Celanese (NYSE:CE) Downgraded by JPMorgan Chase & Co. to “Neutral”

Posted by on Aug 9th, 2023

Celanese (NYSE:CE – Get Free Report) was downgraded by stock analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a report released on Wednesday, Briefing.com reports. They presently have a $122.00 price objective on the basic materials company’s stock, down from their prior price objective of $135.00. JPMorgan Chase & Co.‘s target price indicates a potential downside of 2.72% from the company’s previous close.

CE has been the topic of several other research reports. Piper Sandler raised shares of Celanese from an “underweight” rating to a “neutral” rating and boosted their price target for the company from $105.00 to $120.00 in a report on Tuesday, April 11th. Morgan Stanley restated an “equal weight” rating and set a $110.00 target price on shares of Celanese in a research report on Wednesday, July 19th. BMO Capital Markets downgraded shares of Celanese from an “outperform” rating to a “market perform” rating and cut their target price for the company from $133.00 to $119.00 in a research report on Monday, June 26th. StockNews.com started coverage on shares of Celanese in a research report on Thursday, May 18th. They set a “sell” rating on the stock. Finally, Credit Suisse Group upped their target price on shares of Celanese from $100.00 to $111.00 and gave the company an “underperform” rating in a research report on Tuesday. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Celanese has a consensus rating of “Hold” and an average price target of $123.73.

Check Out Our Latest Stock Report on Celanese

Celanese Stock Performance

Shares of CE opened at $125.41 on Wednesday. The company’s 50 day moving average price is $117.60 and its 200 day moving average price is $113.34. Celanese has a 52 week low of $86.71 and a 52 week high of $128.50. The company has a market capitalization of $13.64 billion, a PE ratio of 10.79, a PEG ratio of 1.81 and a beta of 1.32. The company has a debt-to-equity ratio of 2.19, a quick ratio of 0.96 and a current ratio of 1.67.

Celanese (NYSE:CE – Get Free Report) last issued its quarterly earnings data on Monday, August 7th. The basic materials company reported $2.17 earnings per share for the quarter, missing analysts’ consensus estimates of $2.46 by ($0.29). Celanese had a return on equity of 17.87% and a net margin of 12.32%. The firm had revenue of $2.80 billion during the quarter, compared to analyst estimates of $2.96 billion. During the same quarter in the previous year, the firm posted $4.99 earnings per share. Celanese’s quarterly revenue was up 12.4% compared to the same quarter last year. Research analysts expect that Celanese will post 10.55 EPS for the current fiscal year.

Insider Buying and Selling at Celanese

In other Celanese news, SVP Thomas Francis Kelly bought 2,000 shares of Celanese stock in a transaction dated Friday, May 19th. The stock was bought at an average price of $107.29 per share, with a total value of $214,580.00. Following the completion of the transaction, the senior vice president now owns 47,165 shares in the company, valued at approximately $5,060,332.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, SVP Thomas Francis Kelly acquired 2,000 shares of the business’s stock in a transaction that occurred on Friday, May 19th. The stock was acquired at an average price of $107.29 per share, with a total value of $214,580.00. Following the completion of the transaction, the senior vice president now directly owns 47,165 shares of the company’s stock, valued at approximately $5,060,332.85. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Mark Christopher Murray acquired 1,008 shares of the business’s stock in a transaction that occurred on Friday, May 12th. The shares were purchased at an average cost of $101.69 per share, with a total value of $102,503.52. Following the transaction, the senior vice president now directly owns 11,597 shares of the company’s stock, valued at $1,179,298.93. The disclosure for this purchase can be found here. Corporate insiders own 0.33% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of CE. Parkside Financial Bank & Trust increased its holdings in Celanese by 92.6% in the first quarter. Parkside Financial Bank & Trust now owns 181 shares of the basic materials company’s stock worth $25,000 after purchasing an additional 87 shares in the last quarter. Kistler Tiffany Companies LLC lifted its position in shares of Celanese by 2.4% during the 2nd quarter. Kistler Tiffany Companies LLC now owns 3,820 shares of the basic materials company’s stock valued at $442,000 after acquiring an additional 89 shares during the period. Captrust Financial Advisors boosted its stake in Celanese by 2.9% during the fourth quarter. Captrust Financial Advisors now owns 3,152 shares of the basic materials company’s stock worth $322,000 after acquiring an additional 90 shares in the last quarter. First Commonwealth Financial Corp PA grew its holdings in Celanese by 2.9% in the first quarter. First Commonwealth Financial Corp PA now owns 3,424 shares of the basic materials company’s stock worth $489,000 after purchasing an additional 97 shares during the period. Finally, Louisiana State Employees Retirement System raised its holdings in shares of Celanese by 1.6% during the first quarter. Louisiana State Employees Retirement System now owns 6,500 shares of the basic materials company’s stock valued at $708,000 after purchasing an additional 100 shares during the period. Institutional investors and hedge funds own 94.17% of the company’s stock.

Celanese Company Profile

(Get Free Report)

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.

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