Penobscot Investment Management Company Inc. raised its stake in shares of Celanese Corp. (NYSE:CE) by 4.2% during the second quarter, Holdings Channel reports. The firm owned 6,750 shares of the company’s stock after buying an additional 270 shares during the period. Penobscot Investment Management Company Inc.’s holdings in Celanese Corp. were worth $442,000 at the end of the most recent quarter.
Several other institutional investors have also made changes to their positions in CE. Sumitomo Mitsui Trust Holdings Inc. increased its stake in Celanese Corp. by 1.6% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 448,405 shares of the company’s stock valued at $29,348,000 after buying an additional 6,859 shares in the last quarter. Capital Fund Management S.A. increased its stake in Celanese Corp. by 587.4% in the second quarter. Capital Fund Management S.A. now owns 272,328 shares of the company’s stock valued at $17,824,000 after buying an additional 232,710 shares in the last quarter. 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 valued at $36,509,000 after buying an additional 3,687 shares in the last quarter. Finally, Bank of Montreal Can purchased a new stake in Celanese Corp. during the second quarter valued at about $3,005,000. 95.98% of the stock is currently owned by institutional investors and hedge funds.
Shares of Celanese Corp. (NYSE:CE) traded up 1.69% during mid-day trading on Wednesday, hitting $70.54. The company had a trading volume of 1,786,766 shares. The stock’s 50-day moving average is $64.08 and its 200-day moving average is $67.28. Celanese Corp. has a 52-week low of $55.07 and a 52-week high of $74.55. The stock has a market cap of $10.21 billion, a price-to-earnings ratio of 30.63 and a beta of 1.61.
Celanese Corp. (NYSE:CE) last issued its earnings results on Monday, October 17th. The company reported $1.67 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.61 by $0.06. Celanese Corp. had a return on equity of 31.10% and a net margin of 8.17%. The firm had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.63 billion. During the same quarter last year, the firm earned $1.50 earnings per share. The firm’s revenue for the quarter was down 6.4% compared to the same quarter last year. Equities analysts forecast that Celanese Corp. will post $6.54 earnings per share for the current year.
Several brokerages have weighed in on CE. Zacks Investment Research upgraded Celanese Corp. from a “sell” rating to a “hold” rating in a report on Monday, July 18th. Citigroup Inc. cut their price target on Celanese Corp. from $82.00 to $81.00 and set a “buy” rating on the stock in a report on Friday, July 15th. Nomura upped their price target on Celanese Corp. from $70.00 to $77.00 and gave the stock a “neutral” rating in a report on Wednesday. Jefferies Group restated a “buy” rating on shares of Celanese Corp. in a report on Friday, August 12th. Finally, KeyCorp began coverage on Celanese Corp. in a report on Thursday, October 6th. They set an “overweight” rating and a $80.00 price target on the stock. One analyst has rated the stock with a sell rating, seven have given a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $74.35.
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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