Shell Asset Management Co. decreased its stake in Celanese Corporation (NYSE:CE) by 3.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 22,619 shares of the basic materials company’s stock after selling 770 shares during the period. Shell Asset Management Co.’s holdings in Celanese Corporation were worth $2,147,000 at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in CE. OppenheimerFunds Inc. increased its position in Celanese Corporation by 34.2% in the first quarter. OppenheimerFunds Inc. now owns 518,783 shares of the basic materials company’s stock valued at $46,613,000 after buying an additional 132,280 shares during the period. Fulton Bank N.A. acquired a new position in Celanese Corporation during the first quarter valued at $474,000. Morgan Stanley increased its position in Celanese Corporation by 84.9% in the first quarter. Morgan Stanley now owns 395,279 shares of the basic materials company’s stock valued at $35,514,000 after buying an additional 181,484 shares during the period. Neuberger Berman Group LLC acquired a new position in Celanese Corporation during the first quarter valued at $217,000. Finally, State of Wisconsin Investment Board increased its position in Celanese Corporation by 23.5% in the first quarter. State of Wisconsin Investment Board now owns 76,478 shares of the basic materials company’s stock valued at $6,872,000 after buying an additional 14,557 shares during the period.
Celanese Corporation (NYSE:CE) traded up 0.59% on Friday, reaching $96.71. The company’s stock had a trading volume of 784,523 shares. The firm has a market capitalization of $13.30 billion, a PE ratio of 16.45 and a beta of 1.28. Celanese Corporation has a 52 week low of $60.59 and a 52 week high of $99.97. The stock’s 50 day moving average is $96.36 and its 200-day moving average is $90.67.
Celanese Corporation (NYSE:CE) last posted its quarterly earnings data on Monday, July 24th. The basic materials company reported $1.79 EPS for the quarter, topping analysts’ consensus estimates of $1.76 by $0.03. The business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.44 billion. Celanese Corporation had a return on equity of 31.23% and a net margin of 14.89%. The firm’s revenue for the quarter was up 11.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.59 earnings per share. Analysts predict that Celanese Corporation will post $7.33 EPS for the current year.
Celanese Corporation declared that its Board of Directors has initiated a stock repurchase plan on Monday, July 17th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the basic materials company to repurchase up to 10.9% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.
The company also recently declared a quarterly dividend, which was paid on Monday, August 7th. Investors of record on Friday, July 28th were paid a dividend of $0.46 per share. The ex-dividend date was Wednesday, July 26th. This represents a $1.84 annualized dividend and a yield of 1.90%. Celanese Corporation’s dividend payout ratio is 31.24%.
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Several equities research analysts have commented on CE shares. Jefferies Group LLC set a $104.00 price target on Celanese Corporation and gave the stock a “buy” rating in a research note on Saturday, May 27th. Royal Bank Of Canada restated a “buy” rating on shares of Celanese Corporation in a research note on Tuesday, May 2nd. Citigroup Inc. upped their price target on Celanese Corporation from $100.00 to $101.00 and gave the stock a “buy” rating in a research note on Tuesday, April 25th. Deutsche Bank AG dropped their price target on Celanese Corporation from $100.00 to $96.00 and set a “buy” rating for the company in a research note on Wednesday, April 19th. Finally, Zacks Investment Research upgraded Celanese Corporation from a “hold” rating to a “buy” rating and set a $111.00 price target for the company in a research note on Monday, July 17th. One analyst has rated the stock with a sell rating, six have given a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company. Celanese Corporation presently has an average rating of “Buy” and a consensus target price of $100.55.
About Celanese Corporation
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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