Quantitative Investment Management LLC purchased a new stake in Celanese Corporation (NYSE:CE) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 208,300 shares of the basic materials company’s stock, valued at approximately $19,776,000. Quantitative Investment Management LLC owned about 0.15% of Celanese Corporation at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently made changes to their positions in CE. BlackRock Inc. lifted its position in Celanese Corporation by 5,604.5% in the first 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. raised its holdings in shares of Celanese Corporation by 335.6% in the first quarter. JPMorgan Chase & Co. now owns 2,247,203 shares of the basic materials company’s stock valued at $201,910,000 after buying an additional 1,731,282 shares during the last quarter. Victory Capital Management Inc. purchased a new stake in shares of Celanese Corporation in the first quarter valued at about $135,865,000. Boston Partners raised its holdings in shares of Celanese Corporation by 28.0% in the second quarter. Boston Partners now owns 2,850,620 shares of the basic materials company’s stock valued at $270,637,000 after buying an additional 623,671 shares during the last quarter. Finally, FMR LLC raised its holdings in shares of Celanese Corporation by 41.5% in the first quarter. FMR LLC now owns 1,714,126 shares of the basic materials company’s stock valued at $154,014,000 after buying an additional 502,497 shares during the last quarter. 97.24% of the stock is owned by hedge funds and other institutional investors.
Shares of Celanese Corporation (CE) traded up 0.53% on Wednesday, hitting $103.00. 99,804 shares of the stock were exchanged. The firm has a market cap of $14.17 billion, a price-to-earnings ratio of 17.52 and a beta of 1.28. Celanese Corporation has a one year low of $61.67 and a one year high of $104.09. The firm’s 50 day moving average price is $97.80 and its 200 day moving average price is $92.60.
Celanese Corporation (NYSE:CE) last issued its quarterly earnings data on Monday, July 24th. The basic materials company reported $1.79 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.76 by $0.03. The firm had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.44 billion. Celanese Corporation had a net margin of 14.89% and a return on equity of 31.23%. Celanese Corporation’s quarterly revenue was up 11.8% compared to the same quarter last year. During the same period last year, the firm posted $1.59 EPS. Equities analysts anticipate that Celanese Corporation will post $7.33 earnings per share for the current year.
Celanese Corporation announced that its Board of Directors has authorized a stock buyback plan on Monday, July 17th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the basic materials company to purchase up to 10.9% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
A number of equities research analysts have recently commented on CE shares. Jefferies Group LLC set a $104.00 target price on shares of Celanese Corporation and gave the company a “buy” rating in a report on Saturday, May 27th. BidaskClub cut shares of Celanese Corporation from a “strong-buy” rating to a “buy” rating in a report on Monday, July 24th. Zacks Investment Research raised shares of Celanese Corporation from a “hold” rating to a “buy” rating and set a $111.00 target price for the company in a report on Monday, July 17th. KeyCorp reaffirmed a “buy” rating and issued a $106.00 target price on shares of Celanese Corporation in a report on Thursday, August 24th. Finally, Royal Bank Of Canada reaffirmed a “buy” rating and issued a $109.00 target price on shares of Celanese Corporation in a report on Wednesday, September 6th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have given a buy rating and three have issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $103.05.
About Celanese Corporation
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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