Palisade Asset Management LLC held its stake in shares of Celanese Corporation (NYSE:CE) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 4,363 shares of the basic materials company’s stock at the end of the second quarter. Palisade Asset Management LLC’s holdings in Celanese Corporation were worth $414,000 as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of CE. Quadrature Capital Ltd purchased a new stake in shares of Celanese Corporation during the fourth quarter valued at $252,000. UBS Asset Management Americas Inc. boosted its stake in shares of Celanese Corporation by 0.7% in the fourth quarter. UBS Asset Management Americas Inc. now owns 340,117 shares of the basic materials company’s stock valued at $26,780,000 after buying an additional 2,297 shares during the period. Raymond James Trust N.A. purchased a new stake in shares of Celanese Corporation during the first quarter valued at $356,000. Gulf International Bank UK Ltd boosted its stake in shares of Celanese Corporation by 1.4% in the first quarter. Gulf International Bank UK Ltd now owns 43,215 shares of the basic materials company’s stock valued at $3,882,000 after buying an additional 600 shares during the period. Finally, Bank of Montreal Can boosted its stake in shares of Celanese Corporation by 117.4% in the first quarter. Bank of Montreal Can now owns 52,788 shares of the basic materials company’s stock valued at $4,742,000 after buying an additional 28,501 shares during the period.
Celanese Corporation (CE) opened at 97.69 on Thursday. The stock has a market capitalization of $13.44 billion, a price-to-earnings ratio of 16.62 and a beta of 1.28. Celanese Corporation has a 12 month low of $60.59 and a 12 month high of $99.97. The stock’s 50 day moving average is $96.23 and its 200-day moving average is $90.53.
Celanese Corporation (NYSE:CE) last announced its earnings results on Monday, July 24th. The basic materials company reported $1.79 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.76 by $0.03. The company had revenue of $1.51 billion for 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%. Celanese Corporation’s quarterly revenue was up 11.8% on a year-over-year basis. During the same period in the prior year, the company posted $1.59 EPS. On average, equities research analysts expect that Celanese Corporation will post $7.33 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, August 7th. Investors of record on Friday, July 28th were given a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a dividend yield of 1.88%. The ex-dividend date of this dividend was Wednesday, July 26th. Celanese Corporation’s dividend payout ratio is currently 31.24%.
Celanese Corporation announced that its board has initiated a stock buyback plan on Monday, July 17th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the basic materials company to purchase up to 10.9% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s management believes its stock is undervalued.
Several analysts recently weighed in on CE shares. Nomura reaffirmed a “hold” rating and issued a $88.00 target price on shares of Celanese Corporation in a report on Wednesday, April 19th. Cowen and Company reissued an “outperform” rating and set a $90.00 price objective (down previously from $99.00) on shares of Celanese Corporation in a report on Wednesday, April 19th. Instinet raised their price objective on shares of Celanese Corporation from $77.00 to $88.00 and gave the stock a “neutral” rating in a report on Wednesday, April 19th. Deutsche Bank AG cut their price objective on shares of Celanese Corporation from $100.00 to $96.00 and set a “buy” rating on the stock in a report on Wednesday, April 19th. Finally, Jefferies Group LLC reissued a “buy” rating and set a $104.00 price objective (up previously from $100.00) on shares of Celanese Corporation in a report on Saturday, April 22nd. One research analyst has rated the stock with a sell rating, six have given a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $100.55.
Celanese Corporation Company 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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