Jacobi Capital Management LLC acquired a new stake in Celanese Co. (NYSE:CE – Get Rating) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 3,085 shares of the basic materials company’s stock, valued at approximately $441,000.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Clearstead Advisors LLC increased its position in Celanese by 830.0% in the 1st quarter. Clearstead Advisors LLC now owns 186 shares of the basic materials company’s stock valued at $27,000 after buying an additional 166 shares in the last quarter. Massmutual Trust Co. FSB ADV increased its position in Celanese by 355.6% in the 4th quarter. Massmutual Trust Co. FSB ADV now owns 205 shares of the basic materials company’s stock valued at $34,000 after buying an additional 160 shares in the last quarter. Cassady Schiller Wealth Management LLC bought a new stake in Celanese in the 4th quarter valued at about $42,000. Covestor Ltd bought a new stake in Celanese in the 4th quarter valued at about $47,000. Finally, UMB Bank N A MO bought a new stake in Celanese in the 4th quarter valued at about $48,000. 93.81% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
CE has been the subject of a number of research analyst reports. Wells Fargo & Company decreased their target price on Celanese from $200.00 to $180.00 and set an “overweight” rating for the company in a research report on Monday, June 27th. Barclays decreased their price objective on Celanese from $190.00 to $165.00 and set an “overweight” rating for the company in a report on Tuesday. Citigroup lowered Celanese from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $143.00 to $118.00 in a report on Monday, August 1st. Deutsche Bank Aktiengesellschaft decreased their price objective on Celanese from $175.00 to $140.00 and set a “buy” rating for the company in a report on Tuesday. Finally, Piper Sandler boosted their price objective on Celanese from $140.00 to $145.00 and gave the stock an “underweight” rating in a report on Wednesday, May 18th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Celanese currently has a consensus rating of “Hold” and a consensus target price of $161.80.
Celanese Price Performance
Celanese (NYSE:CE – Get Rating) last posted its quarterly earnings data on Thursday, July 28th. The basic materials company reported $4.99 EPS for the quarter, beating the consensus estimate of $4.56 by $0.43. Celanese had a return on equity of 46.75% and a net margin of 20.55%. The business had revenue of $2.49 billion for the quarter, compared to the consensus estimate of $2.39 billion. During the same quarter in the prior year, the business earned $5.02 earnings per share. Celanese’s revenue for the quarter was up 13.1% on a year-over-year basis. Sell-side analysts forecast that Celanese Co. will post 18 EPS for the current year.
Celanese Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 8th. Investors of record on Monday, July 25th will be paid a $0.68 dividend. The ex-dividend date of this dividend is Friday, July 22nd. This represents a $2.72 annualized dividend and a yield of 2.45%. Celanese’s payout ratio is 15.16%.
Celanese Corporation, a technology and specialty materials company, manufactures and sells high performance engineered polymers in the United States and internationally. The company operates through three segments: Engineered Materials, Acetate Tow, and Acetyl Chain. The Engineered Materials segment develops, produces, and supplies specialty polymers for automotive and medical applications, as well as for use in industrial products and consumer electronics.
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