Fmr LLC Lowers Stake in Celanese Corporation (CE)

Fmr LLC reduced its position in shares of Celanese Corporation (NYSE:CE) by 45.0% in the second quarter, according to its most recent filing with the SEC. The fund owned 942,258 shares of the basic materials company’s stock after selling 771,868 shares during the quarter. Fmr LLC owned about 0.69% of Celanese Corporation worth $89,457,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CE. Comerica Bank boosted its position in shares of Celanese Corporation by 102.7% during the 1st quarter. Comerica Bank now owns 14,721 shares of the basic materials company’s stock valued at $1,294,000 after acquiring an additional 7,457 shares during the last quarter. UBS Asset Management Americas Inc. boosted its position in shares of Celanese Corporation by 9.6% during the 1st quarter. UBS Asset Management Americas Inc. now owns 372,706 shares of the basic materials company’s stock valued at $33,488,000 after acquiring an additional 32,589 shares during the last quarter. Ameriprise Financial Inc. boosted its position in shares of Celanese Corporation by 685.2% during the 1st quarter. Ameriprise Financial Inc. now owns 130,919 shares of the basic materials company’s stock valued at $11,763,000 after acquiring an additional 114,245 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its position in shares of Celanese Corporation by 35.4% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 4,606 shares of the basic materials company’s stock valued at $414,000 after acquiring an additional 1,204 shares during the last quarter. Finally, American International Group Inc. boosted its position in shares of Celanese Corporation by 149.4% during the 1st quarter. American International Group Inc. now owns 23,816 shares of the basic materials company’s stock valued at $2,140,000 after acquiring an additional 14,267 shares during the last quarter. Hedge funds and other institutional investors own 97.24% of the company’s stock.

A number of research analysts have recently commented on the company. Nomura increased their target price on Celanese Corporation from $97.00 to $100.00 and gave the company a “neutral” rating in a research report on Tuesday. ValuEngine downgraded Celanese Corporation from a “strong-buy” rating to a “buy” rating in a research report on Friday, October 6th. Cowen and Company increased their target price on Celanese Corporation from $115.00 to $120.00 and gave the company an “outperform” rating in a research report on Wednesday, September 20th. Royal Bank Of Canada reiterated a “buy” rating and set a $109.00 target price on shares of Celanese Corporation in a research report on Wednesday, September 6th. Finally, KeyCorp reiterated a “buy” rating and set a $106.00 target price on shares of Celanese Corporation in a research report on Thursday, August 24th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $103.24.

Shares of Celanese Corporation (NYSE:CE) opened at 106.56 on Thursday. The company has a 50-day moving average price of $101.58 and a 200-day moving average price of $94.30. The company has a market capitalization of $14.66 billion, a P/E ratio of 18.13 and a beta of 1.31. Celanese Corporation has a 12 month low of $63.02 and a 12 month high of $109.09.

Celanese Corporation (NYSE:CE) last issued its earnings results on Monday, July 24th. The basic materials company reported $1.79 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.76 by $0.03. The company had revenue of $1.51 billion during 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 quarterly revenue was up 11.8% on a year-over-year basis. During the same period in the prior year, the business earned $1.59 EPS. On average, analysts forecast that Celanese Corporation will post $7.31 EPS for the current fiscal year.

Celanese Corporation declared that its Board of Directors has approved a stock buyback plan on Monday, July 17th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the basic materials company to buy up to 10.9% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its stock is undervalued.

ILLEGAL ACTIVITY WARNING: This story was originally reported by Week Herald and is owned by of Week Herald. If you are accessing this story on another site, it was illegally stolen and republished in violation of U.S. & international copyright and trademark legislation. The original version of this story can be read at https://weekherald.com/2017/10/12/fmr-llc-lowers-stake-in-celanese-corporation-ce.html.

Celanese Corporation 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.

Want to see what other hedge funds are holding CE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Celanese Corporation (NYSE:CE).

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

Receive News & Ratings for Celanese Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Celanese Corporation and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply