Celanese Corporation (CE) is Downgraded by Alembic Global Advisors to Underweight, Raises Price Target to $ 64

Celanese Corporation (CE) was Downgraded by Alembic Global Advisors to ” Underweight” according to the research note released today. The brokerage firm has raised the Price Target to $ 64 from a previous price target of $60 . Earlier the firm had a rating of “Neutral ” on the company shares. Alembic Global Advisors advised their investors in a research report released on Apr 25, 2016.

Many Wall Street Analysts have commented on Celanese Corporation. Company shares were Reiterated by RBC Capital Mkts on Apr 20, 2016 to “Sector Perform”, Firm has raised the Price Target to $ 77 from a previous price target of $72 .Shares were Reiterated by Cowen on Jan 29, 2016 to “Market Perform” and Lowered the Price Target to $ 66 from a previous price target of $72 .

On the company’s financial health, Celanese Corporation reported $1.83 EPS for the quarter, beating the analyst consensus estimate by $ 0.34 according to the earnings call on Apr 18, 2016. Analyst had a consensus of $1.49. The company had revenue of $1404.00 million for the quarter, compared to analysts expectations of $1394.73 million. The company’s revenue was down -3.2 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.72 EPS.

Celanese Corporation opened for trading at $71.09 and hit $72.67 on the upside on Friday, eventually ending the session at $72.28, with a gain of 2.21% or 1.56 points. The heightened volatility saw the trading volume jump to 9,80,343 shares. Company has a market cap of $10,657 M.

In a different news, on Mar 17, 2016, David F Hoffmeister (director) sold 8,300 shares at $64.05 per share price. According to the SEC, on Mar 4, 2016, Lori A Johnston (SVP, Human Resources) sold 29,063 shares at $61.65 per share price. On Sep 1, 2015, Christopher W Jensen (SVP, Finance and CFO) sold 5,100 shares at $60.86 per share price, according to the Form-4 filing with the securities and exchange commission.

Celanese Corporation is a technology and specialty materials company. The Company’s business involves processing chemical raw materials such as methanol carbon monoxide and ethylene and natural products including wood pulp into chemicals thermoplastic polymers and other chemical-based products. It has four business segments: Advanced Engineered Materials Consumer Specialties Industrial Specialties and Acetyl Intermediates. The Advanced Engineering segment products include polyoxymethylene ultra-high molecular weight polyethylene polybutylene terephthalate and liquid crystal polymers among others. Consumer Specialties’ products include acetate tow acetate flakes acetate film and high intensity sweeteners among others. Industrial Specialties’ products include conventional emulsions vinyl acetate ethylene emulsions and ethylene vinyl acetate among others. Acetyl Intermediates include acetic acid vinyl acetate monomer acetic anhydride and acetaldehyde among others.

Celanese Corporation

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