Quantitative Systematic Strategies LLC Takes Position in Celanese Corporation (CE)

Quantitative Systematic Strategies LLC bought a new stake in shares of Celanese Corporation (NYSE:CE) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 2,254 shares of the basic materials company’s stock, valued at approximately $211,000.

A number of other hedge funds have also modified their holdings of the stock. Huntington National Bank increased its stake in Celanese Corporation by 110.7% in the second quarter. Huntington National Bank now owns 2,271 shares of the basic materials company’s stock worth $216,000 after buying an additional 1,193 shares during the last quarter. Financial Architects Inc increased its stake in Celanese Corporation by 2.2% in the second quarter. Financial Architects Inc now owns 1,959 shares of the basic materials company’s stock worth $186,000 after buying an additional 43 shares during the last quarter. Ardevora Asset Management LLP increased its stake in Celanese Corporation by 1,053.2% in the second quarter. Ardevora Asset Management LLP now owns 414,000 shares of the basic materials company’s stock worth $39,305,000 after buying an additional 378,100 shares during the last quarter. Oregon Public Employees Retirement Fund increased its stake in Celanese Corporation by 0.6% in the second quarter. Oregon Public Employees Retirement Fund now owns 15,732 shares of the basic materials company’s stock worth $1,494,000 after buying an additional 100 shares during the last quarter. Finally, OLD National Bancorp IN increased its stake in Celanese Corporation by 26.3% in the second quarter. OLD National Bancorp IN now owns 4,104 shares of the basic materials company’s stock worth $389,000 after buying an additional 854 shares during the last quarter.

Shares of Celanese Corporation (CE) opened at 95.77 on Friday. The firm has a 50 day moving average price of $96.91 and a 200 day moving average price of $91.08. The stock has a market capitalization of $13.17 billion, a PE ratio of 16.29 and a beta of 1.28. Celanese Corporation has a one year low of $60.59 and a one year high of $99.97.

Celanese Corporation (NYSE:CE) last issued its quarterly earnings data on Monday, July 24th. The basic materials company reported $1.79 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.76 by $0.03. Celanese Corporation had a return on equity of 31.23% and a net margin of 14.89%. The business had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.44 billion. During the same period in the previous year, the firm posted $1.59 earnings per share. The company’s revenue was up 11.8% on a year-over-year basis. Analysts predict that Celanese Corporation will post $7.33 earnings per share for the current fiscal year.

Celanese Corporation announced that its Board of Directors has authorized a share buyback plan on Monday, July 17th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the basic materials company to purchase up to 10.9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 7th. Stockholders of record on Friday, July 28th were paid a $0.46 dividend. The ex-dividend date of this dividend was Wednesday, July 26th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.92%. Celanese Corporation’s payout ratio is presently 31.24%.

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CE has been the topic of a number of research reports. Royal Bank Of Canada reaffirmed a “buy” rating on shares of Celanese Corporation in a research note on Tuesday, May 2nd. Zacks Investment Research raised Celanese Corporation from a “hold” rating to a “buy” rating and set a $111.00 target price on the stock in a research report on Monday, July 17th. Jefferies Group LLC set a $104.00 target price on Celanese Corporation and gave the company a “buy” rating in a research report on Saturday, May 27th. Cowen and Company reissued an “outperform” rating and set a $115.00 target price (up previously from $100.00) on shares of Celanese Corporation in a research report on Wednesday, August 9th. Finally, Nomura boosted their target price on Celanese Corporation from $95.00 to $97.00 and gave the company a “neutral” rating in a research report on Wednesday, July 19th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $100.55.

Celanese Corporation Company Profile

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.

Institutional Ownership by Quarter for Celanese Corporation (NYSE:CE)

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