Could Celanese Corporation (CE) Increase Even More? The Stock Formed Bullish Multiple Top

September 16, 2018 - By Robert Reynolds

Celanese Corporation (NYSE:CE) Logo

Investors sentiment increased to 1.01 in Q2 2018. Its up 0.16, from 0.85 in 2018Q1. It improved, as 32 investors sold Celanese Corporation shares while 155 reduced holdings. 69 funds opened positions while 119 raised stakes. 120.41 million shares or 1.83% less from 122.66 million shares in 2018Q1 were reported.
Primecap Comm Ca reported 0.02% stake. Dimensional Fund Limited Partnership reported 744,056 shares. Dnb Asset As reported 0% of its portfolio in Celanese Corporation (NYSE:CE). Tuttle Tactical reported 18,177 shares. Commonwealth National Bank & Trust Of accumulated 12,601 shares. Sumitomo Mitsui Asset Co Ltd has invested 0.01% in Celanese Corporation (NYSE:CE). Kbc Grp Incorporated Nv owns 92,857 shares for 0.09% of their portfolio. Fincl Bank Of America Corp De holds 876,710 shares. Coastline Tru accumulated 9,000 shares or 0.15% of the stock. Capital Growth Management Ltd Partnership invested in 40,000 shares or 0.22% of the stock. Cwm Limited Liability Company accumulated 0% or 725 shares. Principal Group Inc Inc reported 143,038 shares. Hbk L P reported 23,900 shares. Massmutual Tru Communication Fsb Adv has 38 shares. Barclays Public Lc stated it has 55,722 shares or 0.01% of all its holdings.

The stock of Celanese Corporation (CE) shows a multiple tops pattern with $121.09 target or 7.00 % above today’s $113.17 share price. The 9 months chart pattern indicates low risk for the $15.27 billion company. It was reported on Sep, 16 by If the $121.09 price target is reached, the company will be worth $1.07 billion more.
Multiple tops are chart patterns with decent performance in a bull market. The failure rate is higher but the average decline is reasonable. Back-tests of such patterns show that the break even failure rate is 10%, the average rise: 19%, the throwback rate: 61% and the percentage of stocks meeting their price targets: 40%.

The stock decreased 0.01% or $0.01 during the last trading session, reaching $113.17. About 645,885 shares traded. Celanese Corporation (NYSE:CE) has risen 13.53% since September 16, 2017 and is uptrending. It has underperformed by 2.09% the S&P500.

Analysts await Celanese Corporation (NYSE:CE) to report earnings on October, 15. They expect $2.75 earnings per share, up 42.49 % or $0.82 from last year’s $1.93 per share. CE’s profit will be $371.15 million for 10.29 P/E if the $2.75 EPS becomes a reality. After $2.90 actual earnings per share reported by Celanese Corporation for the previous quarter, Wall Street now forecasts -5.17 % negative EPS growth.

Celanese Corporation (NYSE:CE) Ratings Coverage

Among 10 analysts covering Celanese Corp (NYSE:CE), 7 have Buy rating, 0 Sell and 3 Hold. Therefore 70% are positive. Celanese Corp had 17 analyst reports since March 20, 2018 according to SRatingsIntel. On Thursday, May 17 the stock rating was upgraded by UBS to “Buy”. The stock has “Outperform” rating by BMO Capital Markets on Wednesday, April 18. The firm has “Buy” rating given on Tuesday, March 20 by Robert W. Baird. Nomura maintained it with “Neutral” rating and $120 target in Wednesday, July 11 report. On Monday, July 30 the stock rating was maintained by Barclays Capital with “Overweight”. The firm has “Equal-Weight” rating by Morgan Stanley given on Wednesday, April 18. KeyBanc Capital Markets maintained Celanese Corporation (NYSE:CE) on Wednesday, March 21 with “Overweight” rating. The rating was maintained by KeyBanc Capital Markets with “Buy” on Wednesday, April 18. BMO Capital Markets maintained Celanese Corporation (NYSE:CE) on Friday, June 15 with “Outperform” rating. The firm has “Neutral” rating by JP Morgan given on Monday, July 23.

Celanese Corporation, a technology and specialty materials company, makes and sells value-added chemicals, thermoplastic polymers, and other chemical products worldwide. The company has market cap of $15.27 billion. The companyÂ’s Advanced 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. It has a 13.6 P/E ratio. The Company’s Consumer Specialties segment provides cellulose acetate flakes, films, and tows for use in filter products applications; food protection ingredients, such as potassium sorbate and sorbic acid for food and beverage industry; Sunett, a sweetener for use in various beverages, confections, and dairy products; and Qorus, a sweetener system designed for low-to no-calorie carbonated and non-carbonated beverages, flavored waters, energy drinks, and milk and dairy products.

Celanese Corporation (NYSE:CE) Institutional Positions Chart

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