World Asset Management Inc reduced its holdings in shares of Celanese Co. (NYSE:CE) by 9.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,287 shares of the basic materials company’s stock after selling 830 shares during the period. World Asset Management Inc’s holdings in Celanese were worth $893,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of CE. Norges Bank bought a new position in Celanese during the fourth quarter valued at approximately $88,985,000. Geode Capital Management LLC grew its position in Celanese by 61.5% during the fourth quarter. Geode Capital Management LLC now owns 1,823,172 shares of the basic materials company’s stock valued at $163,756,000 after acquiring an additional 694,491 shares during the last quarter. Hexavest Inc. bought a new position in Celanese during the first quarter valued at approximately $32,435,000. JPMorgan Chase & Co. grew its position in Celanese by 20.6% during the first quarter. JPMorgan Chase & Co. now owns 1,892,634 shares of the basic materials company’s stock valued at $186,634,000 after acquiring an additional 323,714 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Celanese by 22.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 937,919 shares of the basic materials company’s stock valued at $84,386,000 after acquiring an additional 171,049 shares during the last quarter. Institutional investors and hedge funds own 97.59% of the company’s stock.
CE has been the subject of a number of analyst reports. Barclays increased their price objective on Celanese from $120.00 to $126.00 and gave the company an “overweight” rating in a research note on Wednesday, April 24th. Zacks Investment Research lowered Celanese from a “buy” rating to a “hold” rating in a research note on Thursday, April 25th. Robert W. Baird increased their price objective on Celanese from $120.00 to $125.00 and gave the company an “outperform” rating in a research note on Wednesday, April 24th. Alembic Global Advisors raised Celanese from an “underweight” rating to a “neutral” rating and increased their price objective for the company from $95.00 to $115.00 in a research note on Monday, April 29th. Finally, KeyCorp dropped their price objective on Celanese from $125.00 to $124.00 and set an “overweight” rating for the company in a research note on Tuesday, July 9th. Ten analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $117.87.
Celanese (NYSE:CE) last announced its quarterly earnings results on Monday, July 22nd. The basic materials company reported $2.38 EPS for the quarter, topping analysts’ consensus estimates of $2.36 by $0.02. Celanese had a return on equity of 38.56% and a net margin of 15.52%. The company had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.64 billion. During the same quarter last year, the firm posted $2.90 earnings per share. The firm’s revenue was down 13.7% on a year-over-year basis. On average, research analysts forecast that Celanese Co. will post 10.29 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, August 5th. Investors of record on Friday, July 26th will be paid a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date is Thursday, July 25th. Celanese’s payout ratio is 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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