. The consensus estimate for Celanese’s current full-year earnings is $17.62 per share. KeyCorp also issued estimates for Celanese’s Q4 2022 earnings at $2.83 EPS, FY2022 earnings at $17.32 EPS and FY2023 earnings at $11.23 EPS.

Celanese (NYSE:CEGet Rating) last announced its earnings results on Thursday, July 28th. The basic materials company reported $4.99 EPS for the quarter, beating analysts’ consensus estimates of $4.56 by $0.43. The company had revenue of $2.49 billion during the quarter, compared to the consensus estimate of $2.39 billion. Celanese had a return on equity of 46.75% and a net margin of 20.55%. The firm’s revenue for the quarter was up 13.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $5.02 earnings per share.

Other equities analysts also recently issued research reports about the company. Citigroup downgraded Celanese from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $143.00 to $118.00 in a report on Monday. Bank of America decreased their price objective on Celanese from $171.00 to $144.00 and set a “neutral” rating for the company in a report on Wednesday, July 13th. Wells Fargo & Company decreased their price objective on Celanese from $200.00 to $180.00 and set an “overweight” rating for the company in a report on Monday, June 27th. Deutsche Bank Aktiengesellschaft decreased their price objective on Celanese from $175.00 to $140.00 and set a “maintains” rating for the company in a report on Tuesday. Finally, UBS Group reduced their price target on Celanese from $166.00 to $163.00 and set a “buy” rating for the company in a report on Friday, July 29th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $161.80.

Celanese Price Performance

CE opened at $110.62 on Wednesday. The stock has a fifty day simple moving average of $127.16 and a two-hundred day simple moving average of $140.68. The company has a current ratio of 1.72, a quick ratio of 1.06 and a debt-to-equity ratio of 0.58. The company has a market cap of $11.98 billion, a price-to-earnings ratio of 6.17 and a beta of 1.22. Celanese has a 12-month low of $104.74 and a 12-month high of $176.50.

Celanese Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 8th. Investors of record on Monday, July 25th will be given a dividend of $0.68 per share. The ex-dividend date of this dividend is Friday, July 22nd. This represents a $2.72 annualized dividend and a dividend yield of 2.46%. Celanese’s dividend payout ratio (DPR) is presently 15.16%.

Institutional Investors Weigh In On Celanese

Several institutional investors have recently modified their holdings of CE. BlackRock Inc. boosted its position in Celanese by 2.7% in the first quarter. BlackRock Inc. now owns 7,849,893 shares of the basic materials company’s stock worth $1,121,512,000 after purchasing an additional 207,520 shares during the last quarter. Brown Brothers Harriman & Co. boosted its position in Celanese by 2.1% in the first quarter. Brown Brothers Harriman & Co. now owns 2,409,786 shares of the basic materials company’s stock worth $344,286,000 after purchasing an additional 49,289 shares during the last quarter. Geode Capital Management LLC boosted its position in Celanese by 1.2% in the fourth quarter. Geode Capital Management LLC now owns 2,052,472 shares of the basic materials company’s stock worth $344,931,000 after purchasing an additional 24,520 shares during the last quarter. Norges Bank purchased a new position in Celanese in the fourth quarter worth about $223,876,000. Finally, Bank of America Corp DE boosted its position in Celanese by 5.6% in the fourth quarter. Bank of America Corp DE now owns 1,154,460 shares of the basic materials company’s stock worth $194,020,000 after purchasing an additional 61,545 shares during the last quarter. 93.81% of the stock is owned by hedge funds and other institutional investors.

Celanese Company Profile

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Celanese Corporation, a technology and specialty materials company, manufactures and sells high performance engineered polymers in the United States and internationally. The company operates through three segments: Engineered Materials, Acetate Tow, 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.

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Earnings History and Estimates for Celanese (NYSE:CE)

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