Jacobi Capital Management LLC acquired a new stake in shares of Celanese Co. (NYSE:CE – Get Rating) during the first quarter, Holdings Channel reports. The fund acquired 3,085 shares of the basic materials company’s stock, valued at approximately $441,000.
A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Norges Bank purchased a new stake in shares of Celanese during the fourth quarter worth about $223,876,000. Millennium Management LLC boosted its holdings in shares of Celanese by 121.7% during the fourth quarter. Millennium Management LLC now owns 1,048,645 shares of the basic materials company’s stock worth $176,235,000 after purchasing an additional 575,684 shares during the period. Artemis Investment Management LLP boosted its holdings in shares of Celanese by 2,218.6% during the fourth quarter. Artemis Investment Management LLP now owns 549,458 shares of the basic materials company’s stock worth $92,277,000 after purchasing an additional 525,760 shares during the period. Point72 Asset Management L.P. purchased a new stake in shares of Celanese during the fourth quarter worth about $45,597,000. Finally, State of Tennessee Treasury Department lifted its holdings in Celanese by 62.8% in the fourth quarter. State of Tennessee Treasury Department now owns 472,405 shares of the basic materials company’s stock worth $79,392,000 after buying an additional 182,148 shares during the period. 93.81% of the stock is owned by institutional investors.
Analysts Set New Price Targets
Several analysts have commented on the stock. Royal Bank of Canada lowered shares of Celanese from an “outperform” rating to a “sector perform” rating and lowered their price objective for the stock from $200.00 to $116.00 in a report on Wednesday, July 13th. Barclays decreased their target price on shares of Celanese from $190.00 to $165.00 and set an “overweight” rating for the company in a research note on Tuesday. UBS Group reduced their price target on shares of Celanese from $166.00 to $163.00 and set a “buy” rating for the company in a research report on Friday, July 29th. Jefferies Financial Group downgraded shares of Celanese from a “buy” rating to a “hold” rating in a research report on Thursday, June 16th. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on shares of Celanese from $175.00 to $140.00 and set a “buy” rating for the company in a research report on Tuesday. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $161.80.
Celanese Trading Down 0.1 %
Celanese (NYSE:CE – Get Rating) last issued its quarterly earnings results on Thursday, July 28th. The basic materials company reported $4.99 earnings per share for the quarter, topping the consensus estimate of $4.56 by $0.43. The business had revenue of $2.49 billion for the quarter, compared to analysts’ expectations of $2.39 billion. Celanese had a net margin of 20.55% and a return on equity of 46.75%. The company’s revenue was up 13.1% compared to the same quarter last year. During the same quarter last year, the company posted $5.02 EPS. Research analysts forecast that Celanese Co. will post 18 earnings per share for the current year.
Celanese Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, August 8th. Stockholders of record on Monday, July 25th will be paid a dividend of $0.68 per share. This represents a $2.72 annualized dividend and a dividend yield of 2.45%. The ex-dividend date of this dividend is Friday, July 22nd. Celanese’s dividend payout ratio is presently 15.16%.
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 three segments: Engineered Materials, Acetate Tow, and Acetyl Chain. 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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