National Pension Service raised its holdings in Celanese Co. (NYSE:CE) by 5.4% in the 3rd quarter, HoldingsChannel reports. The firm owned 196,975 shares of the basic materials company’s stock after purchasing an additional 10,011 shares during the quarter. National Pension Service’s holdings in Celanese were worth $24,088,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also modified their holdings of CE. Banco de Sabadell S.A bought a new stake in Celanese in the third quarter valued at approximately $761,000. Thor Advisors LLC bought a new position in Celanese during the 3rd quarter worth $411,000. Parametric Portfolio Associates LLC raised its position in Celanese by 27.4% during the 3rd quarter. Parametric Portfolio Associates LLC now owns 452,384 shares of the basic materials company’s stock worth $55,322,000 after purchasing an additional 97,168 shares during the last quarter. Pictet Asset Management Ltd. raised its position in Celanese by 5.3% during the 3rd quarter. Pictet Asset Management Ltd. now owns 63,026 shares of the basic materials company’s stock worth $7,707,000 after purchasing an additional 3,200 shares during the last quarter. Finally, Stifel Financial Corp raised its position in Celanese by 18.1% during the 3rd quarter. Stifel Financial Corp now owns 37,143 shares of the basic materials company’s stock worth $4,537,000 after purchasing an additional 5,692 shares during the last quarter. Hedge funds and other institutional investors own 99.33% of the company’s stock.
CE has been the subject of several analyst reports. Bank of America initiated coverage on Celanese in a research report on Thursday, September 26th. They set an “underperform” rating and a $110.00 target price for the company. They noted that the move was a valuation call. Wells Fargo & Co began coverage on Celanese in a research report on Tuesday, October 15th. They issued an “outperform” rating and a $140.00 target price for the company. SunTrust Banks boosted their target price on Celanese from $108.00 to $120.00 and gave the company a “hold” rating in a research report on Friday, October 11th. Deutsche Bank boosted their target price on Celanese from $122.00 to $124.00 and gave the company a “hold” rating in a research report on Wednesday, October 23rd. Finally, JPMorgan Chase & Co. boosted their target price on Celanese from $120.00 to $124.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and eight have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $121.42.
Celanese (NYSE:CE) last released its quarterly earnings results on Monday, October 21st. The basic materials company reported $2.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.50 by $0.03. The business had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.64 billion. Celanese had a return on equity of 38.21% and a net margin of 13.85%. The company’s quarterly revenue was down 10.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.96 EPS. As a group, sell-side analysts forecast that Celanese Co. will post 9.69 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, November 7th. Shareholders of record on Monday, October 28th were paid a dividend of $0.62 per share. The ex-dividend date of this dividend was Friday, October 25th. This represents a $2.48 dividend on an annualized basis and a yield of 1.97%. Celanese’s dividend payout ratio (DPR) is currently 22.55%.
Celanese Company Profile
Celanese Corporation, a technology and specialty materials company, manufactures and sells high performance engineered polymers in the United States and internationally. The company operates through Engineered Materials, Acetate Tow, and Acetyl Chain segments. The Engineered Materials segment develops, produces, and supplies specialty polymers for automotive and medical applications, as well as for use in industrial products and consumer electronics.
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