Federated Investors Inc. PA lessened its holdings in shares of Celanese Corporation (NYSE:CE) by 92.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 11,881 shares of the basic materials company’s stock after selling 144,707 shares during the quarter. Federated Investors Inc. PA’s holdings in Celanese Corporation were worth $1,128,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also modified their holdings of CE. BlackRock Inc. boosted its position in shares of Celanese Corporation by 5,604.5% during the 1st quarter. BlackRock Inc. now owns 7,632,901 shares of the basic materials company’s stock valued at $685,818,000 after acquiring an additional 7,499,096 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of Celanese Corporation by 335.6% during the 1st quarter. JPMorgan Chase & Co. now owns 2,247,203 shares of the basic materials company’s stock valued at $201,910,000 after acquiring an additional 1,731,282 shares during the last quarter. Victory Capital Management Inc. bought a new stake in shares of Celanese Corporation during the 1st quarter valued at about $135,865,000. Boston Partners boosted its position in shares of Celanese Corporation by 28.0% during the 2nd quarter. Boston Partners now owns 2,850,620 shares of the basic materials company’s stock valued at $270,637,000 after acquiring an additional 623,671 shares during the last quarter. Finally, FMR LLC boosted its position in shares of Celanese Corporation by 41.5% during the 1st quarter. FMR LLC now owns 1,714,126 shares of the basic materials company’s stock valued at $154,014,000 after acquiring an additional 502,497 shares during the last quarter. Hedge funds and other institutional investors own 97.24% of the company’s stock.
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A number of equities analysts recently weighed in on the company. Jefferies Group LLC set a $104.00 price objective on Celanese Corporation and gave the company a “buy” rating in a report on Saturday, May 27th. Royal Bank Of Canada reissued an “outperform” rating on shares of Celanese Corporation in a report on Tuesday, June 20th. Zacks Investment Research raised Celanese Corporation from a “hold” rating to a “buy” rating and set a $111.00 price objective on the stock in a report on Monday, July 17th. ValuEngine raised Celanese Corporation from a “buy” rating to a “strong-buy” rating in a report on Friday, September 1st. Finally, BidaskClub raised Celanese Corporation from a “buy” rating to a “strong-buy” rating in a report on Thursday, July 6th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, ten have given a buy rating and three have given a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $102.74.
Celanese Corporation (NYSE CE) opened at 100.09 on Friday. Celanese Corporation has a 52 week low of $61.36 and a 52 week high of $100.77. The firm has a 50-day moving average price of $97.42 and a 200-day moving average price of $92.37. The stock has a market capitalization of $13.77 billion, a PE ratio of 17.03 and a beta of 1.28.
Celanese Corporation (NYSE:CE) last posted its quarterly earnings data on Monday, July 24th. The basic materials company reported $1.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.76 by $0.03. The business had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.44 billion. Celanese Corporation had a return on equity of 31.23% and a net margin of 14.89%. The company’s revenue for the quarter was up 11.8% on a year-over-year basis. During the same period last year, the company earned $1.59 EPS. Equities research analysts predict that Celanese Corporation will post $7.33 EPS for the current fiscal year.
Celanese Corporation announced that its board has initiated a stock repurchase plan on Monday, July 17th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the basic materials company to purchase up to 10.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.
Celanese Corporation 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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