Celanese Corporation (CE) Stake Increased by Boston Partners
Boston Partners boosted its position in Celanese Corporation (NYSE:CE) by 28.0% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,850,620 shares of the basic materials company’s stock after buying an additional 623,671 shares during the period. Boston Partners’ holdings in Celanese Corporation were worth $270,637,000 as of its most recent filing with the SEC.
Several other large investors have also recently made changes to their positions in CE. OppenheimerFunds Inc. boosted its stake in shares of Celanese Corporation by 34.2% in the first quarter. OppenheimerFunds Inc. now owns 518,783 shares of the basic materials company’s stock worth $46,613,000 after buying an additional 132,280 shares during the period. Morgan Stanley boosted its stake in shares of Celanese Corporation by 84.9% in the first quarter. Morgan Stanley now owns 395,279 shares of the basic materials company’s stock worth $35,514,000 after buying an additional 181,484 shares during the period. Neuberger Berman Group LLC purchased a new stake in shares of Celanese Corporation during the first quarter worth about $217,000. State of Wisconsin Investment Board boosted its stake in shares of 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 worth $6,872,000 after buying an additional 14,557 shares during the period. Finally, Westpac Banking Corp boosted its stake in shares of Celanese Corporation by 0.5% in the first quarter. Westpac Banking Corp now owns 83,587 shares of the basic materials company’s stock worth $7,351,000 after buying an additional 398 shares during the period.
Celanese Corporation (CE) opened at 96.14 on Friday. The company has a market cap of $13.22 billion, a price-to-earnings ratio of 16.36 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 has a 50 day moving average of $96.28 and a 200 day moving average of $90.57.
Celanese Corporation (NYSE:CE) last released its quarterly earnings data on Monday, July 24th. The basic materials company reported $1.79 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 company had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.44 billion. During the same quarter in the prior year, the firm posted $1.59 earnings per share. The firm’s revenue was up 11.8% compared to the same quarter last year. Equities research analysts predict that Celanese Corporation will post $7.33 earnings per share for the current fiscal year.
Celanese Corporation declared that its board has initiated a stock 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 buy up to 10.9% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors 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. This represents a $1.84 annualized dividend and a dividend yield of 1.91%. The ex-dividend date was Wednesday, July 26th. Celanese Corporation’s dividend payout ratio is currently 31.24%.
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CE has been the subject of a number of recent analyst reports. Royal Bank Of Canada reiterated a “buy” rating on shares of Celanese Corporation in a research report on Tuesday, May 2nd. Jefferies Group LLC set a $104.00 price objective on shares of Celanese Corporation and gave the company a “buy” rating in a research report on Saturday, May 27th. Zacks Investment Research upgraded shares of Celanese Corporation from a “hold” rating to a “buy” rating and set a $111.00 price objective for the company in a research report on Monday, July 17th. J P Morgan Chase & Co restated a “neutral” rating and issued a $97.00 price objective (up previously from $90.00) on shares of Celanese Corporation in a research report on Tuesday, June 20th. Finally, BidaskClub upgraded shares of Celanese Corporation from a “buy” rating to a “strong-buy” rating in a research report on Thursday, July 6th. 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 issued a strong buy rating to the company. The company has an average rating of “Buy” and an average 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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