Celanese Corp. (CE) Stake Increased by Prudential Financial Inc.
Prudential Financial Inc. boosted its stake in Celanese Corp. (NYSE:CE) by 139.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,124,444 shares of the company’s stock after buying an additional 655,718 shares during the period. Prudential Financial Inc. owned 0.79% of Celanese Corp. worth $74,843,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in CE. Hartford Investment Management Co. acquired a new stake in Celanese Corp. during the second quarter worth $204,000. First Quadrant L P CA boosted its stake in Celanese Corp. by 8,620.0% in the second quarter. First Quadrant L P CA now owns 218,000 shares of the company’s stock worth $14,268,000 after buying an additional 215,500 shares during the last quarter. Berkshire Asset Management LLC PA acquired a new stake in Celanese Corp. during the second quarter worth $701,000. James Investment Research Inc. boosted its stake in Celanese Corp. by 3.1% in the second quarter. James Investment Research Inc. now owns 888,047 shares of the company’s stock worth $58,123,000 after buying an additional 26,837 shares during the last quarter. Finally, NN Investment Partners Holdings N.V. boosted its stake in Celanese Corp. by 4.5% in the second quarter. NN Investment Partners Holdings N.V. now owns 17,101 shares of the company’s stock worth $1,120,000 after buying an additional 732 shares during the last quarter. Hedge funds and other institutional investors own 96.48% of the company’s stock.
Shares of Celanese Corp. (NYSE:CE) opened at 77.16 on Wednesday. Celanese Corp. has a 52 week low of $55.07 and a 52 week high of $79.30. The firm has a 50-day moving average of $72.72 and a 200 day moving average of $68.26. The company has a market cap of $11.05 billion, a P/E ratio of 25.64 and a beta of 1.22.
Celanese Corp. (NYSE:CE) last announced its quarterly earnings results on Monday, October 17th. The company reported $1.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.61 by $0.06. The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.63 billion. Celanese Corp. had a net margin of 8.17% and a return on equity of 30.69%. The firm’s revenue was down 6.4% on a year-over-year basis. During the same period in the previous year, the firm posted $1.50 EPS. Equities analysts anticipate that Celanese Corp. will post $6.60 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, November 10th. Investors of record on Monday, October 31st were issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 1.87%. The ex-dividend date of this dividend was Thursday, October 27th. Celanese Corp.’s dividend payout ratio (DPR) is presently 47.84%.
CE has been the topic of a number of analyst reports. Citigroup Inc. cut shares of Celanese Corp. from a “buy” rating to a “neutral” rating and lowered their target price for the company from $77.00 to $71.00 in a research note on Wednesday, September 7th. Deutsche Bank AG reissued a “buy” rating and issued a $75.00 target price (down previously from $78.00) on shares of Celanese Corp. in a research note on Tuesday, October 18th. Zacks Investment Research cut shares of Celanese Corp. from a “hold” rating to a “sell” rating in a research note on Friday, August 19th. Jefferies Group restated a “buy” rating on shares of Celanese Corp. in a research report on Tuesday, August 23rd. Finally, KeyCorp began coverage on shares of Celanese Corp. in a research report on Thursday, October 6th. They issued an “overweight” rating and a $80.00 price target on the stock. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $75.43.
In related news, CAO Lori A. Johnston sold 83,829 shares of Celanese Corp. stock in a transaction that occurred on Tuesday, November 8th. The shares were sold at an average price of $72.30, for a total transaction of $6,060,836.70. Following the sale, the chief accounting officer now directly owns 109,645 shares of the company’s stock, valued at approximately $7,927,333.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Gjon N. Nivica, Jr. sold 25,000 shares of Celanese Corp. stock in a transaction that occurred on Wednesday, October 26th. The shares were sold at an average price of $71.36, for a total transaction of $1,784,000.00. Following the sale, the senior vice president now directly owns 51,124 shares in the company, valued at $3,648,208.64. The disclosure for this sale can be found here. Corporate insiders own 0.49% of the company’s stock.
Celanese Corp. Company Profile
Celanese Corporation (Celanese) is a technology and specialty materials company. The Company operates through four segments: Advanced Engineered Materials, Consumer Specialties, Industrial Specialties and Acetyl Intermediates. Its business involves processing chemical raw materials, such as methanol, carbon monoxide, ethylene and natural products, including wood pulp, into chemicals, thermoplastic polymers and other chemical-based products.
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