Celanese Corporation (NYSE:CE) Stake Increased by Smith Asset Management Group LP
Smith Asset Management Group LP boosted its stake in Celanese Corporation (NYSE:CE) by 6.0% during the second quarter, according to its most recent filing with the SEC. The firm owned 283,934 shares of the basic materials company’s stock after buying an additional 16,122 shares during the period. Smith Asset Management Group LP’s holdings in Celanese Corporation were worth $26,964,000 at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in the company. OppenheimerFunds Inc. boosted 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 in the last quarter. Morgan Stanley boosted 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 in the last quarter. Neuberger Berman Group LLC bought a new position in Celanese Corporation during the first quarter valued at about $217,000. State of Wisconsin Investment Board boosted 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 in the last quarter. Finally, Westpac Banking Corp boosted its position in Celanese Corporation by 0.5% in the first quarter. Westpac Banking Corp now owns 83,587 shares of the basic materials company’s stock valued at $7,351,000 after buying an additional 398 shares in the last quarter.
Celanese Corporation (CE) opened at 96.14 on Friday. The stock’s 50 day moving average is $96.28 and its 200 day moving average is $90.57. Celanese Corporation has a 12-month low of $60.59 and a 12-month high of $99.97. The stock has a market capitalization of $13.22 billion, a PE ratio of 16.36 and a beta of 1.28.
Celanese Corporation (NYSE:CE) last posted its earnings results on Monday, July 24th. The basic materials company reported $1.79 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.76 by $0.03. The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.44 billion. Celanese Corporation had a net margin of 14.89% and a return on equity of 31.23%. The business’s revenue for the quarter was up 11.8% compared to the same quarter last year. During the same period last year, the business posted $1.59 earnings per share. Analysts forecast that Celanese Corporation will post $7.33 EPS for the current year.
Celanese Corporation announced that its Board of Directors has approved a share repurchase program on Monday, July 17th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the basic materials company to purchase up to 10.9% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
The company also recently announced 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 annualized dividend and a yield of 1.91%. Celanese Corporation’s dividend payout ratio (DPR) is presently 31.24%.
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Several research analysts have issued reports on the company. Nomura upped 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. 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. Cowen and Company reaffirmed an “outperform” rating and issued a $115.00 price target (up previously from $100.00) on shares of Celanese Corporation in a report on Wednesday. BidaskClub cut Celanese Corporation from a “strong-buy” rating to a “buy” rating in a report on Monday, July 24th. Finally, UBS AG reaffirmed a “neutral” rating and issued a $100.00 price target (up previously from $95.00) on shares of Celanese Corporation in a report on Tuesday, July 25th. One 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’s stock. Celanese Corporation presently has a consensus 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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