World Asset Management Inc raised its position in shares of Celanese Corporation (NYSE:CE) by 5.9% during the second quarter, according to its most recent filing with the SEC. The fund owned 6,311 shares of the basic materials company’s stock after buying an additional 353 shares during the period. World Asset Management Inc’s holdings in Celanese Corporation were worth $599,000 as of its most recent SEC filing.
A number of other large investors have also bought and sold shares of the stock. Daiwa Securities Group Inc. boosted its stake in Celanese Corporation by 7.7% in the second quarter. Daiwa Securities Group Inc. now owns 4,200 shares of the basic materials company’s stock worth $399,000 after buying an additional 300 shares in the last quarter. Grove Bank & Trust boosted its stake in Celanese Corporation by 104.6% in the second quarter. Grove Bank & Trust now owns 4,890 shares of the basic materials company’s stock worth $464,000 after buying an additional 2,500 shares in the last quarter. Honkamp Krueger Financial Services Inc. boosted its stake in Celanese Corporation by 0.4% in the second quarter. Honkamp Krueger Financial Services Inc. now owns 2,670 shares of the basic materials company’s stock worth $253,000 after buying an additional 10 shares in the last quarter. Great West Life Assurance Co. Can boosted its stake in Celanese Corporation by 48.8% in the second quarter. Great West Life Assurance Co. Can now owns 120,167 shares of the basic materials company’s stock worth $11,397,000 after buying an additional 39,409 shares in the last quarter. Finally, Sumitomo Life Insurance Co. acquired a new stake in Celanese Corporation during the second quarter worth approximately $1,178,000.
Celanese Corporation (NYSE:CE) traded down 0.85% on Friday, reaching $95.77. The company had a trading volume of 1,105,598 shares. Celanese Corporation has a 1-year low of $60.59 and a 1-year high of $99.97. The company’s 50-day moving average price is $96.91 and its 200 day moving average price is $91.08. The firm has a market capitalization of $13.17 billion, a P/E ratio of 16.29 and a beta of 1.28.
Celanese Corporation (NYSE:CE) last released its quarterly earnings data on Monday, July 24th. The basic materials company reported $1.79 EPS for the quarter, beating the Zacks’ consensus estimate of $1.76 by $0.03. The company had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.44 billion. Celanese Corporation had a net margin of 14.89% and a return on equity of 31.23%. Celanese Corporation’s quarterly revenue was up 11.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.59 EPS. On average, equities analysts forecast that Celanese Corporation will post $7.33 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 7th. Shareholders of record on Friday, July 28th were issued a $0.46 dividend. The ex-dividend date was Wednesday, July 26th. This represents a $1.84 dividend on an annualized basis and a yield of 1.92%. Celanese Corporation’s payout ratio is 31.24%.
Celanese Corporation announced that its board has approved a share buyback plan on Monday, July 17th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the basic materials company to buy up to 10.9% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.
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A number of equities research analysts have commented on the company. Cowen and Company reissued an “outperform” rating and set a $115.00 price target (up from $100.00) on shares of Celanese Corporation in a report on Wednesday, August 9th. BidaskClub cut Celanese Corporation from a “buy” rating to a “hold” rating in a report on Monday, July 31st. UBS AG reissued a “neutral” rating and set a $100.00 price target (up from $95.00) on shares of Celanese Corporation in a report on Tuesday, July 25th. Nomura raised their price target on Celanese Corporation from $95.00 to $97.00 and gave the company a “neutral” rating in a report on Wednesday, July 19th. Finally, Zacks Investment Research raised Celanese Corporation from a “hold” rating to a “buy” rating and set a $111.00 price target on the stock in a report on Monday, July 17th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target 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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