Fintel reports that on August 9, 2023, JP Morgan downgraded their outlook for Celanese Corp – Series A (NYSE:CE) from Overweight to Neutral.
Analyst Price Forecast Suggests 1.62% Upside
As of August 2, 2023, the average one-year price target for Celanese Corp – Series A is 127.37. The forecasts range from a low of 101.00 to a high of $157.50. The average price target represents an increase of 1.62% from its latest reported closing price of 125.33.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Celanese Corp – Series A is 12,553MM, an increase of 21.91%. The projected annual non-GAAP EPS is 13.50.
Celanese Corp – Series A Declares $0.70 Dividend
On July 19, 2023 the company declared a regular quarterly dividend of $0.70 per share ($2.80 annualized). Shareholders of record as of July 31, 2023 will receive the payment on August 14, 2023. Previously, the company paid $0.70 per share.
At the current share price of $125.33 / share, the stock’s dividend yield is 2.23%.
Looking back five years and taking a sample every week, the average dividend yield has been 2.21%, the lowest has been 1.59%, and the highest has been 3.99%. The standard deviation of yields is 0.43 (n=236).
The current dividend yield is 0.05 standard deviations above the historical average.
Additionally, the company’s dividend payout ratio is 0.24. The payout ratio tells us how much of a company’s income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company’s income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend – not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company’s 3-Year dividend growth rate is 0.13%, demonstrating that it has increased its dividend over time.
What is the Fund Sentiment?
There are 1296 funds or institutions reporting positions in Celanese Corp – Series A. This is a decrease of 49 owner(s) or 3.64% in the last quarter. Average portfolio weight of all funds dedicated to CE is 0.22%, a decrease of 4.23%. Total shares owned by institutions increased in the last three months by 3.88% to 125,445K shares. The put/call ratio of CE is 1.12, indicating a bearish outlook.
What are Other Shareholders Doing?
Berkshire Hathaway holds 8,819K shares representing 8.11% ownership of the company. In it’s prior filing, the firm reported owning 9,710K shares, representing a decrease of 10.11%. The firm decreased its portfolio allocation in CE by 11.04% over the last quarter.
Wellington Management Group Llp holds 7,104K shares representing 6.53% ownership of the company. In it’s prior filing, the firm reported owning 6,962K shares, representing an increase of 2.01%. The firm increased its portfolio allocation in CE by 7.41% over the last quarter.
Dodge & Cox holds 7,078K shares representing 6.51% ownership of the company. In it’s prior filing, the firm reported owning 7,110K shares, representing a decrease of 0.45%. The firm increased its portfolio allocation in CE by 5.36% over the last quarter.
DODGX – Dodge & Cox Stock Fund holds 4,445K shares representing 4.09% ownership of the company. No change in the last quarter.
VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 3,025K shares representing 2.78% ownership of the company. In it’s prior filing, the firm reported owning 2,964K shares, representing an increase of 2.01%. The firm increased its portfolio allocation in CE by 0.36% over the last quarter.
Celanese Background Information
(This description is provided by the company.)
Celanese Corporation is a global technology leader in the production of differentiated chemistry solutions and specialty materials used in most major industries and consumer applications. Its two complementary business cores, Acetyl Chain and Materials Solutions, use the full breadth of Celanese’s global chemistry, technology and business expertise to create value for its customers and the corporation. As Celanese partners with its customers to solve their most critical business needs, the company strives to make a positive impact on its communities and the world through The Celanese Foundation. Based in Dallas, Celanese employs approximately 7,700 employees worldwide and had 2020 net sales of $5.7 billion.
This article originally appeared on Fintel
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