Connor Clark & Lunn Investment Management Ltd. Takes $1.49 Million Position in Celanese Co. (CE)
Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Celanese Co. (NYSE:CE) in the 4th quarter, according to its most recent disclosure with the SEC. The fund acquired 16,500 shares of the basic materials company’s stock, valued at approximately $1,485,000.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Acima Private Wealth LLC bought a new position in shares of Celanese in the 4th quarter valued at $31,000. Baystate Wealth Management LLC increased its stake in shares of Celanese by 200.9% in the 4th quarter. Baystate Wealth Management LLC now owns 331 shares of the basic materials company’s stock valued at $32,000 after purchasing an additional 221 shares during the last quarter. Pearl River Capital LLC bought a new position in shares of Celanese in the 4th quarter valued at $36,000. Prime Capital Investment Advisors LLC bought a new position in shares of Celanese in the 4th quarter valued at $37,000. Finally, Doyle Wealth Management bought a new position in shares of Celanese in the 4th quarter valued at $62,000. 96.45% of the stock is owned by hedge funds and other institutional investors.
CE has been the topic of several recent analyst reports. Robert W. Baird reiterated a “buy” rating and issued a $120.00 price target on shares of Celanese in a research note on Wednesday, January 30th. UBS Group set a $126.00 price objective on Celanese and gave the stock a “buy” rating in a research report on Tuesday, January 29th. Royal Bank of Canada restated a “buy” rating and set a $118.00 price objective on shares of Celanese in a research report on Thursday, December 20th. Stifel Nicolaus assumed coverage on Celanese in a research report on Monday, December 10th. They set a “hold” rating and a $100.00 price objective on the stock. Finally, Zacks Investment Research restated a “hold” rating on shares of Celanese in a research report on Monday, December 31st. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $115.24.
Celanese (NYSE:CE) last issued its quarterly earnings data on Monday, January 28th. The basic materials company reported $2.38 earnings per share for the quarter, missing analysts’ consensus estimates of $2.40 by ($0.02). The firm had revenue of $1.69 billion for the quarter, compared to the consensus estimate of $1.72 billion. Celanese had a return on equity of 40.37% and a net margin of 16.87%. The company’s revenue was up 6.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.98 EPS. Equities research analysts expect that Celanese Co. will post 10.41 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Tuesday, February 19th were issued a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 2.13%. The ex-dividend date was Friday, February 15th. Celanese’s payout ratio is presently 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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