Wells Fargo & Company Issues Pessimistic Forecast for Celanese (NYSE:CE) Stock Price

Celanese (NYSE:CE) had its price target reduced by stock analysts at Wells Fargo & Company from $75.00 to $55.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has an “equal weight” rating on the basic materials company’s stock. Wells Fargo & Company‘s price target indicates a potential upside of 4.27% from the company’s current price.

A number of other analysts have also recently commented on CE. Barclays reduced their price target on Celanese from $88.00 to $75.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 5th. Royal Bank of Canada lowered shares of Celanese from an “outperform” rating to a “sector perform” rating and reduced their target price for the stock from $84.00 to $56.00 in a report on Thursday. Morgan Stanley lowered their price target on shares of Celanese from $100.00 to $80.00 and set an “equal weight” rating on the stock in a report on Monday, January 13th. Deutsche Bank Aktiengesellschaft upgraded shares of Celanese from a “hold” rating to a “buy” rating and dropped their price target for the stock from $135.00 to $110.00 in a research report on Wednesday, November 6th. Finally, Piper Sandler decreased their price objective on shares of Celanese from $98.00 to $77.00 and set an “underweight” rating on the stock in a research report on Tuesday, January 7th. Five investment analysts have rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, Celanese currently has an average rating of “Hold” and an average target price of $83.53.

Celanese Stock Performance

CE opened at $52.75 on Thursday. The company’s 50 day moving average is $68.25 and its 200 day moving average is $97.16. The company has a current ratio of 1.34, a quick ratio of 0.76 and a debt-to-equity ratio of 1.98. The company has a market cap of $5.77 billion, a price-to-earnings ratio of -3.79, a PEG ratio of 1.10 and a beta of 1.17. Celanese has a 12-month low of $51.24 and a 12-month high of $172.16.

Celanese (NYSE:CE) last released its quarterly earnings results on Tuesday, February 18th. The basic materials company reported $1.45 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.20. Celanese had a negative net margin of 14.81% and a positive return on equity of 12.86%. The business had revenue of $2.37 billion for the quarter, compared to the consensus estimate of $2.36 billion. On average, equities research analysts predict that Celanese will post 8.79 EPS for the current year.

Institutional Investors Weigh In On Celanese

Hedge funds have recently bought and sold shares of the business. DT Investment Partners LLC increased its holdings in shares of Celanese by 128.8% in the 3rd quarter. DT Investment Partners LLC now owns 183 shares of the basic materials company’s stock worth $25,000 after buying an additional 103 shares during the last quarter. First Trust Direct Indexing L.P. grew its position in Celanese by 5.2% in the third quarter. First Trust Direct Indexing L.P. now owns 2,265 shares of the basic materials company’s stock worth $308,000 after acquiring an additional 111 shares in the last quarter. Ashton Thomas Private Wealth LLC increased its stake in Celanese by 0.7% during the third quarter. Ashton Thomas Private Wealth LLC now owns 21,730 shares of the basic materials company’s stock worth $2,954,000 after acquiring an additional 145 shares during the last quarter. Neumann Capital Management LLC raised its position in Celanese by 5.3% during the third quarter. Neumann Capital Management LLC now owns 3,000 shares of the basic materials company’s stock valued at $408,000 after purchasing an additional 150 shares during the period. Finally, Focus Partners Wealth lifted its stake in shares of Celanese by 3.9% in the 4th quarter. Focus Partners Wealth now owns 4,197 shares of the basic materials company’s stock valued at $291,000 after purchasing an additional 156 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.