Celanese Corporation (NYSE:CE) Shares Bought by Teacher Retirement System of Texas
Teacher Retirement System of Texas boosted its position in shares of Celanese Corporation (NYSE:CE) by 358.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 229,619 shares of the basic materials company’s stock after buying an additional 179,584 shares during the period. Teacher Retirement System of Texas’ holdings in Celanese Corporation were worth $21,800,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. BlackRock Inc. raised its position in shares of 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 worth $685,818,000 after buying an additional 7,499,096 shares during the last quarter. Boston Partners purchased a new position in shares of Celanese Corporation during the first quarter worth $200,091,000. JPMorgan Chase & Co. raised its position in shares of Celanese Corporation by 335.6% in the first quarter. JPMorgan Chase & Co. now owns 2,247,203 shares of the basic materials company’s stock worth $201,910,000 after buying an additional 1,731,282 shares during the last quarter. Victory Capital Management Inc. purchased a new position in shares of Celanese Corporation during the first quarter worth $135,865,000. Finally, Old Mutual Global Investors UK Ltd. raised its position in shares of Celanese Corporation by 129.9% in the first quarter. Old Mutual Global Investors UK Ltd. now owns 957,629 shares of the basic materials company’s stock worth $86,042,000 after buying an additional 541,105 shares during the last quarter.
Shares of Celanese Corporation (NYSE CE) opened at 96.71 on Friday. The company has a market cap of $13.30 billion, a P/E ratio of 16.45 and a beta of 1.28. The firm has a 50-day moving average of $96.36 and a 200 day moving average of $90.67. Celanese Corporation has a 52 week low of $60.59 and a 52 week high of $99.97.
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, beating the 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%. Celanese Corporation’s revenue was up 11.8% on a year-over-year basis. During the same period in the previous year, the business posted $1.59 EPS. Equities analysts expect that Celanese Corporation will post $7.33 EPS for the current fiscal year.
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 of this dividend was Wednesday, July 26th. This represents a $1.84 annualized dividend and a yield of 1.90%. Celanese Corporation’s payout ratio is 31.24%.
Celanese Corporation declared that its board has authorized a stock repurchase plan 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 plans are often a sign that the company’s board of directors believes its stock is undervalued.
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CE has been the subject of a number of analyst reports. 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 report on Wednesday, April 19th. Vertical Research downgraded shares of Celanese Corporation from a “buy” rating to a “hold” rating and increased their price target for the company from $101.00 to $103.00 in a report on Monday, July 10th. They noted that the move was a valuation call. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Celanese Corporation in a report on Tuesday, June 20th. Alembic Global Advisors reaffirmed a “sell” rating on shares of Celanese Corporation in a report on Tuesday, July 4th. Finally, Zacks Investment Research raised shares of Celanese Corporation from a “hold” rating to a “buy” rating and set a $111.00 price target for the company in a report on Monday, July 17th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Celanese Corporation currently has an average rating of “Buy” and an average 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.
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