Price Action To Observe: Could Celanese Corporation Go Down After Touching 52-Week High?

Price Action To Observe: Could Celanese Corporation Go Down After Touching 52 Week High?

The stock of Celanese Corporation (NYSE:CE) hit a new 52-week high and has $85.98 target or 8.00% above today’s $79.61 share price. The 6 months bullish chart indicates low risk for the $11.30B company. The 1-year high was reported on Nov, 30 by Barchart.com. If the $85.98 price target is reached, the company will be worth $904.00 million more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 122,896 shares traded hands. Celanese Corporation (NYSE:CE) has risen 7.92% since April 27, 2016 and is uptrending. It has outperformed by 2.69% the S&P500.

Analysts await Celanese Corporation (NYSE:CE) to report earnings on January, 19. They expect $1.50 earnings per share, up 20.00% or $0.25 from last year’s $1.25 per share. CE’s profit will be $212.91 million for 13.27 P/E if the $1.50 EPS becomes a reality. After $1.67 actual earnings per share reported by Celanese Corporation for the previous quarter, Wall Street now forecasts -10.18% negative EPS growth.

Celanese Corporation (NYSE:CE) Ratings Coverage

Out of 11 analysts covering Celanese (NYSE:CE), 6 rate it a “Buy”, 0 “Sell”, while 5 “Hold”. This means 55% are positive. $81 is the highest target while $64 is the lowest. The $72.70 average target is -8.68% below today’s ($79.61) stock price. Celanese has been the topic of 25 analyst reports since September 1, 2015 according to StockzIntelligence Inc. RBC Capital Markets maintained the shares of CE in a report on Wednesday, October 21 with “Sector Perform” rating. The stock has “Market Perform” rating given by Cowen & Co on Monday, October 26. The stock has “Overweight” rating given by Barclays Capital on Wednesday, July 27. The firm has “Neutral” rating by UBS given on Friday, January 22. The firm earned “Outperform” rating on Tuesday, October 20 by Macquarie Research. The rating was upgraded by Citigroup to “Buy” on Tuesday, January 5. On Friday, April 29 the stock rating was upgraded by Cowen & Co to “Outperform”. Citigroup downgraded it to “Neutral” rating and $71 target price in Wednesday, September 7 report. The company was downgraded on Monday, October 12 by Goldman Sachs. The stock of Celanese Corporation (NYSE:CE) earned “Buy” rating by Deutsche Bank on Wednesday, November 18.

According to Zacks Investment Research, “Celanese is an integrated global producer of value-added industrial chemicals. They are the world’s largest producer of acetyl products, including acetic acid, vinyl acetate monomer and polyacetals and a leading global producer of high-performance engineered polymers used in consumer and industrial products and designed to meet highly technical customer requirements. Their operations are located in North America, Europe and Asia, including substantial joint ventures in China.”

Insitutional Activity: The institutional sentiment decreased to 0.85 in 2016 Q2. Its down 0.54, from 1.39 in 2016Q1. The ratio turned negative, as 24 funds sold all Celanese Corporation shares owned while 116 reduced positions. 41 funds bought stakes while 153 increased positions. They now own 137.11 million shares or 5.90% less from 145.72 million shares in 2016Q1.
Chicago Equity Prns Limited Liability last reported 0.34% of its portfolio in the stock. Icon Advisers Company holds 0.08% of its portfolio in Celanese Corporation (NYSE:CE) for 17,000 shares. British Columbia Investment Mngmt Corporation accumulated 0.05% or 87,245 shares. Franklin Res accumulated 0.05% or 1.31M shares. Fjarde Ap accumulated 43,347 shares or 0.07% of the stock. Moreover, Nelson Roberts Lc has 0.01% invested in Celanese Corporation (NYSE:CE) for 300 shares. Hussman Strategic Advsr owns 32,000 shares or 0.32% of their US portfolio. Pggm Invs accumulated 0.19% or 557,817 shares. Signaturefd Ltd Liability Corporation holds 0% or 3 shares in its portfolio. Barclays Public Ltd Co, a United Kingdom-based fund reported 158,182 shares. Oppenheimer & last reported 46,320 shares in the company. Manufacturers Life Ins The last reported 0% of its portfolio in the stock. Andra Ap has 0.1% invested in the company for 60,900 shares. Rhumbline Advisers has 0.03% invested in the company for 135,985 shares. Westpac holds 0% of its portfolio in Celanese Corporation (NYSE:CE) for 11,632 shares.

More news for Celanese Corporation (NYSE:CE) were recently published by: Businesswire.com, which released: “U.S. International Trade Commission Votes to Investigate Unlawful Importation …” on November 23, 2016. Seekingalpha.com‘s article titled: “Celanese Corp: Too High To Buy?” and published on November 14, 2016 is yet another important article.

CE Company Profile

Celanese Corporation (Celanese), incorporated on November 3, 2004, is a technology and specialty materials company. The Firm operates through four divisions: Advanced Engineered Materials, Consumer Specialties, Industrial Specialties and Acetyl Intermediates. The Company’s business involves processing chemical raw materials, such as methanol, carbon monoxide, ethylene and natural products, including wood pulp into chemicals, thermoplastic polymers and other chemical products. The Firm engineers and makes a range of products, which serves a range of end-use applications, including paints and coatings, textiles, automotive applications, consumer and medical applications, performance industrial applications, filtration applications, paper and packaging, chemical additives, construction, consumer and industrial adhesives, and food and beverage applications. The Firm operates in North America, Europe and Asia, and consists of approximately 20 global production facilities, and approximately eight additional strategic affiliate production facilities.

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