Allen Investment Management LLC Has $401,000 Stake in Celanese Corporation (CE)
Allen Investment Management LLC decreased its stake in Celanese Corporation (NYSE:CE) by 11.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,222 shares of the basic materials company’s stock after selling 560 shares during the period. Allen Investment Management LLC’s holdings in Celanese Corporation were worth $401,000 at the end of the most recent quarter.
A number of other large investors also recently made changes to their positions in the company. Barrett Asset Management LLC bought a new stake in shares of Celanese Corporation during the second quarter valued at $142,000. Toronto Dominion Bank boosted its stake in Celanese Corporation by 27.4% in the first quarter. Toronto Dominion Bank now owns 1,597 shares of the basic materials company’s stock worth $144,000 after buying an additional 343 shares during the period. Benjamin F. Edwards & Company Inc. boosted its stake in Celanese Corporation by 6.8% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 1,919 shares of the basic materials company’s stock worth $182,000 after buying an additional 122 shares during the period. Financial Architects Inc boosted its stake in Celanese Corporation by 2.2% in the second quarter. Financial Architects Inc now owns 1,959 shares of the basic materials company’s stock worth $186,000 after buying an additional 43 shares during the period. Finally, Fifth Third Bancorp boosted its stake in Celanese Corporation by 31.5% in the first quarter. Fifth Third Bancorp now owns 2,005 shares of the basic materials company’s stock worth $180,000 after buying an additional 480 shares during the period. 97.22% of the stock is currently owned by institutional investors.
Shares of Celanese Corporation (NYSE CE) opened at 94.75 on Thursday. The firm has a market capitalization of $13.03 billion, a PE ratio of 16.12 and a beta of 1.28. Celanese Corporation has a 12-month low of $60.59 and a 12-month high of $99.97. The company has a 50-day moving average price of $97.20 and a 200 day moving average price of $91.48.
Celanese Corporation (NYSE:CE) last released its earnings results on Monday, July 24th. The basic materials company reported $1.79 EPS for the quarter, topping analysts’ consensus estimates of $1.76 by $0.03. Celanese Corporation had a net margin of 14.89% and a return on equity of 31.23%. The business had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.44 billion. During the same period in the previous year, the firm earned $1.59 EPS. The business’s revenue for the quarter was up 11.8% on a year-over-year basis. On average, equities analysts expect that Celanese Corporation will post $7.33 earnings per share for the current year.
Celanese Corporation announced that its board has approved a share repurchase program on Monday, July 17th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the basic materials company to purchase up to 10.9% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which was paid on Monday, August 7th. Investors of record on Friday, July 28th were issued a $0.46 dividend. The ex-dividend date was Wednesday, July 26th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.94%. Celanese Corporation’s payout ratio is currently 31.24%.
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CE has been the topic of a number of analyst reports. BidaskClub cut Celanese Corporation from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. UBS AG restated a “neutral” rating and set a $100.00 target price (up from $95.00) on shares of Celanese Corporation in a research report on Tuesday, July 25th. Cowen and Company restated an “outperform” rating and set a $115.00 target price (up from $100.00) on shares of Celanese Corporation in a research report on Wednesday, August 9th. J P Morgan Chase & Co restated a “neutral” rating and set a $97.00 target price (up from $90.00) on shares of Celanese Corporation in a research report on Tuesday, June 20th. Finally, Vertical Research cut Celanese Corporation from a “buy” rating to a “hold” rating and raised their target price for the company from $101.00 to $103.00 in a research report on Monday, July 10th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Celanese Corporation currently has an average rating of “Buy” and a consensus price target of $102.17.
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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