California Public Employees Retirement System lowered its position in shares of Celanese Co. (NYSE:CE) by 10.8% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 305,959 shares of the basic materials company’s stock after selling 37,230 shares during the quarter. California Public Employees Retirement System’s holdings in Celanese were worth $30,171,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently modified their holdings of CE. Acima Private Wealth LLC purchased a new position in shares of Celanese during the 4th quarter valued at about $31,000. Baystate Wealth Management LLC raised its stake in shares of Celanese by 200.9% during the 4th quarter. Baystate Wealth Management LLC now owns 331 shares of the basic materials company’s stock valued at $32,000 after buying an additional 221 shares during the last quarter. Pearl River Capital LLC purchased a new position in shares of Celanese during the 4th quarter valued at about $36,000. Prime Capital Investment Advisors LLC purchased a new position in shares of Celanese during the 4th quarter valued at about $37,000. Finally, Investors Research Corp purchased a new position in shares of Celanese during the 1st quarter valued at about $41,000. 96.45% of the stock is owned by institutional investors.
In related news, Director John K. Wulff sold 9,175 shares of Celanese stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $108.32, for a total value of $993,836.00. Following the completion of the transaction, the director now owns 19,872 shares in the company, valued at approximately $2,152,535.04. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.57% of the stock is owned by insiders.
Celanese (NYSE:CE) last announced its quarterly earnings results on Monday, April 22nd. The basic materials company reported $2.62 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.49 by $0.13. Celanese had a return on equity of 39.76% and a net margin of 16.89%. The firm had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.76 billion. During the same quarter in the previous year, the business earned $2.79 EPS. Celanese’s revenue for the quarter was down 8.9% compared to the same quarter last year. Analysts forecast that Celanese Co. will post 10.54 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, May 9th. Investors of record on Monday, April 29th were paid a $0.62 dividend. This represents a $2.48 annualized dividend and a dividend yield of 2.44%. The ex-dividend date of this dividend was Friday, April 26th. This is a positive change from Celanese’s previous quarterly dividend of $0.54. Celanese’s payout ratio is currently 22.55%.
A number of equities analysts have weighed in on CE shares. Deutsche Bank lowered Celanese from a “buy” rating to a “hold” rating and set a $110.00 price objective for the company. in a research note on Sunday, April 14th. Robert W. Baird lifted their price objective on Celanese from $120.00 to $125.00 and gave the company an “outperform” rating in a research note on Wednesday, April 24th. UBS Group set a $126.00 price objective on Celanese and gave the company a “buy” rating in a research note on Tuesday, January 29th. Zacks Investment Research upgraded Celanese from a “sell” rating to a “hold” rating and set a $114.00 price objective for the company in a research note on Monday, April 8th. Finally, Alembic Global Advisors upgraded Celanese from an “underweight” rating to a “neutral” rating and lifted their price objective for the company from $95.00 to $115.00 in a research note on Monday, April 29th. Nine investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $119.53.
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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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