Celanese Co. (NYSE:CE) Shares Sold by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC lowered its stake in Celanese Co. (NYSE:CEGet Rating) by 12.9% during the second quarter, HoldingsChannel reports. The firm owned 46,645 shares of the basic materials company’s stock after selling 6,927 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Celanese were worth $5,486,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the stock. Aptus Capital Advisors LLC acquired a new stake in Celanese in the first quarter valued at about $231,000. Kestra Advisory Services LLC raised its stake in shares of Celanese by 20.7% during the 1st quarter. Kestra Advisory Services LLC now owns 2,612 shares of the basic materials company’s stock worth $373,000 after buying an additional 448 shares in the last quarter. PDT Partners LLC acquired a new stake in shares of Celanese in the 4th quarter valued at approximately $218,000. DekaBank Deutsche Girozentrale boosted its stake in shares of 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 buying an additional 4,304 shares in the last quarter. Finally, Vontobel Holding Ltd. grew its holdings in Celanese by 22.5% during the first quarter. Vontobel Holding Ltd. now owns 87,261 shares of the basic materials company’s stock worth $12,621,000 after acquiring an additional 16,017 shares during the period. Hedge funds and other institutional investors own 93.34% of the company’s stock.

Celanese Stock Performance

NYSE CE opened at $99.39 on Wednesday. The company has a quick ratio of 1.06, a current ratio of 1.72 and a debt-to-equity ratio of 0.58. The stock has a market cap of $10.77 billion, a price-to-earnings ratio of 5.54 and a beta of 1.22. Celanese Co. has a fifty-two week low of $98.43 and a fifty-two week high of $176.50. The business has a fifty day moving average of $112.28 and a 200-day moving average of $130.58.

Celanese (NYSE:CEGet Rating) last announced its earnings results on Thursday, July 28th. The basic materials company reported $4.99 earnings per share 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 firm had revenue of $2.49 billion during the quarter, compared to the consensus estimate of $2.39 billion. During the same quarter in the previous year, the company posted $5.02 EPS. The firm’s revenue for the quarter was up 13.1% on a year-over-year basis. As a group, analysts predict that Celanese Co. will post 18.18 earnings per share for the current fiscal year.

Celanese Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 8th. Investors of record on Monday, July 25th were paid a dividend of $0.68 per share. This represents a $2.72 annualized dividend and a dividend yield of 2.74%. The ex-dividend date was Friday, July 22nd. Celanese’s payout ratio is 15.16%.

Wall Street Analyst Weigh In

Several brokerages have commented on CE. Barclays decreased their target price on shares of Celanese from $190.00 to $165.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 2nd. Royal Bank of Canada lowered shares of Celanese from an “outperform” rating to a “sector perform” rating and lowered their target price for the stock from $200.00 to $116.00 in a research report on Wednesday, July 13th. StockNews.com upgraded shares of Celanese from a “hold” rating to a “buy” rating in a research report on Tuesday. Jefferies Financial Group lowered Celanese from a “buy” rating to a “hold” rating in a research note on Thursday, June 16th. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective on Celanese from $175.00 to $140.00 and set a “buy” rating for the company in a research note on Tuesday, August 2nd. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $158.80.

About Celanese

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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.

See Also

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Institutional Ownership by Quarter for Celanese (NYSE:CE)

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