Celanese (NYSE:CE) Stock Price Down 9.8% - Here's Why

Key Points

• Celanese Corporation's stock price fell by 9.8% during mid-day trading, dropping to $47.11 from a previous close of $52.23.
• Equities analysts have mixed ratings on the stock, with one rating it a sell, eleven a hold, and six a buy, while the consensus price target is $66.50.
• The company recently declared a quarterly dividend of $0.03 per share, representing an annualized yield of 0.2%.

Celanese Corporation (NYSE:CE - Get Free Report)'s share price dropped 9.8% during mid-day trading on Friday . The company traded as low as $47.28 and last traded at $47.11. Approximately 431,561 shares changed hands during mid-day trading, a decline of 84% from the average daily volume of 2,783,322 shares. The stock had previously closed at $52.23.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. KeyCorp raised their target price on shares of Celanese from $76.00 to $77.00 and gave the stock an "overweight" rating in a research report on Monday, July 14th. Piper Sandler reissued an "underweight" rating and set a $48.00 price target (down from $50.00) on shares of Celanese in a research report on Monday, April 7th. BMO Capital Markets raised Celanese from an "underperform" rating to a "market perform" rating and boosted their target price for the stock from $46.00 to $55.00 in a report on Tuesday, May 20th. Wells Fargo & Company boosted their target price on Celanese from $66.00 to $72.00 and gave the stock an "overweight" rating in a report on Monday, July 14th. Finally, Bank of America boosted their target price on Celanese from $55.00 to $61.00 and gave the stock a "buy" rating in a report on Friday, May 16th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and six have issued a buy rating to the company. According to MarketBeat, Celanese has an average rating of "Hold" and a consensus price target of $66.50.

Celanese Trading Down 7.2%

The firm has a market capitalization of $5.30 billion, a P/E ratio of -3.19, a price-to-earnings-growth ratio of 2.03 and a beta of 1.14. The stock's 50-day simple moving average is $56.66 and its two-hundred day simple moving average is $55.79. The company has a debt-to-equity ratio of 2.20, a current ratio of 1.94 and a quick ratio of 1.11.

Celanese (NYSE:CE - Get Free Report) last issued its earnings results on Monday, May 5th. The basic materials company reported $0.57 earnings per share for the quarter, topping analysts' consensus estimates of $0.37 by $0.20. Celanese had a negative net margin of 16.54% and a positive return on equity of 11.28%. The firm had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.26 billion. During the same quarter in the prior year, the business earned $2.08 earnings per share. Celanese's revenue for the quarter was down 8.5% on a year-over-year basis. Equities research analysts expect that Celanese Corporation will post 8.79 EPS for the current year.

Celanese Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 11th. Investors of record on Tuesday, July 29th will be paid a dividend of $0.03 per share. The ex-dividend date of this dividend is Tuesday, July 29th. This represents a $0.12 dividend on an annualized basis and a yield of 0.2%. Celanese's dividend payout ratio is presently -0.79%.

Insider Transactions at Celanese

In other news, SVP Mark Christopher Murray bought 1,479 shares of Celanese stock in a transaction dated Friday, May 23rd. The shares were acquired at an average price of $52.18 per share, with a total value of $77,174.22. Following the completion of the purchase, the senior vice president owned 15,468 shares in the company, valued at $807,120.24. The trade was a 10.57% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.33% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Celanese

Hedge funds and other institutional investors have recently made changes to their positions in the company. Focus Partners Wealth increased its position in Celanese by 3.9% during the 4th quarter. Focus Partners Wealth now owns 4,197 shares of the basic materials company's stock valued at $291,000 after purchasing an additional 156 shares during the period. United Capital Financial Advisors LLC boosted its holdings in shares of Celanese by 2.9% in the 4th quarter. United Capital Financial Advisors LLC now owns 6,167 shares of the basic materials company's stock valued at $427,000 after buying an additional 172 shares in the last quarter. Strengthening Families & Communities LLC boosted its stake in Celanese by 73.2% in the 1st quarter. Strengthening Families & Communities LLC now owns 440 shares of the basic materials company's stock worth $25,000 after purchasing an additional 186 shares in the last quarter. Blue Trust Inc. boosted its stake in Celanese by 7.0% in the 2nd quarter. Blue Trust Inc. now owns 3,089 shares of the basic materials company's stock worth $171,000 after purchasing an additional 201 shares in the last quarter. Finally, Tidal Investments LLC boosted its stake in Celanese by 6.8% in the 4th quarter. Tidal Investments LLC now owns 3,263 shares of the basic materials company's stock worth $226,000 after purchasing an additional 209 shares in the last quarter. Hedge funds and other institutional investors own 98.87% of the company's stock.

Celanese Company Profile

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.

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