Celanese Corporation (CE) is Downgraded by Citigroup to Neutral

Celanese Corporation (CE) was Downgraded by Citigroup to ” Neutral”. Earlier the firm had a rating of “Buy ” on the company shares. Citigroup advised their investors in a research report released on Sep 7, 2016.

Many Wall Street Analysts have commented on Celanese Corporation. Shares were Reiterated by RBC Capital Mkts on Jul 28, 2016 to “Sector Perform” and Lowered the Price Target to $ 72 from a previous price target of $76 .Celanese Corporation was Initiated by Susquehanna to “Positive” on Jul 1, 2016.

On the company’s financial health, Celanese Corporation reported $1.59 EPS for the quarter, beating the analyst consensus estimate by $ 0.04 according to the earnings call on Jul 25, 2016. Analyst had a consensus of $1.55. The company had revenue of $1351.00 million for the quarter, compared to analysts expectations of $1426.07 million. The company’s revenue was down -8.5 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.58 EPS.

Celanese Corporation closed down -0.68 points or -1.06% at $63.75 with 7,68,758 shares getting traded on Thursday. Post opening the session at $64.56, the shares hit an intraday low of $63.21 and an intraday high of $64.56 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.

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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