Cadence Capital Management LLC Reduces Stake in Celanese Corporation (CE)
Cadence Capital Management LLC lowered its stake in Celanese Corporation (NYSE:CE) by 28.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 27,021 shares of the basic materials company’s stock after selling 10,854 shares during the quarter. Cadence Capital Management LLC’s holdings in Celanese were worth $2,817,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. Uniplan Investment Counsel Inc. bought a new position in Celanese in the 2nd quarter valued at approximately $15,843,000. Koch Industries Inc. bought a new position in Celanese in the 2nd quarter valued at approximately $289,000. Swiss National Bank raised its holdings in Celanese by 1.2% in the 2nd quarter. Swiss National Bank now owns 513,530 shares of the basic materials company’s stock valued at $48,755,000 after buying an additional 6,100 shares during the last quarter. BT Investment Management Ltd bought a new position in Celanese in the 2nd quarter valued at approximately $8,922,000. Finally, National Asset Management Inc. raised its holdings in Celanese by 60.3% in the 2nd quarter. National Asset Management Inc. now owns 5,002 shares of the basic materials company’s stock valued at $475,000 after buying an additional 1,882 shares during the last quarter. 96.18% of the stock is owned by hedge funds and other institutional investors.
In related news, CFO Christopher W. Jensen sold 1,000 shares of Celanese stock in a transaction on Monday, October 30th. The shares were sold at an average price of $104.68, for a total value of $104,680.00. Following the completion of the sale, the chief financial officer now owns 60,086 shares of the company’s stock, valued at approximately $6,289,802.48. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director John K. Wulff sold 2,500 shares of Celanese stock in a transaction on Tuesday, October 24th. The shares were sold at an average price of $105.88, for a total transaction of $264,700.00. Following the completion of the sale, the director now directly owns 30,175 shares of the company’s stock, valued at approximately $3,194,929. The disclosure for this sale can be found here. Company insiders own 0.42% of the company’s stock.
Shares of Celanese Corporation (NYSE CE) opened at $107.70 on Wednesday. The company has a market cap of $14,475.07, a P/E ratio of 15.14, a PEG ratio of 1.61 and a beta of 1.31. Celanese Corporation has a 52-week low of $76.20 and a 52-week high of $109.11. The company has a current ratio of 1.69, a quick ratio of 1.16 and a debt-to-equity ratio of 0.94.
Celanese (NYSE:CE) last announced its quarterly earnings data on Monday, October 16th. The basic materials company reported $1.93 EPS for the quarter, topping the consensus estimate of $1.92 by $0.01. The company had revenue of $1.57 billion during the quarter, compared to the consensus estimate of $1.49 billion. Celanese had a net margin of 13.66% and a return on equity of 31.98%. The company’s quarterly revenue was up 18.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.67 EPS. research analysts expect that Celanese Corporation will post 7.37 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 9th. Stockholders of record on Monday, October 30th were given a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a dividend yield of 1.71%. The ex-dividend date was Friday, October 27th. Celanese’s dividend payout ratio (DPR) is 32.11%.
CE has been the subject of several analyst reports. ValuEngine upgraded shares of Celanese from a “buy” rating to a “strong-buy” rating in a report on Friday, September 1st. KeyCorp restated a “buy” rating and set a $106.00 price target on shares of Celanese in a report on Thursday, August 24th. Royal Bank Of Canada restated a “buy” rating and set a $109.00 price target on shares of Celanese in a report on Wednesday, September 6th. Cowen raised their price target on shares of Celanese from $115.00 to $120.00 and gave the stock an “outperform” rating in a report on Wednesday, September 20th. Finally, BidaskClub upgraded shares of Celanese from a “hold” rating to a “buy” rating in a report on Saturday, August 26th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $107.74.
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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