Jacobi Capital Management LLC acquired a new position in shares of Celanese Co. (NYSE:CE – Get Rating) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 3,085 shares of the basic materials company’s stock, valued at approximately $441,000.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Arete Wealth Advisors LLC purchased a new position in shares of Celanese in the 1st quarter worth approximately $201,000. Weatherly Asset Management L. P. purchased a new position in shares of Celanese in the 1st quarter worth approximately $539,000. Smith Graham & Co. Investment Advisors LP boosted its stake in shares of Celanese by 3.5% in the 1st quarter. Smith Graham & Co. Investment Advisors LP now owns 28,145 shares of the basic materials company’s stock worth $4,021,000 after buying an additional 961 shares during the last quarter. BDO Wealth Advisors LLC purchased a new position in shares of Celanese in the 1st quarter worth approximately $1,429,000. Finally, AIA Group Ltd boosted its stake in shares of Celanese by 52.6% in the 1st quarter. AIA Group Ltd now owns 1,444 shares of the basic materials company’s stock worth $206,000 after buying an additional 498 shares during the last quarter. 93.81% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
A number of brokerages have recently weighed in on CE. Piper Sandler boosted their target price on Celanese from $140.00 to $145.00 and gave the stock an “underweight” rating in a research note on Wednesday, May 18th. UBS Group cut their target price on Celanese from $166.00 to $163.00 and set a “buy” rating on the stock in a research note on Friday, July 29th. Royal Bank of Canada downgraded Celanese from an “outperform” rating to a “sector perform” rating and cut their target price for the stock from $200.00 to $116.00 in a research note on Wednesday, July 13th. Wells Fargo & Company dropped their price objective on Celanese from $200.00 to $180.00 and set an “overweight” rating on the stock in a research note on Monday, June 27th. Finally, Credit Suisse Group began coverage on Celanese in a research note on Monday, June 27th. They issued an “underperform” rating and a $105.00 price objective on the stock. Two 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. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $161.80.
Celanese Trading Down 0.1 %
Celanese (NYSE:CE – Get Rating) last released 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 firm 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 business’s quarterly revenue was up 13.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $5.02 earnings per share. As a group, analysts expect that Celanese Co. will post 18 EPS for the current year.
Celanese Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Monday, August 8th. Stockholders of record on Monday, July 25th will be issued a $0.68 dividend. The ex-dividend date is Friday, July 22nd. This represents a $2.72 annualized dividend and a dividend yield of 2.45%. Celanese’s payout ratio is currently 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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