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On March 7, Sutton Scott McDougald, a director at Celanese Corp (NYSE:CE), purchased a significant amount of the company’s common stock. According to a recent SEC filing, McDougald acquired 7,450 shares at a price of $54.65 per share, totaling approximately $407,118. The timing appears opportune, as InvestingPro data shows the stock has rebounded 17.65% in the past week, though it remains near its 52-week low of $45.94.
This transaction increases McDougald’s total holdings to 15,000 shares. The purchase reflects a direct ownership interest in the company, as noted in the filing. According to InvestingPro analysis, the company currently has a market capitalization of $5.9 billion, with analyst price targets ranging from $46 to $120 per share. Celanese Corp, based in Irving, Texas, operates in the industrial applications and services sector, specifically focusing on plastic materials and synthetic resins. For deeper insights into insider trading patterns and comprehensive financial analysis, explore the detailed Pro Research Report available on InvestingPro.
In other recent news, Celanese Corporation has secured $1.8 billion through the issuance of senior notes, a strategic move aimed at strengthening its financial position. The company announced the offering of $700 million in 6.500% Senior Notes due 2030 and $1.1 billion in 6.750% Senior Notes due 2033, along with €750 million in 5.000% Senior Notes due 2031. This development aligns with Celanese’s long-term financial strategy, providing additional capital for operations and growth initiatives. Meanwhile, several financial firms have adjusted their outlooks on Celanese. Piper Sandler cut its price target to $50 from $77, maintaining an Underweight rating, citing challenges in returning to financial health. BofA Securities lowered its price target to $72 while keeping a Buy rating, suggesting potential improvement in earnings beyond early 2025. UBS reduced its target to $60, retaining a Neutral rating, highlighting a slower recovery than anticipated. RBC Capital Markets downgraded Celanese’s stock from Outperform to Sector Perform, reducing the price target to $56 due to concerns over the company’s exposure to the automotive market. These adjustments reflect ongoing challenges and uncertainties facing Celanese in the current economic climate.
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