Checchi Capital Advisers LLC Cuts Position in Celanese Corporation (CE)
Checchi Capital Advisers LLC cut its position in shares of Celanese Corporation (NYSE:CE) by 0.3% during the second quarter, Holdings Channel reports. The institutional investor owned 2,775 shares of the basic materials company’s stock after selling 8 shares during the period. Checchi Capital Advisers LLC’s holdings in Celanese Corporation were worth $263,000 as of its most recent SEC filing.
Other large investors have also recently made changes to their positions in the company. Investment Counselors of Maryland LLC bought a new stake in shares of Celanese Corporation during the first quarter valued at $125,000. 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 shares of Celanese Corporation by 27.4% in the first quarter. Toronto Dominion Bank now owns 1,597 shares of the basic materials company’s stock valued at $144,000 after buying an additional 343 shares in the last quarter. Financial Architects Inc boosted its stake in shares of Celanese Corporation by 104.0% in the first quarter. Financial Architects Inc now owns 1,916 shares of the basic materials company’s stock valued at $172,000 after buying an additional 977 shares in the last quarter. Finally, Fifth Third Bancorp boosted its stake in shares of Celanese Corporation by 31.5% in the first quarter. Fifth Third Bancorp now owns 2,005 shares of the basic materials company’s stock valued at $180,000 after buying an additional 480 shares in the last quarter.
Celanese Corporation (NYSE CE) opened at 98.16 on Thursday. The company has a market cap of $13.50 billion, a P/E ratio of 16.70 and a beta of 1.28. Celanese Corporation has a one year low of $60.59 and a one year high of $99.97. The company’s 50 day moving average price is $96.75 and its 200-day moving average price is $90.96.
Celanese Corporation (NYSE:CE) last announced its earnings results on Monday, July 24th. The basic materials company reported $1.79 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.76 by $0.03. Celanese Corporation had a return on equity of 31.23% and a net margin of 14.89%. The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.44 billion. During the same period in the prior year, the company posted $1.59 EPS. The firm’s quarterly revenue was up 11.8% compared to the same quarter last year. On average, analysts forecast that Celanese Corporation will post $7.33 EPS for the current fiscal year.
Celanese Corporation declared that its Board of Directors has initiated a stock buyback plan on Monday, July 17th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the basic materials company to purchase up to 10.9% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors 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 given a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a yield of 1.87%. The ex-dividend date was Wednesday, July 26th. Celanese Corporation’s dividend payout ratio is currently 31.24%.
Several equities research analysts have recently weighed in on CE shares. Barclays PLC decreased their price target on Celanese Corporation from $105.00 to $98.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 25th. UBS AG reiterated a “neutral” rating and set a $100.00 price target (up from $95.00) on shares of Celanese Corporation in a research report on Tuesday, July 25th. BidaskClub lowered Celanese Corporation from a “buy” rating to a “hold” rating in a report on Monday, July 31st. Cowen and Company reissued an “outperform” rating and set a $115.00 price objective (up previously from $100.00) on shares of Celanese Corporation in a report on Wednesday, August 9th. Finally, Citigroup Inc. boosted their price objective on Celanese Corporation from $100.00 to $101.00 and gave the stock a “buy” rating in a report on Tuesday, April 25th. One analyst has rated the stock with a sell rating, six have given a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company. The stock 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.
Want to see what other hedge funds are holding CE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Celanese Corporation (NYSE:CE).
Receive News & Ratings for Celanese Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Celanese Corporation and related companies with Analyst Ratings Network's FREE daily email newsletter.