Candriam Luxembourg S.C.A. Takes Position in Celanese Corporation (CE)
Candriam Luxembourg S.C.A. purchased a new stake in Celanese Corporation (NYSE:CE) during the second quarter, Holdings Channel reports. The firm purchased 8,734 shares of the basic materials company’s stock, valued at approximately $829,000.
A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Honkamp Krueger Financial Services Inc. raised its position in Celanese Corporation by 0.4% in the second quarter. Honkamp Krueger Financial Services Inc. now owns 2,670 shares of the basic materials company’s stock valued at $253,000 after buying an additional 10 shares during the period. Atria Investments LLC raised its position in Celanese Corporation by 0.8% in the second quarter. Atria Investments LLC now owns 2,381 shares of the basic materials company’s stock valued at $226,000 after buying an additional 19 shares during the period. Jaffetilchin Investment Partners LLC raised its position in Celanese Corporation by 0.3% in the first quarter. Jaffetilchin Investment Partners LLC now owns 6,578 shares of the basic materials company’s stock valued at $591,000 after buying an additional 22 shares during the period. Financial Architects Inc raised its position 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 valued at $186,000 after buying an additional 43 shares during the period. Finally, Whittier Trust Co. raised its position in Celanese Corporation by 0.9% in the first quarter. Whittier Trust Co. now owns 5,044 shares of the basic materials company’s stock valued at $453,000 after buying an additional 44 shares during the period.
Shares of Celanese Corporation (NYSE CE) opened at 97.60 on Tuesday. Celanese Corporation has a 52 week low of $60.59 and a 52 week high of $99.97. The firm’s 50 day moving average is $96.48 and its 200-day moving average is $90.81. The firm has a market cap of $13.42 billion, a price-to-earnings ratio of 16.60 and a beta of 1.28.
Celanese Corporation (NYSE:CE) last issued its quarterly earnings data on Monday, July 24th. The basic materials company reported $1.79 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.76 by $0.03. Celanese Corporation had a net margin of 14.89% and a return on equity of 31.23%. The company had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.44 billion. During the same quarter in the prior year, the firm earned $1.59 earnings per share. The firm’s revenue was up 11.8% compared to the same quarter last year. 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 approved a stock buyback program on Monday, July 17th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the basic materials company to reacquire up to 10.9% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is 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 dividend of $0.46 per share. This represents a $1.84 annualized dividend and a yield of 1.89%. The ex-dividend date was Wednesday, July 26th. Celanese Corporation’s payout ratio is 31.24%.
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Several research analysts have issued reports on the stock. Instinet lifted their price target on shares of Celanese Corporation from $77.00 to $88.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 19th. Citigroup Inc. raised their price objective on shares of Celanese Corporation from $100.00 to $101.00 and gave the stock a “buy” rating in a research note on Tuesday, April 25th. UBS AG reaffirmed a “neutral” rating and issued a $95.00 price objective (up previously from $90.00) on shares of Celanese Corporation in a research note on Thursday, June 22nd. Vertical Research lowered shares of Celanese Corporation from a “buy” rating to a “hold” rating and raised their price objective for the stock from $101.00 to $103.00 in a research note on Monday, July 10th. They noted that the move was a valuation call. Finally, Alembic Global Advisors reaffirmed a “sell” rating on shares of Celanese Corporation in a research note on Tuesday, July 4th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, nine have given a buy rating and two have given a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $100.55.
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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