California State Teachers Retirement System cut its position in shares of Celanese Corporation (NYSE:CE) by 14.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 258,795 shares of the basic materials company’s stock after selling 43,023 shares during the quarter. California State Teachers Retirement System owned approximately 0.19% of Celanese Corporation worth $24,570,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of CE. American International Group Inc. grew its holdings in shares of Celanese Corporation by 149.4% during the first quarter. American International Group Inc. now owns 23,816 shares of the basic materials company’s stock worth $2,140,000 after buying an additional 14,267 shares in the last quarter. Neuberger Berman Group LLC purchased a new stake in shares of Celanese Corporation during the first quarter worth about $217,000. FMR LLC grew its holdings in shares of Celanese Corporation by 41.5% during the first quarter. FMR LLC now owns 1,714,126 shares of the basic materials company’s stock worth $154,014,000 after buying an additional 502,497 shares in the last quarter. Fifth Third Bancorp grew its holdings in shares of Celanese Corporation by 31.5% during the first quarter. Fifth Third Bancorp now owns 2,005 shares of the basic materials company’s stock worth $180,000 after buying an additional 480 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. purchased a new stake in shares of Celanese Corporation during the first quarter worth about $246,000. Institutional investors and hedge funds own 97.21% of the company’s stock.

CE has been the subject of a number of recent analyst reports. UBS AG restated a “neutral” rating and issued a $95.00 target price (up from $90.00) on shares of Celanese Corporation in a report on Thursday, June 22nd. Instinet restated a “neutral” rating and issued a $100.00 target price (up from $97.00) on shares of Celanese Corporation in a report on Friday. Nomura boosted their target price on shares of Celanese Corporation from $97.00 to $100.00 and gave the company a “neutral” rating in a report on Tuesday, October 10th. Cowen and Company restated an “outperform” rating and issued a $115.00 target price (up from $100.00) on shares of Celanese Corporation in a report on Wednesday, August 9th. Finally, ValuEngine downgraded shares of Celanese Corporation from a “strong-buy” rating to a “buy” rating in a report on Friday, October 6th. One analyst has rated the stock with a sell rating, five have issued a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $103.99.

Shares of Celanese Corporation (NYSE:CE) opened at 107.35 on Monday. The firm’s 50-day moving average is $102.21 and its 200 day moving average is $94.59. Celanese Corporation has a 1-year low of $63.02 and a 1-year high of $109.09. The stock has a market capitalization of $14.76 billion, a P/E ratio of 18.26 and a beta of 1.31.

Celanese Corporation (NYSE:CE) last announced its quarterly earnings results on Monday, July 24th. The basic materials company reported $1.79 EPS for the quarter, beating the 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 for the quarter, compared to the consensus estimate of $1.44 billion. During the same quarter last year, the company posted $1.59 earnings per share. The company’s revenue for the quarter was up 11.8% compared to the same quarter last year. On average, analysts expect that Celanese Corporation will post $7.31 EPS for the current fiscal year.

Celanese Corporation declared that its Board of Directors has approved a stock repurchase plan 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 reacquire up to 10.9% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

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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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Institutional Ownership by Quarter for Celanese Corporation (NYSE:CE)

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