Profund Advisors LLC trimmed its position in shares of Celanese Co. (NYSE:CE) by 43.8% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,828 shares of the basic materials company’s stock after selling 5,324 shares during the quarter. Profund Advisors LLC’s holdings in Celanese were worth $684,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of CE. BlackRock Inc. boosted its stake in Celanese by 4.8% during the first quarter. BlackRock Inc. now owns 7,450,478 shares of the basic materials company’s stock worth $746,612,000 after buying an additional 341,770 shares during the period. Amundi Pioneer Asset Management Inc. boosted its stake in Celanese by 37.2% during the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 1,114,498 shares of the basic materials company’s stock worth $119,340,000 after buying an additional 302,015 shares during the period. O Shaughnessy Asset Management LLC boosted its stake in Celanese by 57.3% during the first quarter. O Shaughnessy Asset Management LLC now owns 574,051 shares of the basic materials company’s stock worth $57,527,000 after buying an additional 209,102 shares during the period. Baird Financial Group Inc. purchased a new position in Celanese during the fourth quarter worth $20,909,000. Finally, JPMorgan Chase & Co. boosted its stake in Celanese by 13.9% during the first quarter. JPMorgan Chase & Co. now owns 1,475,181 shares of the basic materials company’s stock worth $147,828,000 after buying an additional 179,505 shares during the period. 94.11% of the stock is owned by institutional investors.
Several research firms have recently weighed in on CE. KeyCorp lifted their target price on Celanese from $128.00 to $131.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 21st. Cowen reiterated an “outperform” rating and set a $125.00 target price (up from $120.00) on shares of Celanese in a research report on Friday, May 4th. Morgan Stanley lifted their target price on Celanese from $88.00 to $112.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 18th. Barclays began coverage on Celanese in a research report on Friday, April 20th. They set an “overweight” rating and a $111.19 target price for the company. Finally, BMO Capital Markets began coverage on Celanese in a research report on Tuesday, March 27th. They set an “outperform” rating and a $131.00 target price for the company. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $115.68.
Celanese (NYSE:CE) last released its quarterly earnings data on Monday, April 16th. The basic materials company reported $2.79 earnings per share for the quarter, beating the consensus estimate of $2.33 by $0.46. The firm had revenue of $1.85 billion during the quarter, compared to the consensus estimate of $1.66 billion. Celanese had a return on equity of 35.22% and a net margin of 15.69%. The firm’s quarterly revenue was up 25.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.81 earnings per share. sell-side analysts anticipate that Celanese Co. will post 9.32 EPS for the current fiscal year.
In related news, EVP Peter G. Edwards sold 3,674 shares of Celanese stock in a transaction dated Friday, June 15th. The stock was sold at an average price of $115.44, for a total value of $424,126.56. Following the completion of the sale, the executive vice president now directly owns 12,160 shares in the company, valued at $1,403,750.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.41% of the company’s stock.
Celanese Company Profile
Celanese Corporation, a technology and specialty materials company, manufactures and sells value-added chemicals, thermoplastic polymers, and other chemical-based products worldwide. The company operates through Advanced Engineered Materials, Consumer Specialties, Industrial Specialties, and Acetyl Intermediates segments.
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