Korea Investment CORP decreased its stake in Celanese Corporation (NYSE:CE) by 26.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 106,330 shares of the basic materials company’s stock after selling 38,225 shares during the period. Korea Investment CORP’s holdings in Celanese Corporation were worth $10,095,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Telemus Capital LLC increased its stake in Celanese Corporation by 2.0% in the second quarter. Telemus Capital LLC now owns 54,174 shares of the basic materials company’s stock valued at $5,143,000 after buying an additional 1,054 shares in the last quarter. Candriam Luxembourg S.C.A. purchased a new stake in Celanese Corporation during the second quarter valued at about $829,000. Sei Investments Co. increased its stake in Celanese Corporation by 5.9% in the second quarter. Sei Investments Co. now owns 131,599 shares of the basic materials company’s stock valued at $12,493,000 after buying an additional 7,274 shares in the last quarter. World Asset Management Inc increased its stake in Celanese Corporation by 5.9% in the second quarter. World Asset Management Inc now owns 6,311 shares of the basic materials company’s stock valued at $599,000 after buying an additional 353 shares in the last quarter. Finally, Daiwa Securities Group Inc. increased its stake in Celanese Corporation by 7.7% in the second quarter. Daiwa Securities Group Inc. now owns 4,200 shares of the basic materials company’s stock valued at $399,000 after buying an additional 300 shares in the last quarter.
Celanese Corporation (NYSE:CE) opened at 98.49 on Wednesday. Celanese Corporation has a 52 week low of $60.59 and a 52 week high of $99.97. The stock has a 50 day moving average of $95.82 and a 200-day moving average of $90.13. The firm has a market cap of $13.55 billion, a PE ratio of 16.76 and a beta of 1.28.
Celanese Corporation (NYSE:CE) last announced 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 company had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.44 billion. Celanese Corporation had a net margin of 14.89% and a return on equity of 31.23%. Celanese Corporation’s quarterly revenue was up 11.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.59 earnings per share. Analysts expect that Celanese Corporation will post $7.33 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Monday, August 7th. Stockholders of record on Friday, July 28th were given a $0.46 dividend. The ex-dividend date was Wednesday, July 26th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.87%. Celanese Corporation’s payout ratio is presently 31.24%.
Celanese Corporation announced that its Board of Directors has initiated a share buyback plan on Monday, July 17th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the basic materials company to reacquire up to 10.9% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.
Several research firms recently issued reports on CE. BidaskClub downgraded shares of Celanese Corporation from a “buy” rating to a “hold” rating in a report on Monday, July 31st. UBS AG reaffirmed a “neutral” rating and set a $100.00 price objective (up from $95.00) on shares of Celanese Corporation in a report on Tuesday, July 25th. Nomura upped their price objective on shares of 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 raised shares of Celanese Corporation from a “hold” rating to a “buy” rating and set a $111.00 price objective for the company in a report on Monday, July 17th. Finally, Vertical Research downgraded shares of Celanese Corporation from a “buy” rating to a “hold” rating and increased their price target for the company from $101.00 to $103.00 in a 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 given a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $98.99.
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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