Celanese Co. (NYSE:CE) Forecasted to Post Q3 2024 Earnings of $2.71 Per Share

Celanese Co. (NYSE:CE) – Stock analysts at KeyCorp issued their Q3 2024 earnings estimates for shares of Celanese in a note issued to investors on Sunday, October 6th. KeyCorp analyst A. Yefremov anticipates that the basic materials company will post earnings per share of $2.71 for the quarter. KeyCorp has a “Sector Weight” rating on the stock. The consensus estimate for Celanese’s current full-year earnings is $10.42 per share. KeyCorp also issued estimates for Celanese’s Q4 2024 earnings at $2.71 EPS, FY2024 earnings at $9.89 EPS, Q3 2025 earnings at $3.18 EPS and FY2025 earnings at $12.10 EPS.

Celanese (NYSE:CE) last released its quarterly earnings results on Thursday, August 1st. The basic materials company reported $2.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.71 by ($0.33). Celanese had a return on equity of 13.60% and a net margin of 18.24%. The firm had revenue of $2.65 billion for the quarter, compared to analysts’ expectations of $2.76 billion. During the same quarter in the prior year, the business earned $2.17 EPS. The company’s quarterly revenue was down 5.2% compared to the same quarter last year.

CE has been the topic of a number of other reports. Wells Fargo & Company dropped their price objective on shares of Celanese from $180.00 to $165.00 and set an “overweight” rating on the stock in a research note on Monday, August 5th. Citigroup reduced their price objective on Celanese from $167.00 to $148.00 and set a “neutral” rating for the company in a research note on Thursday, June 27th. Robert W. Baird lowered their target price on Celanese from $180.00 to $150.00 and set an “outperform” rating on the stock in a research note on Monday, August 5th. JPMorgan Chase & Co. upgraded Celanese from an “underweight” rating to a “neutral” rating and cut their price target for the stock from $156.00 to $130.00 in a research note on Monday, August 5th. Finally, Bank of America lowered their price objective on shares of Celanese from $137.00 to $128.00 and set an “underperform” rating on the stock in a research report on Monday, August 12th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $153.13.

Celanese Stock Performance

Shares of Celanese stock opened at $129.38 on Wednesday. The firm’s fifty day simple moving average is $128.97 and its 200-day simple moving average is $142.63. Celanese has a 12 month low of $110.76 and a 12 month high of $172.16. The stock has a market capitalization of $14.13 billion, a price-to-earnings ratio of 7.12, a PEG ratio of 0.66 and a beta of 1.30. The company has a debt-to-equity ratio of 1.45, a current ratio of 1.28 and a quick ratio of 0.74.

Institutional Trading of Celanese

Several institutional investors and hedge funds have recently modified their holdings of CE. Greenfield Savings Bank lifted its stake in Celanese by 10.5% in the 3rd quarter. Greenfield Savings Bank now owns 2,829 shares of the basic materials company’s stock valued at $385,000 after buying an additional 268 shares in the last quarter. Mather Group LLC. lifted its position in shares of Celanese by 124.0% in the third quarter. Mather Group LLC. now owns 401 shares of the basic materials company’s stock valued at $55,000 after acquiring an additional 222 shares in the last quarter. Fulton Bank N.A. boosted its stake in shares of Celanese by 5.6% during the third quarter. Fulton Bank N.A. now owns 12,827 shares of the basic materials company’s stock valued at $1,744,000 after acquiring an additional 676 shares during the last quarter. GAMMA Investing LLC increased its position in Celanese by 23.6% during the 3rd quarter. GAMMA Investing LLC now owns 1,899 shares of the basic materials company’s stock worth $258,000 after purchasing an additional 363 shares in the last quarter. Finally, Czech National Bank raised its stake in Celanese by 16.2% in the 3rd quarter. Czech National Bank now owns 22,258 shares of the basic materials company’s stock valued at $3,026,000 after purchasing an additional 3,111 shares during the last quarter. Hedge funds and other institutional investors own 98.87% of the company’s stock.

Insider Activity at Celanese

In other Celanese news, COO Scott A. Richardson sold 4,675 shares of the business’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $129.51, for a total transaction of $605,459.25. Following the sale, the chief operating officer now directly owns 69,754 shares in the company, valued at approximately $9,033,840.54. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.33% of the stock is currently owned by company insiders.

Celanese Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 12th. Investors of record on Tuesday, July 30th were issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.16%. The ex-dividend date was Tuesday, July 30th. Celanese’s dividend payout ratio is currently 15.41%.

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.