Abbot Financial Management Inc. purchased a new stake in Celanese Corporation (NYSE:CE) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 9,150 shares of the basic materials company’s stock, valued at approximately $869,000.
Several other hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in Celanese Corporation by 2.6% during the first quarter. Vanguard Group Inc. now owns 11,737,016 shares of the basic materials company’s stock worth $1,054,571,000 after purchasing an additional 295,657 shares during the last quarter. BlackRock Inc. lifted 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 last quarter. State Street Corp lifted its stake in Celanese Corporation by 6.5% during the first quarter. State Street Corp now owns 3,658,510 shares of the basic materials company’s stock worth $328,728,000 after purchasing an additional 224,136 shares during the last quarter. JPMorgan Chase & Co. lifted 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 last quarter. Finally, Boston Partners lifted 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 last quarter. Institutional investors and hedge funds own 97.24% of the company’s stock.
Several equities research analysts have weighed in on the company. UBS AG restated a “neutral” rating and set a $95.00 target price (up from $90.00) on shares of Celanese Corporation in a research note on Thursday, June 22nd. Cowen and Company restated an “outperform” rating and set a $115.00 target price (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. Royal Bank Of Canada restated a “buy” rating and set a $109.00 target price on shares of Celanese Corporation in a research note on Wednesday, September 6th. Finally, J P Morgan Chase & Co restated a “neutral” rating and set a $97.00 target price (up from $90.00) on shares of Celanese Corporation in a research note on Tuesday, June 20th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, ten have given a buy rating and three have given a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $102.74.
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Shares of Celanese Corporation (NYSE:CE) traded up 0.21% on Tuesday, hitting $101.78. The stock had a trading volume of 185,822 shares. The firm has a 50-day moving average of $97.62 and a 200 day moving average of $92.51. The company has a market capitalization of $14.00 billion, a PE ratio of 17.32 and a beta of 1.28. Celanese Corporation has a 1-year low of $61.36 and a 1-year high of $102.44.
Celanese Corporation (NYSE:CE) last posted its quarterly earnings data on Monday, July 24th. The basic materials company reported $1.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.76 by $0.03. Celanese Corporation had a net margin of 14.89% and a return on equity of 31.23%. The company had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.44 billion. During the same period in the previous year, the firm posted $1.59 EPS. The firm’s revenue was up 11.8% compared to the same quarter last year. On average, equities analysts anticipate that Celanese Corporation will post $7.33 earnings per share for the current fiscal year.
Celanese Corporation announced that its board has initiated a share repurchase program 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 programs are often a sign that the company’s board believes its stock is undervalued.
Celanese Corporation 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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