Bank of Montreal Can Buys 27,352 Shares of Celanese Co. (NYSE:CE)

Bank of Montreal Can boosted its stake in Celanese Co. (NYSE:CEGet Rating) by 50.5% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 81,534 shares of the basic materials company’s stock after purchasing an additional 27,352 shares during the period. Bank of Montreal Can’s holdings in Celanese were worth $10,262,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the stock. Parkside Financial Bank & Trust increased its stake in shares of Celanese by 92.6% in the first quarter. Parkside Financial Bank & Trust now owns 181 shares of the basic materials company’s stock worth $25,000 after purchasing an additional 87 shares in the last quarter. Clearstead Advisors LLC increased its stake in shares of Celanese by 830.0% in the first quarter. Clearstead Advisors LLC now owns 186 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 166 shares in the last quarter. Clear Street Markets LLC increased its stake in shares of Celanese by 415.9% in the second quarter. Clear Street Markets LLC now owns 227 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 183 shares in the last quarter. SeaCrest Wealth Management LLC purchased a new position in shares of Celanese in the second quarter worth about $33,000. Finally, Herold Advisors Inc. purchased a new position in shares of Celanese in the first quarter worth about $35,000. Institutional investors own 93.34% of the company’s stock.

Celanese Price Performance

CE opened at $104.22 on Thursday. The company has a debt-to-equity ratio of 2.15, a quick ratio of 4.11 and a current ratio of 4.73. The stock has a market capitalization of $11.30 billion, a P/E ratio of 6.89 and a beta of 1.25. The company’s 50-day simple moving average is $95.88 and its two-hundred day simple moving average is $115.04. Celanese Co. has a 52-week low of $86.71 and a 52-week high of $176.50.

Celanese (NYSE:CEGet Rating) last released its earnings results on Friday, November 4th. The basic materials company reported $3.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.98 by ($0.04). The firm had revenue of $2.30 billion during the quarter, compared to analysts’ expectations of $2.26 billion. Celanese had a return on equity of 42.26% and a net margin of 17.20%. The company’s revenue was up 1.5% compared to the same quarter last year. During the same period in the prior year, the company posted $4.82 earnings per share. As a group, analysts predict that Celanese Co. will post 16.08 EPS for the current year.

Celanese Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 14th. Shareholders of record on Monday, October 31st were issued a dividend of $0.70 per share. 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 yield of 2.69%. The ex-dividend date was Friday, October 28th. Celanese’s dividend payout ratio (DPR) is 18.51%.

Wall Street Analysts Forecast Growth

CE has been the subject of several recent research reports. Credit Suisse Group reduced their target price on shares of Celanese from $86.00 to $83.00 and set an “underperform” rating for the company in a research note on Friday, November 4th. Mizuho reduced their price objective on shares of Celanese from $116.00 to $108.00 and set a “neutral” rating for the company in a research note on Tuesday, November 8th. BMO Capital Markets reduced their price objective on shares of Celanese from $150.00 to $130.00 and set an “outperform” rating for the company in a research note on Wednesday, November 9th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Celanese from $110.00 to $105.00 in a research report on Thursday, November 10th. Finally, Piper Sandler dropped their target price on shares of Celanese from $120.00 to $100.00 and set an “underweight” rating for the company in a research report on Monday, October 10th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Celanese has a consensus rating of “Hold” and an average price target of $117.86.

Celanese Company Profile

(Get Rating)

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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