Broadview Advisors LLC Increases Stake in Celanese Corporation (CE)
Broadview Advisors LLC grew its stake in shares of Celanese Corporation (NYSE:CE) by 47.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 103,800 shares of the basic materials company’s stock after purchasing an additional 33,400 shares during the period. Celanese Corporation makes up 1.5% of Broadview Advisors LLC’s investment portfolio, making the stock its 22nd largest holding. Broadview Advisors LLC owned approximately 0.08% of Celanese Corporation worth $9,855,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds also recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. increased its position in shares of Celanese Corporation by 24.2% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,059 shares of the basic materials company’s stock valued at $101,000 after buying an additional 206 shares during the period. Barrett Asset Management LLC bought a new position in Celanese Corporation in the second quarter worth about $142,000. Fiduciary Trust Co. bought a new position in Celanese Corporation in the second quarter worth about $150,000. Fifth Third Bancorp raised 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 in the last quarter. Finally, Benjamin F. Edwards & Company Inc. raised 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 in the last quarter. 97.24% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Celanese Corporation (NYSE CE) traded up 0.91% during trading on Tuesday, reaching $106.39. 278,011 shares of the company were exchanged. The firm has a market capitalization of $14.63 billion, a P/E ratio of 18.10 and a beta of 1.31. The firm’s 50 day moving average is $99.55 and its 200 day moving average is $93.48. Celanese Corporation has a 1-year low of $63.02 and a 1-year high of $106.80.
Celanese Corporation (NYSE:CE) last announced its quarterly earnings results on Monday, July 24th. The basic materials company reported $1.79 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.76 by $0.03. The business 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 business’s revenue was up 11.8% compared to the same quarter last year. During the same period last year, the business posted $1.59 EPS. On average, equities analysts anticipate that Celanese Corporation will post $7.33 EPS for the current fiscal year.
Celanese Corporation announced that its board has approved a stock buyback plan on Monday, July 17th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the basic materials company to purchase up to 10.9% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its stock is undervalued.
Several analysts have commented on CE shares. BidaskClub lowered shares of Celanese Corporation from a “strong-buy” rating to a “buy” rating in a report on Monday, July 24th. Zacks Investment Research upgraded Celanese Corporation from a “hold” rating to a “buy” rating and set a $111.00 target price on the stock in a report on Monday, July 17th. KeyCorp reissued a “buy” rating and issued a $106.00 target price on shares of Celanese Corporation in a research report on Thursday, August 24th. Royal Bank Of Canada reissued a “buy” rating and issued a $109.00 target price on shares of Celanese Corporation in a research report on Wednesday, September 6th. 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 note on Monday, July 10th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, five have given a hold rating, ten have issued a buy rating and three have assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $103.05.
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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