Celanese (CE) Downgraded by SunTrust Banks

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Celanese (NYSE:CE) was downgraded by stock analysts at SunTrust Banks from a “buy” rating to a “hold” rating in a research report issued on Monday, The Fly reports.

Several other research analysts have also recently weighed in on CE. Zacks Investment Research upgraded Celanese from a “hold” rating to a “buy” rating and set a $112.00 target price on the stock in a report on Tuesday, October 23rd. BMO Capital Markets cut Celanese from an “outperform” rating to a “market perform” rating and set a $107.00 target price on the stock. in a report on Tuesday, January 8th. Alembic Global Advisors set a $103.00 price objective on Celanese and gave the company a “sell” rating in a report on Thursday, October 18th. Barclays decreased their price objective on Celanese from $145.00 to $135.00 and set an “overweight” rating on the stock in a report on Monday, October 22nd. Finally, Robert W. Baird decreased their price objective on Celanese from $130.00 to $125.00 and set an “outperform” rating on the stock in a report on Monday, October 22nd. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $117.42.

Shares of Celanese stock opened at $94.76 on Monday. The company has a market cap of $12.58 billion, a PE ratio of 12.62, a P/E/G ratio of 0.84 and a beta of 1.40. Celanese has a 1-year low of $82.91 and a 1-year high of $119.29. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.40 and a current ratio of 2.08.

Celanese (NYSE:CE) last issued its earnings results on Thursday, October 18th. The basic materials company reported $2.96 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.74 by $0.22. The business had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.81 billion. Celanese had a return on equity of 39.39% and a net margin of 18.57%. The business’s revenue for the quarter was up 13.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.93 EPS. As a group, analysts expect that Celanese will post 11.09 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CE. BlackRock Inc. increased its position in shares of Celanese by 0.8% during the third quarter. BlackRock Inc. now owns 7,339,316 shares of the basic materials company’s stock worth $836,683,000 after acquiring an additional 58,068 shares during the period. Lyrical Asset Management LP increased its position in shares of Celanese by 3.6% during the third quarter. Lyrical Asset Management LP now owns 3,470,638 shares of the basic materials company’s stock worth $395,653,000 after acquiring an additional 122,213 shares during the period. LSV Asset Management increased its position in shares of Celanese by 1.7% during the third quarter. LSV Asset Management now owns 2,474,039 shares of the basic materials company’s stock worth $282,040,000 after acquiring an additional 42,067 shares during the period. JPMorgan Chase & Co. increased its position in shares of Celanese by 21.5% during the third quarter. JPMorgan Chase & Co. now owns 2,084,382 shares of the basic materials company’s stock worth $237,621,000 after acquiring an additional 369,361 shares during the period. Finally, AQR Capital Management LLC increased its position in shares of Celanese by 17.7% during the third quarter. AQR Capital Management LLC now owns 1,793,648 shares of the basic materials company’s stock worth $204,475,000 after acquiring an additional 269,424 shares during the period. Hedge funds and other institutional investors own 96.39% of the company’s stock.

About Celanese

Celanese Corporation, a technology and specialty materials company, manufactures and sells value-added chemicals, thermoplastic polymers, and other chemical-based products worldwide. The company operates through Advanced Engineered Materials, Consumer Specialties, Industrial Specialties, and Acetyl Intermediates segments.

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