Lazard Asset Management LLC Buys 320 Shares of Celanese Co. (NYSE:CE)

Lazard Asset Management LLC boosted its stake in shares of Celanese Co. (NYSE:CEGet Rating) by 13.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,734 shares of the basic materials company’s stock after purchasing an additional 320 shares during the quarter. Lazard Asset Management LLC’s holdings in Celanese were worth $321,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in CE. Renaissance Technologies LLC boosted its holdings in Celanese by 332.7% in the first quarter. Renaissance Technologies LLC now owns 547,800 shares of the basic materials company’s stock worth $78,264,000 after acquiring an additional 421,200 shares in the last quarter. Invesco Ltd. boosted its holdings in Celanese by 30.2% in the first quarter. Invesco Ltd. now owns 1,097,231 shares of the basic materials company’s stock worth $156,761,000 after acquiring an additional 254,456 shares in the last quarter. BlackRock Inc. boosted its holdings in Celanese by 2.7% in the first quarter. BlackRock Inc. now owns 7,849,893 shares of the basic materials company’s stock worth $1,121,512,000 after acquiring an additional 207,520 shares in the last quarter. First Trust Advisors LP boosted its holdings in Celanese by 68.2% in the first quarter. First Trust Advisors LP now owns 475,618 shares of the basic materials company’s stock worth $67,952,000 after acquiring an additional 192,838 shares in the last quarter. Finally, Royal Bank of Canada boosted its holdings in Celanese by 113.1% in the first quarter. Royal Bank of Canada now owns 330,937 shares of the basic materials company’s stock worth $47,280,000 after acquiring an additional 175,650 shares in the last quarter. Institutional investors own 93.34% of the company’s stock.

Celanese Stock Up 1.9 %

Celanese stock opened at $101.23 on Friday. The stock has a market capitalization of $10.98 billion, a PE ratio of 6.69 and a beta of 1.25. Celanese Co. has a 12 month low of $86.71 and a 12 month high of $176.50. The business has a 50 day simple moving average of $96.41 and a 200-day simple moving average of $116.08. The company has a debt-to-equity ratio of 2.15, a current ratio of 4.73 and a quick ratio of 4.11.

Celanese (NYSE:CEGet Rating) last posted its quarterly earnings data on Friday, November 4th. The basic materials company reported $3.94 EPS for the quarter, missing analysts’ consensus estimates of $3.98 by ($0.04). The business had revenue of $2.30 billion during the quarter, compared to analysts’ expectations of $2.26 billion. Celanese had a net margin of 17.20% and a return on equity of 42.26%. The firm’s quarterly revenue was up 1.5% compared to the same quarter last year. During the same quarter last year, the firm earned $4.82 earnings per share. On average, analysts anticipate that Celanese Co. will post 16.32 EPS for the current fiscal year.

Celanese Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, November 14th. Stockholders of record on Monday, October 31st were paid a $0.70 dividend. The ex-dividend date of this dividend was Friday, October 28th. This is a positive change from Celanese’s previous quarterly dividend of $0.68. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.77%. Celanese’s payout ratio is currently 18.51%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CE. Wells Fargo & Company reduced their price objective on Celanese from $130.00 to $115.00 and set an “overweight” rating for the company in a research note on Tuesday, October 18th. Piper Sandler reduced their price objective on Celanese from $120.00 to $100.00 and set an “underweight” rating for the company in a research note on Monday, October 10th. Citigroup reduced their price objective on Celanese from $102.00 to $96.00 and set a “neutral” rating for the company in a research note on Sunday, November 6th. Deutsche Bank Aktiengesellschaft reduced their price objective on Celanese from $110.00 to $105.00 in a research note on Thursday, November 10th. Finally, Royal Bank of Canada reduced their price objective on Celanese from $100.00 to $98.00 and set a “sector perform” rating for the company in a research note on Tuesday, November 8th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Celanese currently has a consensus rating of “Hold” and an average target price of $117.86.

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.

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Institutional Ownership by Quarter for Celanese (NYSE:CE)

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