Q3 2023 EPS Estimates for Celanese Co. (NYSE:CE) Lowered by KeyCorp

Celanese Co. (NYSE:CE) – Analysts at KeyCorp cut their Q3 2023 earnings per share (EPS) estimates for Celanese in a research note issued on Tuesday, September 5th. KeyCorp analyst A. Yefremov now forecasts that the basic materials company will earn $2.02 per share for the quarter, down from their previous forecast of $2.19. The consensus estimate for Celanese’s current full-year earnings is $9.11 per share. KeyCorp also issued estimates for Celanese’s Q4 2023 earnings at $2.25 EPS, FY2023 earnings at $8.46 EPS and FY2024 earnings at $12.85 EPS.

Celanese (NYSE:CE) last released its earnings results on Monday, August 7th. The basic materials company reported $2.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.46 by ($0.29). The firm had revenue of $2.80 billion during the quarter, compared to analysts’ expectations of $2.96 billion. Celanese had a return on equity of 17.68% and a net margin of 12.32%. The business’s quarterly revenue was up 12.4% compared to the same quarter last year. During the same period in the prior year, the business earned $4.99 earnings per share.

Other equities analysts have also issued reports about the stock. Deutsche Bank Aktiengesellschaft lowered shares of Celanese from a “buy” rating to a “hold” rating and raised their price objective for the company from $120.00 to $125.00 in a research report on Tuesday, July 18th. Credit Suisse Group raised their price target on shares of Celanese from $100.00 to $111.00 and gave the company an “underperform” rating in a report on Tuesday, August 8th. StockNews.com started coverage on Celanese in a research report on Thursday, August 17th. They issued a “sell” rating on the stock. Mizuho reduced their target price on Celanese from $113.00 to $112.00 in a research report on Thursday, May 11th. Finally, Robert W. Baird upped their target price on Celanese from $130.00 to $140.00 in a research note on Wednesday, August 9th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $126.13.

Celanese Stock Down 1.2 %

Celanese stock opened at $125.37 on Thursday. The firm has a market capitalization of $13.64 billion, a price-to-earnings ratio of 10.79, a P/E/G ratio of 4.52 and a beta of 1.32. The firm has a 50 day simple moving average of $121.91 and a 200 day simple moving average of $113.51. Celanese has a 1-year low of $86.71 and a 1-year high of $129.27. The company has a current ratio of 1.59, a quick ratio of 0.95 and a debt-to-equity ratio of 2.12.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Versant Capital Management Inc boosted its position in shares of Celanese by 588.2% during the first quarter. Versant Capital Management Inc now owns 234 shares of the basic materials company’s stock valued at $25,000 after purchasing an additional 200 shares in the last quarter. WealthPLAN Partners LLC purchased a new stake in shares of Celanese in the 1st quarter worth about $25,000. V Square Quantitative Management LLC bought a new position in shares of Celanese in the 2nd quarter worth about $25,000. Parkside Financial Bank & Trust lifted its position in Celanese by 92.6% during the 1st quarter. Parkside Financial Bank & Trust now owns 181 shares of the basic materials company’s stock valued at $25,000 after acquiring an additional 87 shares during the period. Finally, Certified Advisory Corp bought a new stake in Celanese during the first quarter worth about $27,000. 98.87% of the stock is owned by hedge funds and other institutional investors.

Celanese Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 14th. Stockholders of record on Monday, July 31st were given a $0.70 dividend. The ex-dividend date of this dividend was Friday, July 28th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.23%. Celanese’s dividend payout ratio is currently 24.10%.

Celanese Company Profile

Celanese Corporation, a chemical and specialty materials company, manufactures and sells high performance engineered polymers in the United States and internationally. The company 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.