Eaton Vance Management Increases Stake in Celanese Corporation (CE)
Eaton Vance Management increased its holdings in Celanese Corporation (NYSE:CE) by 2.0% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 15,343 shares of the basic materials company’s stock after purchasing an additional 305 shares during the period. Eaton Vance Management’s holdings in Celanese Corporation were worth $1,457,000 as of its most recent SEC filing.
Several other institutional investors have also made changes to their positions in CE. Barrett Asset Management LLC purchased a new stake in shares of Celanese Corporation in the 2nd quarter valued at $142,000. Toronto Dominion Bank boosted its stake in shares of Celanese Corporation by 27.4% in the 1st quarter. Toronto Dominion Bank now owns 1,597 shares of the basic materials company’s stock valued at $144,000 after purchasing an additional 343 shares in the last quarter. Fiduciary Trust Co. purchased a new stake in shares of Celanese Corporation in the 2nd quarter valued at $150,000. Fifth Third Bancorp boosted its stake in shares of Celanese Corporation by 31.5% in the 1st quarter. Fifth Third Bancorp now owns 2,005 shares of the basic materials company’s stock valued at $180,000 after purchasing an additional 480 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. boosted its stake in shares of Celanese Corporation by 6.8% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 1,919 shares of the basic materials company’s stock valued at $182,000 after purchasing an additional 122 shares in the last quarter. 97.24% of the stock is owned by institutional investors.
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A number of equities research analysts have recently issued reports on the stock. Vertical Research cut shares of Celanese Corporation from a “buy” rating to a “hold” rating and upped their price objective for the company from $101.00 to $103.00 in a research note on Monday, July 10th. They noted that the move was a valuation call. UBS AG reaffirmed a “neutral” rating and issued a $95.00 price objective (up previously from $90.00) on shares of Celanese Corporation in a research note on Thursday, June 22nd. Cowen and Company increased their price target on shares of Celanese Corporation from $115.00 to $120.00 and gave the company an “outperform” rating in a research report on Wednesday. BidaskClub cut shares of Celanese Corporation from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 24th. Finally, Alembic Global Advisors reissued a “sell” rating on shares of Celanese Corporation in a research report on Tuesday, July 4th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have issued a buy rating and three have assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $103.05.
Shares of Celanese Corporation (NYSE:CE) opened at 103.94 on Thursday. The stock has a market capitalization of $14.30 billion, a PE ratio of 17.68 and a beta of 1.28. Celanese Corporation has a 52-week low of $61.67 and a 52-week high of $104.75. The stock has a 50 day moving average of $97.80 and a 200 day moving average of $92.60.
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 Zacks’ consensus estimate of $1.76 by $0.03. The firm had revenue of $1.51 billion during the quarter, compared to analyst estimates 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 was up 11.8% on a year-over-year basis. During the same period in the previous year, the firm earned $1.59 earnings per share. Analysts forecast that Celanese Corporation will post $7.33 earnings per share for the current year.
Celanese Corporation announced that its Board of Directors has initiated a share buyback plan on Monday, July 17th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the basic materials company to purchase up to 10.9% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.
About Celanese Corporation
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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