DnB Asset Management AS cut its holdings in Celanese Co. (NYSE:CE – Get Rating) by 6.5% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 25,830 shares of the basic materials company’s stock after selling 1,789 shares during the quarter. DnB Asset Management AS’s holdings in Celanese were worth $3,038,000 as of its most recent filing with the SEC.
Other institutional investors also recently bought and sold shares of the company. Aptus Capital Advisors LLC acquired a new position in Celanese in the first quarter valued at $231,000. Kestra Advisory Services LLC increased its stake in Celanese by 20.7% in the first quarter. Kestra Advisory Services LLC now owns 2,612 shares of the basic materials company’s stock valued at $373,000 after purchasing an additional 448 shares during the period. PDT Partners LLC acquired a new position in Celanese in the fourth quarter valued at $218,000. DekaBank Deutsche Girozentrale increased its stake in Celanese by 14.2% in the first quarter. DekaBank Deutsche Girozentrale now owns 34,635 shares of the basic materials company’s stock valued at $5,081,000 after purchasing an additional 4,304 shares during the period. Finally, Vontobel Holding Ltd. increased its stake in Celanese by 22.5% in the first quarter. Vontobel Holding Ltd. now owns 87,261 shares of the basic materials company’s stock valued at $12,621,000 after purchasing an additional 16,017 shares during the period. 93.34% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of research analysts have commented on the stock. Credit Suisse Group started coverage on shares of Celanese in a research note on Monday, June 27th. They issued an “underperform” rating and a $105.00 price objective on the stock. Robert W. Baird dropped their price target on shares of Celanese to $180.00 in a research note on Tuesday, August 9th. Royal Bank of Canada lowered shares of Celanese from an “outperform” rating to a “sector perform” rating and dropped their price target for the stock from $200.00 to $116.00 in a research note on Wednesday, July 13th. Barclays dropped their price target on shares of Celanese from $190.00 to $165.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 2nd. Finally, Bank of America dropped their price target on shares of Celanese from $171.00 to $144.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 13th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $158.80.
Celanese Stock Down 4.3 %
Celanese (NYSE:CE – Get Rating) last announced its quarterly earnings results on Thursday, July 28th. The basic materials company reported $4.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.56 by $0.43. Celanese had a net margin of 20.55% and a return on equity of 46.75%. The company 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 firm earned $5.02 earnings per share. The company’s revenue for the quarter was up 13.1% compared to the same quarter last year. On average, research analysts expect that Celanese Co. will post 18.18 earnings per share for the current fiscal year.
Celanese Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Monday, August 8th. Shareholders of record on Monday, July 25th were issued a $0.68 dividend. This represents a $2.72 annualized dividend and a dividend yield of 2.74%. The ex-dividend date was Friday, July 22nd. Celanese’s dividend payout ratio (DPR) is presently 15.16%.
Celanese Company Profile
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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