CIBC Asset Management Inc Acquires 6,537 Shares of Celanese Co. (CE)
CIBC Asset Management Inc boosted its position in Celanese Co. (NYSE:CE) by 103.2% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 12,869 shares of the basic materials company’s stock after purchasing an additional 6,537 shares during the period. CIBC Asset Management Inc’s holdings in Celanese were worth $1,158,000 as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of CE. Robeco Institutional Asset Management B.V. grew its position in Celanese by 11.4% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 62,603 shares of the basic materials company’s stock worth $7,137,000 after acquiring an additional 6,424 shares during the last quarter. Chicago Equity Partners LLC lifted its holdings in Celanese by 149.5% during the 3rd quarter. Chicago Equity Partners LLC now owns 8,120 shares of the basic materials company’s stock worth $926,000 after buying an additional 4,865 shares in the last quarter. Private Advisor Group LLC lifted its holdings in Celanese by 82.4% during the 3rd quarter. Private Advisor Group LLC now owns 8,129 shares of the basic materials company’s stock worth $927,000 after buying an additional 3,672 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its holdings in Celanese by 8.1% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 7,365 shares of the basic materials company’s stock worth $840,000 after buying an additional 551 shares in the last quarter. Finally, Virginia Retirement Systems ET AL acquired a new position in Celanese during the 3rd quarter worth $1,984,000. 96.45% of the stock is owned by institutional investors and hedge funds.
Several research analysts have issued reports on the company. ValuEngine raised Celanese from a “sell” rating to a “hold” rating in a report on Saturday, February 2nd. Zacks Investment Research downgraded Celanese from a “hold” rating to a “sell” rating in a report on Thursday, January 24th. Cowen downgraded Celanese from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $122.00 to $108.00 in a report on Wednesday, February 6th. SunTrust Banks downgraded Celanese from a “buy” rating to a “hold” rating in a report on Monday, January 14th. Finally, Alembic Global Advisors reaffirmed a “sell” rating on shares of Celanese in a report on Thursday, December 20th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the stock. Celanese currently has a consensus rating of “Hold” and an average target price of $115.24.
Celanese (NYSE:CE) last released its quarterly earnings data on Monday, January 28th. The basic materials company reported $2.38 EPS for the quarter, missing the Zacks’ consensus estimate of $2.40 by ($0.02). Celanese had a net margin of 16.87% and a return on equity of 40.37%. The firm had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.72 billion. During the same quarter in the prior year, the company earned $1.98 EPS. Celanese’s quarterly revenue was up 6.0% on a year-over-year basis. As a group, sell-side analysts forecast that Celanese Co. will post 10.41 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Tuesday, February 19th were given a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.12%. The ex-dividend date was Friday, February 15th. Celanese’s dividend payout ratio is currently 19.64%.
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Celanese Company Profile
Celanese Corporation, a technology and specialty materials company, manufactures and sells high performance engineered polymers in the United States and internationally. The company operates through Engineered Materials, Acetate Tow, and Acetyl Chain segments. The Engineered Materials segment develops, produces, and supplies specialty polymers for automotive and medical applications, as well as for use in industrial products and consumer electronics.
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