Celanese (NYSE:CE) Given New $77.00 Price Target at Piper Sandler

Celanese (NYSE:CE) had its price target dropped by equities researchers at Piper Sandler from $98.00 to $77.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has an “underweight” rating on the basic materials company’s stock. Piper Sandler’s price objective points to a potential upside of 18.68% from the company’s current price.

Several other research analysts have also recently commented on the company. Citigroup reduced their target price on Celanese from $100.00 to $73.00 and set a “neutral” rating for the company in a research report on Wednesday, December 18th. Vertical Research lowered shares of Celanese from a “hold” rating to a “sell” rating and set a $130.00 target price on the stock. in a research report on Tuesday, October 29th. Royal Bank of Canada dropped their price target on shares of Celanese from $122.00 to $88.00 and set an “outperform” rating for the company in a research report on Thursday, December 19th. Morgan Stanley decreased their price objective on Celanese from $140.00 to $100.00 and set an “equal weight” rating on the stock in a report on Wednesday, November 6th. Finally, Deutsche Bank Aktiengesellschaft raised Celanese from a “hold” rating to a “buy” rating and dropped their target price for the stock from $135.00 to $110.00 in a report on Wednesday, November 6th. Five research analysts have rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, Celanese currently has an average rating of “Hold” and an average target price of $109.33.

Celanese Stock Performance

NYSE CE opened at $64.88 on Tuesday. The company’s fifty day moving average is $76.68 and its two-hundred day moving average is $112.60. The firm has a market capitalization of $7.09 billion, a price-to-earnings ratio of 6.53, a P/E/G ratio of 0.72 and a beta of 1.18. The company has a debt-to-equity ratio of 1.47, a current ratio of 1.37 and a quick ratio of 0.76. Celanese has a 52-week low of $64.36 and a 52-week high of $172.16.

Celanese (NYSE:CE) last issued its quarterly earnings results on Monday, November 4th. The basic materials company reported $2.44 earnings per share (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 company’s revenue was down 2.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.50 earnings per share. Equities research analysts forecast that Celanese will post 8.38 EPS for the current year.

Hedge Funds Weigh In On Celanese

Large investors have recently made changes to their positions in the company. DT Investment Partners LLC increased its position in Celanese by 128.8% in the third quarter. DT Investment Partners LLC now owns 183 shares of the basic materials company’s stock worth $25,000 after purchasing an additional 103 shares during the period. Fairscale Capital LLC acquired a new stake in shares of Celanese during the 2nd quarter worth approximately $28,000. Mather Group LLC. raised its stake in shares of Celanese by 124.0% during the third quarter. Mather Group LLC. now owns 401 shares of the basic materials company’s stock worth $55,000 after buying an additional 222 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt lifted its holdings in Celanese by 1,395.3% in the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 643 shares of the basic materials company’s stock valued at $87,000 after buying an additional 600 shares during the period. Finally, Exchange Traded Concepts LLC bought a new position in Celanese in the third quarter valued at approximately $89,000. Institutional investors and hedge funds own 98.87% of the company’s stock.

Celanese Company Profile

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.