BNP Paribas Arbitrage SA Acquires 102,630 Shares of Celanese Corporation (CE)
BNP Paribas Arbitrage SA boosted its holdings in shares of Celanese Corporation (NYSE:CE) by 75.8% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 237,976 shares of the basic materials company’s stock after acquiring an additional 102,630 shares during the quarter. BNP Paribas Arbitrage SA owned approximately 0.18% of Celanese Corporation worth $24,814,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of Celanese Corporation by 1.3% in the second quarter. Vanguard Group Inc. now owns 11,890,128 shares of the basic materials company’s stock valued at $1,128,848,000 after purchasing an additional 153,112 shares during the period. JPMorgan Chase & Co. raised its position in shares of Celanese Corporation by 33.5% in the second quarter. JPMorgan Chase & Co. now owns 2,999,260 shares of the basic materials company’s stock valued at $284,749,000 after purchasing an additional 752,057 shares during the period. Boston Partners raised its position in shares of Celanese Corporation by 28.0% in the second quarter. Boston Partners now owns 2,850,620 shares of the basic materials company’s stock valued at $270,637,000 after purchasing an additional 623,671 shares during the period. LSV Asset Management raised its position in shares of Celanese Corporation by 15.0% in the second quarter. LSV Asset Management now owns 2,212,008 shares of the basic materials company’s stock valued at $210,008,000 after purchasing an additional 288,356 shares during the period. Finally, Victory Capital Management Inc. raised its position in shares of Celanese Corporation by 33.2% in the second quarter. Victory Capital Management Inc. now owns 2,013,602 shares of the basic materials company’s stock valued at $191,171,000 after purchasing an additional 501,469 shares during the period. 98.45% of the stock is currently owned by hedge funds and other institutional investors.
Celanese Corporation (NYSE:CE) traded up $0.79 on Friday, reaching $105.72. 805,700 shares of the company’s stock were exchanged, compared to its average volume of 895,971. Celanese Corporation has a 1 year low of $75.79 and a 1 year high of $109.11. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.69 and a quick ratio of 1.16. The firm has a market capitalization of $14,232.29, a P/E ratio of 14.88, a P/E/G ratio of 1.58 and a beta of 1.31.
Celanese Corporation (NYSE:CE) last posted its quarterly earnings results on Monday, October 16th. The basic materials company reported $1.93 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.92 by $0.01. Celanese Corporation had a net margin of 13.66% and a return on equity of 31.98%. The firm had revenue of $1.57 billion for the quarter, compared to the consensus estimate of $1.49 billion. During the same quarter in the previous year, the company earned $1.67 earnings per share. The business’s revenue was up 18.4% compared to the same quarter last year. analysts forecast that Celanese Corporation will post 7.37 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, November 9th. Shareholders of record on Monday, October 30th were paid a dividend of $0.46 per share. The ex-dividend date of this dividend was Friday, October 27th. This represents a $1.84 dividend on an annualized basis and a yield of 1.74%. Celanese Corporation’s dividend payout ratio is currently 32.11%.
Celanese Corporation declared that its Board of Directors has initiated a stock buyback program on Monday, July 17th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the basic materials company to reacquire up to 10.9% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.
In related news, CFO Christopher W. Jensen sold 1,000 shares of the company’s stock in a transaction dated Monday, October 30th. The shares were sold at an average price of $104.68, for a total transaction of $104,680.00. Following the transaction, the chief financial officer now owns 60,086 shares in the company, valued at approximately $6,289,802.48. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director John K. Wulff sold 2,500 shares of the company’s stock in a transaction dated Tuesday, October 24th. The stock was sold at an average price of $105.88, for a total transaction of $264,700.00. Following the transaction, the director now owns 30,175 shares in the company, valued at approximately $3,194,929. The disclosure for this sale can be found here. 0.42% of the stock is owned by insiders.
A number of brokerages recently issued reports on CE. Zacks Investment Research raised shares of Celanese Corporation from a “hold” rating to a “buy” rating and set a $111.00 target price on the stock in a research report on Monday, July 17th. ValuEngine raised shares of Celanese Corporation from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 1st. Royal Bank Of Canada reaffirmed a “buy” rating and set a $109.00 target price on shares of Celanese Corporation in a research report on Wednesday, September 6th. BidaskClub lowered shares of Celanese Corporation from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 24th. Finally, Nomura boosted their target price on shares of Celanese Corporation from $95.00 to $97.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 19th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $107.74.
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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