CIBC Asset Management Inc Has $674,000 Position in Celanese Corporation (NYSE:CE)
CIBC Asset Management Inc continued to hold its stake in Celanese Corporation (NYSE:CE) during the second quarter, Holdings Channel reports. The fund owned 7,098 shares of the basic materials company’s stock at the end of the second quarter. CIBC Asset Management Inc’s holdings in Celanese Corporation were worth $674,000 as of its most recent filing with the SEC.
Other large investors also recently added to or reduced their stakes in the company. Gulf International Bank UK Ltd raised its position in shares of Celanese Corporation by 1.4% in the first quarter. Gulf International Bank UK Ltd now owns 43,215 shares of the basic materials company’s stock worth $3,882,000 after buying an additional 600 shares during the last quarter. Bank of Montreal Can raised its position in shares of Celanese Corporation by 117.4% in the first quarter. Bank of Montreal Can now owns 52,788 shares of the basic materials company’s stock worth $4,742,000 after buying an additional 28,501 shares during the last quarter. Private Trust Co. NA purchased a new position in shares of Celanese Corporation during the first quarter worth $326,000. Parametrica Management Ltd purchased a new position in shares of Celanese Corporation during the first quarter worth $284,000. Finally, Atria Investments LLC purchased a new position in shares of Celanese Corporation during the first quarter worth $212,000.
Celanese Corporation (CE) opened at 97.60 on Tuesday. Celanese Corporation has a 12-month low of $60.59 and a 12-month high of $99.97. The stock has a market cap of $13.42 billion, a price-to-earnings ratio of 16.60 and a beta of 1.28. The stock’s 50 day moving average price is $96.48 and its 200 day moving average price is $90.81.
Celanese Corporation (NYSE:CE) last posted its quarterly earnings data on Monday, July 24th. The basic materials company reported $1.79 EPS for the quarter, beating analysts’ consensus estimates of $1.76 by $0.03. The business had revenue of $1.51 billion for the quarter, compared to analyst estimates 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 for the quarter was up 11.8% compared to the same quarter last year. During the same quarter last year, the company earned $1.59 earnings per share. Analysts forecast that Celanese Corporation will post $7.33 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, August 7th. Investors of record on Friday, July 28th were paid a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.89%. The ex-dividend date of this dividend was Wednesday, July 26th. Celanese Corporation’s payout ratio is currently 31.24%.
Celanese Corporation announced that its board has approved a share repurchase plan 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 buy up to 10.9% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.
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CE has been the topic of a number of research reports. Royal Bank Of Canada restated a “buy” rating on shares of Celanese Corporation in a report on Tuesday, May 2nd. Jefferies Group LLC set a $104.00 price objective on Celanese Corporation and gave the company a “buy” rating in a report on Saturday, May 27th. Zacks Investment Research upgraded Celanese Corporation from a “hold” rating to a “buy” rating and set a $111.00 price objective on the stock in a report on Monday, July 17th. J P Morgan Chase & Co restated a “neutral” rating and issued a $97.00 price objective (up previously from $90.00) on shares of Celanese Corporation in a report on Tuesday, June 20th. Finally, BidaskClub upgraded Celanese Corporation from a “buy” rating to a “strong-buy” rating in a report on Thursday, July 6th. 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 given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $100.55.
Celanese Corporation Company Profile
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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