Mizuho Cuts Celanese (NYSE:CE) Price Target to $86.00

Celanese (NYSE:CE) had its price target lowered by investment analysts at Mizuho from $120.00 to $86.00 in a note issued to investors on Thursday. The firm presently has a “neutral” rating on the basic materials company’s stock. Mizuho’s target price suggests a potential upside of 23.85% from the stock’s previous close.

Other equities analysts have also issued research reports about the company. Piper Sandler lowered Celanese from a “neutral” rating to an “underweight” rating and lowered their price objective for the stock from $150.00 to $98.00 in a research note on Friday, November 8th. Royal Bank of Canada dropped their price objective on shares of Celanese from $163.00 to $122.00 and set an “outperform” rating for the company in a report on Thursday, November 7th. KeyCorp cut shares of Celanese from an “overweight” rating to a “sector weight” rating in a research report on Monday, October 7th. Jefferies Financial Group decreased their target price on shares of Celanese from $102.00 to $82.00 in a report on Thursday. Finally, Robert W. Baird cut their price target on shares of Celanese from $150.00 to $110.00 and set an “outperform” rating for the company in a report on Wednesday, November 6th. Five equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $116.56.

Celanese Price Performance

CE stock traded down $1.46 during midday trading on Thursday, reaching $69.44. The stock had a trading volume of 5,433,136 shares, compared to its average volume of 1,044,950. The company’s fifty day simple moving average is $107.97 and its 200 day simple moving average is $125.99. The company has a market cap of $7.59 billion, a price-to-earnings ratio of 6.99, a price-to-earnings-growth ratio of 0.77 and a beta of 1.17. The company has a current ratio of 1.37, a quick ratio of 0.76 and a debt-to-equity ratio of 1.47. Celanese has a 52-week low of $69.02 and a 52-week high of $172.16.

Celanese (NYSE:CE) last announced its quarterly earnings data 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). Celanese had a net margin of 10.40% and a return on equity of 13.17%. The business had revenue of $2.65 billion for the quarter, compared to analysts’ expectations of $2.70 billion. During the same period in the prior year, the company posted $2.50 EPS. The firm’s revenue was down 2.8% on a year-over-year basis. As a group, sell-side analysts predict that Celanese will post 8.38 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Celanese

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Wellington Management Group LLP raised its stake in Celanese by 27.4% in the third quarter. Wellington Management Group LLP now owns 9,460,353 shares of the basic materials company’s stock valued at $1,286,230,000 after buying an additional 2,036,362 shares in the last quarter. Thrivent Financial for Lutherans boosted its holdings in Celanese by 608.2% in the third quarter. Thrivent Financial for Lutherans now owns 689,570 shares of the basic materials company’s stock valued at $93,754,000 after purchasing an additional 592,196 shares in the last quarter. LPL Financial LLC increased its stake in Celanese by 528.9% in the second quarter. LPL Financial LLC now owns 260,523 shares of the basic materials company’s stock valued at $35,142,000 after purchasing an additional 219,095 shares during the last quarter. Geode Capital Management LLC raised its holdings in Celanese by 7.3% during the third quarter. Geode Capital Management LLC now owns 2,606,172 shares of the basic materials company’s stock worth $353,145,000 after purchasing an additional 177,552 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Celanese by 14.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,161,298 shares of the basic materials company’s stock worth $156,663,000 after buying an additional 150,201 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.