Artisan Partners Limited Partnership cut its stake in Celanese Corporation (NYSE:CE) by 3.3% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,718,465 shares of the basic materials company’s stock after selling 93,588 shares during the period. Artisan Partners Limited Partnership owned approximately 1.98% of Celanese Corporation worth $258,091,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. increased its stake in shares of Celanese Corporation by 24.2% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,059 shares of the basic materials company’s stock valued at $101,000 after purchasing an additional 206 shares during the last quarter. Barrett Asset Management LLC bought a new position in shares of Celanese Corporation in the 2nd quarter valued at $142,000. Toronto Dominion Bank increased its stake in shares of Celanese Corporation by 27.4% in the 1st quarter. Toronto Dominion Bank now owns 1,597 shares of the basic materials company’s stock valued at $144,000 after purchasing an additional 343 shares during the last quarter. Fiduciary Trust Co. bought a new position in shares of Celanese Corporation in the 2nd quarter valued at $150,000. Finally, Fifth Third Bancorp increased its stake in shares of Celanese Corporation by 31.5% in the 1st quarter. Fifth Third Bancorp now owns 2,005 shares of the basic materials company’s stock valued at $180,000 after purchasing an additional 480 shares during the last quarter. 97.24% of the stock is owned by hedge funds and other institutional investors.
Shares of Celanese Corporation (NYSE:CE) traded up 0.12% on Friday, reaching $100.09. The company’s stock had a trading volume of 1,482,392 shares. The stock has a 50 day moving average of $97.42 and a 200-day moving average of $92.37. The firm has a market cap of $13.77 billion, a price-to-earnings ratio of 17.03 and a beta of 1.28. Celanese Corporation has a 12 month low of $61.36 and a 12 month high of $100.77.
Celanese Corporation (NYSE:CE) last released its earnings results on Monday, July 24th. The basic materials company reported $1.79 EPS for the quarter, beating the Zacks’ consensus estimate of $1.76 by $0.03. The business had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.44 billion. Celanese Corporation had a return on equity of 31.23% and a net margin of 14.89%. The firm’s revenue was up 11.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.59 earnings per share. On average, analysts anticipate that Celanese Corporation will post $7.33 EPS for the current year.
Celanese Corporation declared that its Board of Directors has initiated a share buyback plan on Monday, July 17th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the basic materials company to repurchase up to 10.9% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its shares are undervalued.
Several brokerages have recently issued reports on CE. Vertical Research lowered Celanese Corporation from a “buy” rating to a “hold” rating and lifted their price target for the company from $101.00 to $103.00 in a research note on Monday, July 10th. They noted that the move was a valuation call. UBS AG reiterated a “neutral” rating and issued a $95.00 price target (up previously from $90.00) on shares of Celanese Corporation in a research note on Thursday, June 22nd. BidaskClub lowered Celanese Corporation from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 24th. Alembic Global Advisors reiterated a “sell” rating on shares of Celanese Corporation in a research note on Tuesday, July 4th. Finally, J P Morgan Chase & Co reiterated a “neutral” rating and issued a $97.00 price target (up previously from $90.00) on shares of Celanese Corporation in a research note on Tuesday, June 20th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, ten have given a buy rating and three have issued a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $102.74.
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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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