Tudor Investment Corp ET AL Cuts Stake in Celanese Corporation (CE)
Tudor Investment Corp ET AL cut its position in Celanese Corporation (NYSE:CE) by 83.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,100 shares of the basic materials company’s stock after selling 16,097 shares during the period. Tudor Investment Corp ET AL’s holdings in Celanese Corporation were worth $279,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Comerica Bank purchased a new stake in Celanese Corporation during the fourth quarter worth $599,000. Quadrature Capital Ltd purchased a new stake in Celanese Corporation during the fourth quarter worth $252,000. UBS Asset Management Americas Inc. increased its stake in 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 worth $26,780,000 after buying an additional 2,297 shares in the last quarter. Teachers Advisors LLC increased its stake in Celanese Corporation by 12.3% in the fourth quarter. Teachers Advisors LLC now owns 372,225 shares of the basic materials company’s stock worth $29,309,000 after buying an additional 40,840 shares in the last quarter. Finally, Fulton Bank N.A. purchased a new stake in Celanese Corporation during the first quarter worth $474,000.
Celanese Corporation (CE) traded down 0.85% on Friday, reaching $95.77. The company’s stock had a trading volume of 1,105,598 shares. Celanese Corporation has a one year low of $60.59 and a one year high of $99.97. The stock has a 50-day moving average of $96.91 and a 200-day moving average of $91.08. The stock has a market cap of $13.17 billion, a P/E ratio of 16.29 and a beta of 1.28.
Celanese Corporation (NYSE:CE) last released its quarterly earnings results on Monday, July 24th. The basic materials company reported $1.79 EPS for the quarter, topping analysts’ consensus estimates of $1.76 by $0.03. Celanese Corporation had a return on equity of 31.23% and a net margin of 14.89%. The company had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.44 billion. During the same period in the prior year, the firm earned $1.59 earnings per share. The firm’s revenue was up 11.8% compared to the same quarter last year. On average, analysts predict that Celanese Corporation will post $7.33 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, August 7th. Shareholders of record on Friday, July 28th were paid a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date was Wednesday, July 26th. Celanese Corporation’s dividend payout ratio (DPR) is 31.24%.
Celanese Corporation declared that its board has approved a stock repurchase 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 typically a sign that the company’s board of directors believes its stock is undervalued.
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Several analysts have recently commented on the stock. Nomura increased their target price on Celanese Corporation from $95.00 to $97.00 and gave the stock a “neutral” rating in a report on Wednesday, July 19th. Zacks Investment Research upgraded Celanese Corporation from a “hold” rating to a “buy” rating and set a $111.00 price objective on the stock in a research note on Monday, July 17th. Cowen and Company restated an “outperform” rating and set a $115.00 price objective (up from $100.00) on shares of Celanese Corporation in a research note on Wednesday, August 9th. BidaskClub cut Celanese Corporation from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 24th. Finally, UBS AG restated a “neutral” rating and set a $100.00 price objective (up from $95.00) on shares of Celanese Corporation in a research note on Tuesday, July 25th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average 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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