Bank of Montreal Can raised its stake in shares of Celanese Co. (NYSE:CE – Get Rating) by 50.5% during the second quarter, Holdings Channel reports. The firm owned 81,534 shares of the basic materials company’s stock after buying an additional 27,352 shares during the quarter. Bank of Montreal Can’s holdings in Celanese were worth $10,262,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently modified their holdings of CE. Parkside Financial Bank & Trust grew its position in shares of Celanese by 92.6% in the 1st quarter. Parkside Financial Bank & Trust now owns 181 shares of the basic materials company’s stock worth $25,000 after buying an additional 87 shares during the period. Clearstead Advisors LLC grew its position in shares of Celanese by 830.0% in the 1st quarter. Clearstead Advisors LLC now owns 186 shares of the basic materials company’s stock worth $27,000 after buying an additional 166 shares during the period. Clear Street Markets LLC grew its position in shares of Celanese by 415.9% in the 2nd quarter. Clear Street Markets LLC now owns 227 shares of the basic materials company’s stock worth $27,000 after buying an additional 183 shares during the period. SeaCrest Wealth Management LLC purchased a new stake in shares of Celanese in the 2nd quarter worth about $33,000. Finally, Herold Advisors Inc. purchased a new stake in shares of Celanese in the 1st quarter worth about $35,000. 93.34% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several analysts recently commented on CE shares. Citigroup cut their price objective on shares of Celanese from $102.00 to $96.00 and set a “neutral” rating on the stock in a research report on Sunday, November 6th. Royal Bank of Canada lowered their target price on shares of Celanese from $100.00 to $98.00 and set a “sector perform” rating on the stock in a research note on Tuesday, November 8th. Piper Sandler lowered their price objective on shares of Celanese from $120.00 to $100.00 and set an “underweight” rating on the stock in a research note on Monday, October 10th. Morgan Stanley lowered their price objective on shares of Celanese from $172.00 to $110.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 12th. Finally, TheStreet cut shares of Celanese from a “b-” rating to a “c+” rating in a research note on Friday, September 23rd. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $117.86.
Celanese Stock Up 0.1 %
Celanese (NYSE:CE – Get Rating) last released its earnings results on Friday, November 4th. The basic materials company reported $3.94 earnings per share for the quarter, missing the consensus estimate of $3.98 by ($0.04). Celanese had a return on equity of 42.26% and a net margin of 17.20%. The business had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.26 billion. During the same quarter last year, the business posted $4.82 earnings per share. The firm’s revenue for the quarter was up 1.5% compared to the same quarter last year. Analysts anticipate that Celanese Co. will post 16.08 EPS for the current year.
Celanese Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, November 14th. Stockholders of record on Monday, October 31st were given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.69%. This is an increase from Celanese’s previous quarterly dividend of $0.68. The ex-dividend date was Friday, October 28th. Celanese’s dividend payout ratio (DPR) is 18.51%.
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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