Celanese Corporation (NYSE:CE) announced a quarterly dividend on Thursday, October 19th, Wall Street Journal reports. Investors of record on Monday, October 30th will be given a dividend of 0.46 per share by the basic materials company on Thursday, November 9th. This represents a $1.84 annualized dividend and a dividend yield of 1.75%. The ex-dividend date of this dividend is Friday, October 27th.
Celanese Corporation has raised its dividend payment by an average of 38.0% annually over the last three years and has increased its dividend annually for the last 5 consecutive years. Celanese Corporation has a payout ratio of 25.1% meaning its dividend is sufficiently covered by earnings. Analysts expect Celanese Corporation to earn $8.18 per share next year, which means the company should continue to be able to cover its $1.84 annual dividend with an expected future payout ratio of 22.5%.
Celanese Corporation (NYSE:CE) traded up 1.21% during midday trading on Thursday, hitting $105.29. The company had a trading volume of 872,478 shares. The stock has a market capitalization of $14.38 billion, a PE ratio of 18.46 and a beta of 1.31. Celanese Corporation has a 52 week low of $69.96 and a 52 week high of $109.09. The stock has a 50 day moving average price of $103.04 and a 200-day moving average price of $94.96.
Celanese Corporation (NYSE:CE) last announced its earnings results on Monday, October 16th. The basic materials company reported $1.93 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.92 by $0.01. Celanese Corporation had a return on equity of 32.18% and a net margin of 13.66%. The company had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.49 billion. During the same period in the prior year, the company posted $1.67 EPS. The firm’s quarterly revenue was up 18.4% compared to the same quarter last year. On average, equities analysts predict that Celanese Corporation will post $7.39 EPS for the current year.
Celanese Corporation declared that its Board of Directors has authorized a share repurchase plan on Monday, July 17th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the basic materials company to repurchase up to 10.9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.
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A number of research analysts have recently weighed in on the company. Zacks Investment Research raised Celanese Corporation from a “hold” rating to a “buy” rating and set a $111.00 price objective on the stock in a report on Monday, July 17th. ValuEngine raised Celanese Corporation from a “buy” rating to a “strong-buy” rating in a report on Friday, September 1st. BidaskClub raised Celanese Corporation from a “buy” rating to a “strong-buy” rating in a report on Thursday, July 6th. Royal Bank Of Canada reissued a “buy” rating and issued a $109.00 price objective on shares of Celanese Corporation in a report on Wednesday, September 6th. Finally, Alembic Global Advisors reissued a “sell” rating on shares of Celanese Corporation in a report on Tuesday, July 4th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $107.74.
Celanese Corporation Company Profile
Celanese Corporation (Celanese) is a technology and specialty materials company. The Company’s segments include Advanced Engineered Materials, Consumer Specialties, Industrial Specialties, Acetyl Intermediates and Other Activities. The Advanced Engineered Materials segment includes the Company’s engineered materials business and certain affiliates.
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