Celanese (NYSE:CE) Price Target Cut to $72.00 by Analysts at Bank of America

Celanese (NYSE:CE) had its target price reduced by Bank of America from $88.00 to $72.00 in a report released on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the basic materials company’s stock. Bank of America‘s price objective indicates a potential upside of 32.29% from the company’s current price.

A number of other analysts also recently issued reports on the company. Deutsche Bank Aktiengesellschaft decreased their target price on Celanese from $85.00 to $70.00 and set a “buy” rating for the company in a research report on Thursday, February 20th. Robert W. Baird decreased their target price on Celanese from $110.00 to $67.00 and set an “outperform” rating for the company in a research report on Thursday, February 20th. Piper Sandler decreased their target price on Celanese from $98.00 to $77.00 and set an “underweight” rating for the company in a research report on Tuesday, January 7th. Mizuho decreased their target price on Celanese from $120.00 to $86.00 and set a “neutral” rating for the company in a research report on Thursday, December 5th. Finally, UBS Group decreased their target price on Celanese from $72.00 to $60.00 and set a “neutral” rating for the company in a research report on Thursday, February 20th. Four equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $76.31.

Celanese Stock Performance

Shares of Celanese stock opened at $54.43 on Monday. The business’s fifty day simple moving average is $67.67 and its 200 day simple moving average is $95.72. The firm has a market capitalization of $5.95 billion, a P/E ratio of -3.91, a price-to-earnings-growth ratio of 1.05 and a beta of 1.17. Celanese has a 12 month low of $50.82 and a 12 month high of $172.16. The company has a current ratio of 1.34, a quick ratio of 0.76 and a debt-to-equity ratio of 1.98.

Celanese (NYSE:CE) last issued its quarterly earnings results on Tuesday, February 18th. The basic materials company reported $1.45 EPS for the quarter, topping analysts’ consensus estimates of $1.25 by $0.20. Celanese had a positive return on equity of 12.86% and a negative net margin of 14.81%. The business had revenue of $2.37 billion for the quarter, compared to analyst estimates of $2.36 billion. As a group, analysts anticipate that Celanese will post 8.79 EPS for the current year.

Institutional Trading of Celanese

Several institutional investors and hedge funds have recently modified their holdings of the business. Raymond James & Associates boosted its position in shares of Celanese by 6.5% during the 3rd quarter. Raymond James & Associates now owns 78,790 shares of the basic materials company’s stock valued at $10,712,000 after acquiring an additional 4,794 shares during the last quarter. International Assets Investment Management LLC bought a new stake in shares of Celanese during the 3rd quarter valued at about $16,080,000. Assenagon Asset Management S.A. boosted its position in shares of Celanese by 1,074.1% during the 3rd quarter. Assenagon Asset Management S.A. now owns 21,439 shares of the basic materials company’s stock valued at $2,915,000 after acquiring an additional 19,613 shares during the last quarter. Louisiana State Employees Retirement System boosted its position in shares of Celanese by 8.8% during the 3rd quarter. Louisiana State Employees Retirement System now owns 6,200 shares of the basic materials company’s stock valued at $843,000 after acquiring an additional 500 shares during the last quarter. Finally, Forsta AP Fonden boosted its position in shares of Celanese by 17.9% during the 3rd quarter. Forsta AP Fonden now owns 21,700 shares of the basic materials company’s stock valued at $2,950,000 after acquiring an additional 3,300 shares during the last quarter. Hedge funds and other institutional investors 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.