Celanese Corporation (CE) Shares Sold by Ardevora Asset Management LLP
Ardevora Asset Management LLP decreased its stake in Celanese Corporation (NYSE:CE) by 6.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 386,100 shares of the basic materials company’s stock after selling 27,900 shares during the quarter. Celanese Corporation makes up 1.2% of Ardevora Asset Management LLP’s portfolio, making the stock its 9th biggest holding. Ardevora Asset Management LLP owned 0.28% of Celanese Corporation worth $40,259,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds also recently modified their holdings of the business. Teacher Retirement System of Texas increased its position in Celanese Corporation by 22.4% in the third quarter. Teacher Retirement System of Texas now owns 281,063 shares of the basic materials company’s stock worth $29,306,000 after buying an additional 51,444 shares in the last quarter. Moody Lynn & Lieberson LLC purchased a new stake in Celanese Corporation in the third quarter worth about $5,465,000. Toronto Dominion Bank increased its position in Celanese Corporation by 240.3% in the third quarter. Toronto Dominion Bank now owns 5,890 shares of the basic materials company’s stock worth $614,000 after buying an additional 4,159 shares in the last quarter. BNP Paribas Arbitrage SA increased its position in Celanese Corporation by 75.8% in the third quarter. BNP Paribas Arbitrage SA now owns 237,976 shares of the basic materials company’s stock worth $24,814,000 after buying an additional 102,630 shares in the last quarter. Finally, Candriam Luxembourg S.C.A. increased its position in Celanese Corporation by 63.8% in the third quarter. Candriam Luxembourg S.C.A. now owns 14,302 shares of the basic materials company’s stock worth $1,491,000 after buying an additional 5,568 shares in the last quarter. Institutional investors and hedge funds own 97.90% of the company’s stock.
Several research firms recently issued reports on CE. Zacks Investment Research upgraded Celanese Corporation from a “hold” rating to a “buy” rating and set a $111.00 target price for the company in a research report on Monday, July 17th. ValuEngine upgraded Celanese Corporation from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 1st. Tudor Pickering began coverage on Celanese Corporation in a research report on Tuesday. They set a “buy” rating for the company. Royal Bank Of Canada reiterated a “buy” rating and set a $109.00 target price on shares of Celanese Corporation in a research report on Wednesday, September 6th. Finally, BidaskClub cut Celanese Corporation from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 24th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company. Celanese Corporation currently has an average rating of “Buy” and an average price target of $107.74.
In related news, Director John K. Wulff sold 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, October 24th. The stock was sold at an average price of $105.88, for a total transaction of $264,700.00. Following the completion of the sale, the director now directly owns 30,175 shares of the company’s stock, valued at approximately $3,194,929. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Christopher W. Jensen sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, October 30th. The stock was sold at an average price of $104.68, for a total value of $104,680.00. Following the sale, the chief financial officer now directly owns 60,086 shares of the company’s stock, valued at $6,289,802.48. The disclosure for this sale can be found here. 0.42% of the stock is owned by company insiders.
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Celanese Corporation (CE) traded up $0.08 during trading hours on Tuesday, hitting $105.80. The stock had a trading volume of 431,700 shares, compared to its average volume of 893,851. The company has a market cap of $14,339.44, a price-to-earnings ratio of 15.00, a price-to-earnings-growth ratio of 1.59 and a beta of 1.31. Celanese Corporation has a 1-year low of $75.79 and a 1-year high of $109.11. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.69 and a quick ratio of 1.16.
Celanese Corporation (NYSE:CE) last posted its quarterly earnings data on Monday, October 16th. The basic materials company reported $1.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.92 by $0.01. The business had revenue of $1.57 billion during the quarter, compared to analyst estimates of $1.49 billion. Celanese Corporation had a return on equity of 31.98% and a net margin of 13.66%. The company’s revenue for the quarter was up 18.4% on a year-over-year basis. During the same period last year, the company earned $1.67 EPS. analysts expect that Celanese Corporation will post 7.37 earnings per share for the current year.
Celanese Corporation announced that its Board of Directors has initiated a share buyback program on Monday, July 17th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the basic materials company to repurchase up to 10.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 9th. Stockholders of record on Monday, October 30th were paid a $0.46 dividend. This represents a $1.84 annualized dividend and a dividend yield of 1.74%. The ex-dividend date of this dividend was Friday, October 27th. Celanese Corporation’s payout ratio is 32.11%.
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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