Smith Graham & Co. Investment Advisors LP cut its stake in shares of Celanese Corp. (NYSE:CE) by 10.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 69,870 shares of the company’s stock after selling 7,890 shares during the period. Smith Graham & Co. Investment Advisors LP’s holdings in Celanese Corp. were worth $4,573,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in CE. Artemis Investment Management LLP increased its stake in Celanese Corp. by 139.0% in the second quarter. Artemis Investment Management LLP now owns 420,600 shares of the company’s stock valued at $27,526,000 after buying an additional 244,600 shares in the last quarter. PGGM Investments increased its stake in Celanese Corp. by 0.7% in the second quarter. PGGM Investments now owns 557,817 shares of the company’s stock worth $36,509,000 after buying an additional 3,687 shares in the last quarter. Bank of Montreal Can bought a new stake in Celanese Corp. during the second quarter worth about $3,005,000. Shell Asset Management Co. increased its stake in Celanese Corp. by 49.5% in the second quarter. Shell Asset Management Co. now owns 35,146 shares of the company’s stock worth $2,300,000 after buying an additional 11,642 shares in the last quarter. Finally, Meeder Asset Management Inc. bought a new stake in Celanese Corp. during the second quarter worth about $133,000. 95.96% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Celanese Corp. (NYSE:CE) traded down 0.70% during midday trading on Thursday, hitting $65.62. The company had a trading volume of 664,450 shares. The company’s 50-day moving average price is $64.23 and its 200 day moving average price is $67.28. Celanese Corp. has a 12-month low of $55.07 and a 12-month high of $74.55. The company has a market capitalization of $9.50 billion, a price-to-earnings ratio of 28.49 and a beta of 1.85.
Celanese Corp. (NYSE:CE) last posted its quarterly earnings data on Monday, July 25th. The company reported $1.59 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.56 by $0.03. The firm earned $1.35 billion during the quarter, compared to analyst estimates of $1.42 billion. Celanese Corp. had a net margin of 6.20% and a return on equity of 30.07%. The company’s revenue for the quarter was down 8.5% on a year-over-year basis. During the same quarter last year, the business posted $1.58 EPS. Equities research analysts predict that Celanese Corp. will post $6.54 earnings per share for the current fiscal year.
A number of analysts recently issued reports on the company. Zacks Investment Research downgraded Celanese Corp. from a “hold” rating to a “sell” rating in a research report on Tuesday, July 12th. Susquehanna assumed coverage on Celanese Corp. in a research report on Friday, July 1st. They issued a “positive” rating and a $80.00 target price on the stock. RBC Capital Markets reaffirmed a “sector perform” rating and issued a $72.00 target price (down previously from $76.00) on shares of Celanese Corp. in a research report on Thursday, July 28th. JPMorgan Chase & Co. lowered their target price on Celanese Corp. from $75.00 to $70.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 27th. Finally, Morgan Stanley reaffirmed a “hold” rating and issued a $65.00 target price on shares of Celanese Corp. in a research report on Thursday, June 16th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $73.83.
About Celanese Corp.
Celanese Corporation (Celanese) is a technology and specialty materials company. The Company operates through four segments: Advanced Engineered Materials, Consumer Specialties, Industrial Specialties and Acetyl Intermediates. Its business involves processing chemical raw materials, such as methanol, carbon monoxide, ethylene and natural products, including wood pulp, into chemicals, thermoplastic polymers and other chemical-based products.
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