Penobscot Investment Management Company Inc. boosted its stake in shares of Celanese Corporation (NYSE:CE) by 2.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,400 shares of the basic materials company’s stock after buying an additional 180 shares during the period. Penobscot Investment Management Company Inc.’s holdings in Celanese Corporation were worth $797,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently made changes to their positions in CE. BNP Paribas Arbitrage SA raised its position in shares of Celanese Corporation by 0.5% in the second quarter. BNP Paribas Arbitrage SA now owns 135,346 shares of the basic materials company’s stock valued at $12,850,000 after buying an additional 663 shares during the period. Legal & General Group Plc raised its position in shares of Celanese Corporation by 2.9% in the second quarter. Legal & General Group Plc now owns 656,296 shares of the basic materials company’s stock valued at $62,305,000 after buying an additional 18,260 shares during the period. Alps Advisors Inc. raised its position in shares of Celanese Corporation by 0.3% in the second quarter. Alps Advisors Inc. now owns 5,276 shares of the basic materials company’s stock valued at $501,000 after buying an additional 14 shares during the period. SG Americas Securities LLC raised its position in shares of Celanese Corporation by 166.7% in the second quarter. SG Americas Securities LLC now owns 10,683 shares of the basic materials company’s stock valued at $1,014,000 after buying an additional 6,677 shares during the period. Finally, State of Wisconsin Investment Board raised its position in shares of Celanese Corporation by 34.4% in the second quarter. State of Wisconsin Investment Board now owns 102,798 shares of the basic materials company’s stock valued at $9,760,000 after buying an additional 26,320 shares during the period.

Celanese Corporation (NYSE CE) opened at 96.59 on Friday. Celanese Corporation has a 52-week low of $60.59 and a 52-week high of $99.97. The company has a market capitalization of $13.28 billion, a price-to-earnings ratio of 16.43 and a beta of 1.28. The company’s 50-day moving average price is $96.84 and its 200 day moving average price is $91.00.

Celanese Corporation (NYSE:CE) last issued its quarterly earnings data on Monday, July 24th. The basic materials company reported $1.79 earnings per share for the quarter, topping 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 analysts’ expectations of $1.44 billion. During the same period in the previous year, the firm posted $1.59 earnings per share. The firm’s revenue for the quarter was up 11.8% on a year-over-year basis. On average, equities analysts expect that Celanese Corporation will post $7.33 EPS for the current fiscal year.

Celanese Corporation announced that its Board of Directors has authorized a stock buyback program 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 purchase up to 10.9% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 7th. Shareholders of record on Friday, July 28th were paid a dividend of $0.46 per share. The ex-dividend date of this dividend was Wednesday, July 26th. This represents a $1.84 annualized dividend and a yield of 1.90%. Celanese Corporation’s payout ratio is currently 31.24%.

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Several brokerages have recently commented on CE. Cowen and Company reiterated an “outperform” rating and set a $115.00 price objective (up from $100.00) on shares of Celanese Corporation in a research report on Wednesday, August 9th. BidaskClub lowered Celanese Corporation from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. UBS AG reiterated a “neutral” rating and set a $100.00 price objective (up from $95.00) on shares of Celanese Corporation in a research report on Tuesday, July 25th. Nomura increased their price objective on Celanese Corporation from $95.00 to $97.00 and gave the company a “neutral” rating in a research report on Wednesday, July 19th. Finally, 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 research report on Monday, July 17th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price 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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Institutional Ownership by Quarter for Celanese Corporation (NYSE:CE)

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