Twin Tree Management LP purchased a new stake in shares of Celanese Corporation (NYSE:CE) in the second quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 6,885 shares of the basic materials company’s stock, valued at approximately $654,000.
A number of other institutional investors have also recently modified their holdings of the business. OppenheimerFunds Inc. grew its position in Celanese Corporation by 34.2% during the first quarter. OppenheimerFunds Inc. now owns 518,783 shares of the basic materials company’s stock valued at $46,613,000 after buying an additional 132,280 shares during the period. Neuberger Berman Group LLC bought a new position in shares of Celanese Corporation in the first quarter worth approximately $217,000. Morgan Stanley boosted its position in shares of Celanese Corporation by 84.9% in the first quarter. Morgan Stanley now owns 395,279 shares of the basic materials company’s stock worth $35,514,000 after purchasing an additional 181,484 shares during the period. Nomura Holdings Inc. boosted its position in shares of Celanese Corporation by 32.4% in the first quarter. Nomura Holdings Inc. now owns 3,414 shares of the basic materials company’s stock worth $307,000 after purchasing an additional 835 shares during the period. Finally, Swiss National Bank lifted its holdings in shares of Celanese Corporation by 1.2% in the second quarter. Swiss National Bank now owns 513,530 shares of the basic materials company’s stock worth $48,755,000 after buying an additional 6,100 shares in the last quarter. 97.24% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts recently issued reports on the stock. Jefferies Group LLC set a $104.00 price target on shares of Celanese Corporation and gave the company a “buy” rating in a research note on Saturday, May 27th. J P Morgan Chase & Co reissued a “neutral” rating and issued a $97.00 target price (up previously from $90.00) on shares of Celanese Corporation in a research note on Tuesday, June 20th. Royal Bank Of Canada reissued an “outperform” rating on shares of Celanese Corporation in a research note on Tuesday, June 20th. UBS AG reissued a “neutral” rating and issued a $95.00 target price (up previously from $90.00) on shares of Celanese Corporation in a research note on Thursday, June 22nd. Finally, Alembic Global Advisors restated a “sell” rating on shares of Celanese Corporation in a report on Tuesday, July 4th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, ten have given a buy rating and three have issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $102.74.
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Shares of Celanese Corporation (CE) traded up 0.57% during mid-day trading on Friday, reaching $100.54. 305,720 shares of the company’s stock were exchanged. The stock has a 50 day moving average price of $97.22 and a 200 day moving average price of $92.29. The stock has a market cap of $13.83 billion, a price-to-earnings ratio of 17.10 and a beta of 1.28. Celanese Corporation has a 52 week low of $60.96 and a 52 week high of $100.77.
Celanese Corporation (NYSE:CE) last posted its quarterly earnings data on Monday, July 24th. The basic materials company reported $1.79 EPS for the quarter, topping the Zacks’ consensus estimate of $1.76 by $0.03. The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.44 billion. Celanese Corporation had a return on equity of 31.23% and a net margin of 14.89%. The company’s quarterly revenue was up 11.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.59 EPS. Equities research analysts predict that Celanese Corporation will post $7.33 EPS for the current year.
Celanese Corporation declared that its Board of Directors has authorized a share repurchase plan on Monday, July 17th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the basic materials company to buy up to 10.9% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its stock is undervalued.
About Celanese Corporation
Celanese Corporation (Celanese) is a technology and specialty materials company. The Company’s segments include Advanced Engineered Materials, Consumer Specialties, Industrial Specialties, Acetyl Intermediates and Other Activities. The Advanced Engineered Materials segment includes the Company’s engineered materials business and certain affiliates.
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