Wagner Bowman Management Corp reduced its stake in Celanese Corporation (NYSE:CE) by 3.6% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 11,449 shares of the basic materials company’s stock after selling 424 shares during the period. Wagner Bowman Management Corp’s holdings in Celanese Corporation were worth $1,087,000 as of its most recent SEC filing.
A number of other large investors also recently modified their holdings of the company. BlackRock Inc. boosted its stake in shares of Celanese Corporation by 5,604.5% in the first quarter. BlackRock Inc. now owns 7,632,901 shares of the basic materials company’s stock valued at $685,818,000 after buying an additional 7,499,096 shares in the last quarter. Boston Partners bought a new stake in shares of Celanese Corporation during the first quarter valued at about $200,091,000. JPMorgan Chase & Co. boosted its stake in shares of Celanese Corporation by 335.6% in the first quarter. JPMorgan Chase & Co. now owns 2,247,203 shares of the basic materials company’s stock valued at $201,910,000 after buying an additional 1,731,282 shares in the last quarter. Victory Capital Management Inc. bought a new stake in shares of Celanese Corporation during the first quarter valued at about $135,865,000. Finally, Old Mutual Global Investors UK Ltd. boosted its stake in shares of Celanese Corporation by 129.9% in the first quarter. Old Mutual Global Investors UK Ltd. now owns 957,629 shares of the basic materials company’s stock valued at $86,042,000 after buying an additional 541,105 shares in the last quarter. Institutional investors own 99.90% of the company’s stock.
Shares of Celanese Corporation (NYSE:CE) traded up 0.84% during mid-day trading on Friday, hitting $97.64. 637,776 shares of the stock traded hands. Celanese Corporation has a 12 month low of $60.59 and a 12 month high of $99.97. The stock has a market cap of $13.43 billion, a price-to-earnings ratio of 16.61 and a beta of 1.28. The firm has a 50 day moving average of $95.24 and a 200 day moving average of $89.98.
Celanese Corporation (NYSE:CE) last announced its quarterly earnings results on Monday, July 24th. The basic materials company reported $1.79 earnings per share (EPS) for the quarter, topping the Zacks’ 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 firm had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.44 billion. During the same period in the prior year, the firm posted $1.59 earnings per share. The firm’s quarterly revenue was up 11.8% compared to the same quarter last year. On average, equities analysts expect that Celanese Corporation will post $7.32 EPS for the current fiscal year.
Celanese Corporation announced that its Board of Directors has initiated a share buyback program on Monday, July 17th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the basic materials company to repurchase up to 10.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Monday, August 7th. Investors of record on Friday, July 28th will be issued a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a yield of 1.88%. The ex-dividend date of this dividend is Wednesday, July 26th. Celanese Corporation’s dividend payout ratio (DPR) is presently 31.24%.
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Several equities research analysts recently issued reports on CE shares. Vetr upgraded shares of Celanese Corporation from a “buy” rating to a “strong-buy” rating and set a $103.79 target price on the stock in a report on Thursday, April 6th. Deutsche Bank AG decreased their price target on shares of Celanese Corporation from $100.00 to $96.00 and set a “buy” rating on the stock in a research report on Wednesday, April 19th. Royal Bank Of Canada reiterated an “outperform” rating on shares of Celanese Corporation in a research report on Tuesday, June 20th. Alembic Global Advisors reiterated a “sell” rating on shares of Celanese Corporation in a research report on Tuesday, July 4th. Finally, Vertical Research downgraded shares of Celanese Corporation from a “buy” rating to a “hold” rating and increased their price target for the stock from $101.00 to $103.00 in a research report on Monday, July 10th. They noted that the move was a valuation call. 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. Celanese Corporation has a consensus rating of “Buy” and a consensus price target of $98.99.
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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