C M Bidwell & Associates Ltd. Has $2.58 Million Holdings in Celanese Corporation (CE)
C M Bidwell & Associates Ltd. boosted its position in shares of Celanese Corporation (NYSE:CE) by 0.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 27,141 shares of the basic materials company’s stock after purchasing an additional 16 shares during the period. C M Bidwell & Associates Ltd.’s holdings in Celanese Corporation were worth $2,577,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of CE. BlackRock Inc. raised its stake in Celanese Corporation by 5,604.5% during the first quarter. BlackRock Inc. now owns 7,632,901 shares of the basic materials company’s stock worth $685,818,000 after purchasing an additional 7,499,096 shares during the period. JPMorgan Chase & Co. raised its stake in Celanese Corporation by 33.5% during the second quarter. JPMorgan Chase & Co. now owns 2,999,260 shares of the basic materials company’s stock worth $284,749,000 after purchasing an additional 752,057 shares during the period. Boston Partners raised its stake in Celanese Corporation by 28.0% during the second quarter. Boston Partners now owns 2,850,620 shares of the basic materials company’s stock worth $270,637,000 after purchasing an additional 623,671 shares during the period. FMR LLC raised its stake in Celanese Corporation by 41.5% during the first quarter. FMR LLC now owns 1,714,126 shares of the basic materials company’s stock worth $154,014,000 after purchasing an additional 502,497 shares during the period. Finally, Victory Capital Management Inc. raised its stake in Celanese Corporation by 33.2% during the second quarter. Victory Capital Management Inc. now owns 2,013,602 shares of the basic materials company’s stock worth $191,171,000 after purchasing an additional 501,469 shares during the period. 97.24% of the stock is currently owned by institutional investors.
Celanese Corporation (NYSE CE) traded down 0.28% during midday trading on Friday, hitting $107.92. 535,929 shares of the stock were exchanged. The stock has a market cap of $14.84 billion, a price-to-earnings ratio of 18.36 and a beta of 1.31. Celanese Corporation has a 12-month low of $63.02 and a 12-month high of $108.29. The firm has a 50 day moving average of $100.69 and a 200-day moving average of $93.90.
Celanese Corporation (NYSE:CE) last released its earnings results on Monday, July 24th. The basic materials company reported $1.79 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.76 by $0.03. Celanese Corporation had a net margin of 14.89% and a return on equity of 31.23%. The business had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.44 billion. During the same period last year, the company earned $1.59 earnings per share. The company’s quarterly revenue was up 11.8% on a year-over-year basis. On average, equities analysts expect that Celanese Corporation will post $7.33 earnings per share for the current year.
Celanese Corporation announced that its board has initiated a stock 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 repurchase up to 10.9% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board believes its shares are undervalued.
A number of equities analysts have commented on CE shares. Vertical Research downgraded shares of Celanese Corporation from a “buy” rating to a “hold” rating and lifted their target price for the stock from $101.00 to $103.00 in a research note on Monday, July 10th. They noted that the move was a valuation call. Nomura lifted their target price on shares of Celanese Corporation from $95.00 to $97.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 19th. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Celanese Corporation in a research note on Tuesday, June 20th. Alembic Global Advisors reaffirmed a “sell” rating on shares of Celanese Corporation in a research note on Tuesday, July 4th. Finally, 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 research note on Monday, July 17th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $103.05.
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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