Seven Eight Capital LP Sells 12,500 Shares of Celanese Corporation (CE)

Seven Eight Capital LP lowered its holdings in shares of Celanese Corporation (NYSE:CE) by 77.0% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 3,740 shares of the basic materials company’s stock after selling 12,500 shares during the period. Seven Eight Capital LP’s holdings in Celanese Corporation were worth $355,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the stock. Honkamp Krueger Financial Services Inc. grew its holdings in shares of Celanese Corporation by 0.4% during the 2nd quarter. Honkamp Krueger Financial Services Inc. now owns 2,670 shares of the basic materials company’s stock valued at $253,000 after purchasing an additional 10 shares during the last quarter. Alps Advisors Inc. grew its holdings in shares of Celanese Corporation by 0.3% during the 2nd quarter. Alps Advisors Inc. now owns 5,276 shares of the basic materials company’s stock valued at $501,000 after purchasing an additional 14 shares during the last quarter. Atria Investments LLC grew its holdings in shares of Celanese Corporation by 0.8% during the 2nd quarter. Atria Investments LLC now owns 2,381 shares of the basic materials company’s stock valued at $226,000 after purchasing an additional 19 shares during the last quarter. Financial Architects Inc grew its holdings in shares of Celanese Corporation by 2.2% during the 2nd quarter. Financial Architects Inc now owns 1,959 shares of the basic materials company’s stock valued at $186,000 after purchasing an additional 43 shares during the last quarter. Finally, Pacer Advisors Inc. grew its holdings in shares of Celanese Corporation by 3.3% during the 1st quarter. Pacer Advisors Inc. now owns 2,748 shares of the basic materials company’s stock valued at $247,000 after purchasing an additional 88 shares during the last quarter. 97.24% of the stock is currently owned by institutional investors.

Shares of Celanese Corporation (CE) opened at 101.57 on Tuesday. The stock has a 50 day moving average of $97.62 and a 200 day moving average of $92.51. Celanese Corporation has a 52-week low of $61.36 and a 52-week high of $101.76. The stock has a market capitalization of $13.97 billion, a PE ratio of 17.28 and a beta of 1.28.

Celanese Corporation (NYSE:CE) last posted its quarterly earnings results on Monday, July 24th. The basic materials company reported $1.79 EPS for the quarter, topping the Zacks’ consensus estimate of $1.76 by $0.03. The firm had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.44 billion. Celanese Corporation had a net margin of 14.89% and a return on equity of 31.23%. The business’s revenue for the quarter was up 11.8% on a year-over-year basis. During the same period in the prior year, the business posted $1.59 earnings per share. Analysts forecast that Celanese Corporation will post $7.33 earnings per share for the current year.

Celanese Corporation declared that its board has approved a share buyback program on Monday, July 17th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the basic materials company to purchase up to 10.9% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

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Several equities analysts recently commented on the stock. Nomura increased their target price on shares of Celanese Corporation from $95.00 to $97.00 and gave the company a “neutral” rating in a report on Wednesday, July 19th. Zacks Investment Research raised shares of Celanese Corporation from a “hold” rating to a “buy” rating and set a $111.00 target price on the stock in a report on Monday, July 17th. Cowen and Company reaffirmed an “outperform” rating and set a $115.00 target price (up previously from $100.00) on shares of Celanese Corporation in a report on Wednesday, August 9th. ValuEngine raised shares of Celanese Corporation from a “buy” rating to a “strong-buy” rating in a report on Friday, September 1st. Finally, BidaskClub raised shares of Celanese Corporation from a “hold” rating to a “buy” rating in a report on Saturday, August 26th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, ten have assigned a buy rating and three have issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $102.74.

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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Institutional Ownership by Quarter for Celanese Corporation (NYSE:CE)

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