State of Michigan Retirement System raised its holdings in shares of Celanese Co. (NYSE:CE) by 4.3% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 31,537 shares of the basic materials company’s stock after acquiring an additional 1,300 shares during the quarter. State of Michigan Retirement System’s holdings in Celanese were worth $3,389,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Raymond James Trust N.A. boosted its holdings in shares of Celanese by 32.1% in the 2nd quarter. Raymond James Trust N.A. now owns 5,736 shares of the basic materials company’s stock valued at $495,000 after buying an additional 1,394 shares during the last quarter. Exane Derivatives boosted its holdings in shares of Celanese by 499,400.0% in the 3rd quarter. Exane Derivatives now owns 9,990 shares of the basic materials company’s stock valued at $1,073,000 after buying an additional 9,988 shares during the last quarter. Skandinaviska Enskilda Banken AB publ boosted its holdings in shares of Celanese by 3.1% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 21,365 shares of the basic materials company’s stock valued at $1,845,000 after buying an additional 636 shares during the last quarter. Envestnet Asset Management Inc. boosted its holdings in shares of Celanese by 6.5% in the 2nd quarter. Envestnet Asset Management Inc. now owns 35,800 shares of the basic materials company’s stock valued at $3,091,000 after buying an additional 2,171 shares during the last quarter. Finally, Rampart Investment Management Company LLC boosted its holdings in shares of Celanese by 775.1% in the 2nd quarter. Rampart Investment Management Company LLC now owns 7,736 shares of the basic materials company’s stock valued at $668,000 after buying an additional 6,852 shares during the last quarter. 96.35% of the stock is owned by institutional investors.
In other news, Director John K. Wulff sold 750 shares of the business’s stock in a transaction dated Wednesday, October 14th. The stock was sold at an average price of $116.67, for a total transaction of $87,502.50. Following the sale, the director now directly owns 20,221 shares in the company, valued at $2,359,184.07. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.69% of the company’s stock.
Several brokerages have issued reports on CE. Scotiabank downgraded Celanese from a “sector outperform” rating to a “sector perform” rating and set a $117.00 price target for the company. in a report on Tuesday. They noted that the move was a valuation call. TheStreet raised Celanese from a “c+” rating to a “b-” rating in a report on Thursday, October 22nd. Wells Fargo & Company raised their price target on Celanese from $125.00 to $130.00 and gave the company an “overweight” rating in a report on Thursday, October 15th. Vertical Research downgraded Celanese from a “buy” rating to a “hold” rating in a report on Tuesday. Finally, Bank of America raised their price target on Celanese from $100.00 to $104.00 and gave the company a “neutral” rating in a report on Tuesday, July 21st. Thirteen equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $111.50.
Celanese stock opened at $113.51 on Friday. Celanese Co. has a 12-month low of $52.70 and a 12-month high of $128.88. The company has a quick ratio of 0.74, a current ratio of 1.20 and a debt-to-equity ratio of 1.04. The business’s 50-day moving average price is $112.81 and its two-hundred day moving average price is $95.96. The stock has a market cap of $13.43 billion, a PE ratio of 21.79, a P/E/G ratio of 5.06 and a beta of 1.33.
Celanese (NYSE:CE) last released its earnings results on Tuesday, July 28th. The basic materials company reported $1.30 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.05 by $0.25. Celanese had a return on equity of 33.49% and a net margin of 11.13%. The firm had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.08 billion. During the same quarter in the previous year, the business posted $2.38 earnings per share. The business’s revenue for the quarter was down 25.1% on a year-over-year basis. As a group, analysts expect that Celanese Co. will post 6.93 earnings per share for the current year.
The firm also recently announced a monthly dividend, which will be paid on Tuesday, November 10th. Shareholders of record on Tuesday, October 27th will be given a $0.62 dividend. This represents a $7.44 dividend on an annualized basis and a yield of 6.55%. The ex-dividend date is Monday, October 26th. Celanese’s dividend payout ratio is presently 78.07%.
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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