Celanese Corporation (CE) Position Maintained by First Mercantile Trust Co.
First Mercantile Trust Co. continued to hold its stake in shares of Celanese Corporation (NYSE:CE) during the second quarter, Holdings Channel reports. The firm owned 10,700 shares of the basic materials company’s stock at the end of the second quarter. First Mercantile Trust Co.’s holdings in Celanese Corporation were worth $1,016,000 as of its most recent SEC filing.
Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Celanese Corporation by 2.6% in the first quarter. Vanguard Group Inc. now owns 11,737,016 shares of the basic materials company’s stock valued at $1,054,571,000 after buying an additional 295,657 shares during the last quarter. BlackRock Inc. boosted its stake in Celanese Corporation by 5,604.5% in the first quarter. BlackRock Inc. now owns 7,632,901 shares of the basic materials company’s stock valued at $685,818,000 after buying an additional 7,499,096 shares during the last quarter. State Street Corp boosted its stake in Celanese Corporation by 6.5% in the first quarter. State Street Corp now owns 3,658,510 shares of the basic materials company’s stock valued at $328,728,000 after buying an additional 224,136 shares during the last quarter. Boston Partners boosted its stake in Celanese Corporation by 28.0% in the second quarter. Boston Partners now owns 2,850,620 shares of the basic materials company’s stock valued at $270,637,000 after buying an additional 623,671 shares during the last quarter. Finally, Artisan Partners Limited Partnership boosted its stake in Celanese Corporation by 1.1% in the first quarter. Artisan Partners Limited Partnership now owns 2,812,053 shares of the basic materials company’s stock valued at $252,663,000 after buying an additional 30,163 shares during the last quarter.
Celanese Corporation (NYSE CE) opened at 96.71 on Friday. 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 is $96.36 and its 200 day moving average is $90.67. The company has a market cap of $13.30 billion, a price-to-earnings ratio of 16.45 and a beta of 1.28.
Celanese Corporation (NYSE:CE) last released its earnings results on Monday, July 24th. The basic materials company reported $1.79 earnings per share for the quarter, beating analysts’ consensus estimates of $1.76 by $0.03. The business 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%. The company’s revenue for the quarter was up 11.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.59 EPS. On average, equities analysts predict that Celanese Corporation will post $7.33 EPS for the current fiscal year.
Celanese Corporation declared that its Board of Directors has initiated a share repurchase program on Monday, July 17th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the basic materials company to purchase up to 10.9% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.
The company also recently announced a quarterly dividend, which was paid on Monday, August 7th. Investors of record on Friday, July 28th were issued a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.90%. The ex-dividend date was Wednesday, July 26th. Celanese Corporation’s dividend payout ratio is currently 31.24%.
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Several research firms have weighed in on CE. Nomura restated a “hold” rating and issued a $88.00 price objective on shares of Celanese Corporation in a research report on Wednesday, April 19th. Jefferies Group LLC set a $104.00 price target on shares of Celanese Corporation and gave the stock a “buy” rating in a research report on Saturday, May 27th. Instinet lifted their price target on shares of Celanese Corporation from $77.00 to $88.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 19th. Royal Bank Of Canada reiterated an “outperform” rating on shares of Celanese Corporation in a research report on Tuesday, June 20th. Finally, Deutsche Bank AG lowered their price target on shares of Celanese Corporation from $100.00 to $96.00 and set a “buy” rating for the company in a research report on Wednesday, April 19th. 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 stock. The company currently 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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