UBS Group AG reduced its position in Celanese Company (NYSE: CE – GET Rating) by 9.0% during the second quarter, according to the most recent filing with the Securities and Exchange Commission (SEC). The firm held 280,859 shares of Basic Materials Company’s stock after selling 27,784 shares during the quarter. UBS Group AG’s holding in Celanese was worth $33,031,000 at the end of the most recent quarter.
Several other institutional investors have also bought and sold shares of the company recently. Aptus Capital Advisors LLC acquired a new stake in Celanese in the first quarter valued at $231,000. ING Groep NV acquired a new stake in Celanese in the second quarter valued at $386,000. Pictet Asset Management SA increased its position in Celanese by 29.6% in the second quarter. Pictet Asset Management SA now owns 72,626 shares of the basic materials company’s stock worth $8,542,000 after buying an additional 16,603 shares during the last quarter. Kentucky Retirement Systems increased its position in Celanese by 16.7% in the second quarter. Kentucky Retirement Systems now owns 8,039 shares of the basic materials company stock worth $945,000 after buying an additional 1,153 shares during the last quarter. Lastly, Assetmark Inc. increased its position in Celanese to 46.1% in the second quarter. After buying an additional 983 shares during the last quarter, Assetmark Inc. holds 3,115 shares of basic materials company valued at $366,000. Institutional investors hold 93.34% of the company’s shares.
Analysts set new price targets
Several analysts have weighed in on CE shares recently. Citigroup cut its target price 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 6. TheStreet lowered shares of Celanese from a “b-” rating to a “c+” rating in a research report on Friday, September 23. Morgan Stanley decreased their target price on shares of Celani from $172.00 to $110.00 in a research report on Wednesday, October 12 and set an “equal weight” rating on the stock. StockNews.com initiated coverage on shares of Celanese in a research report on Wednesday, October 12. They set a “Hold” rating on the stock. Finally, Piper Sandler reduced its target price on shares of Celanese from $120.00 to $100.00 and set an “underweight” rating on the stock in a research report on Monday, October 10. Two research analysts have rated the company’s stock with Sell rating, eight have Hold rating and five have issued Buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $117.86, according to data from MarketBeat.com.
Celanese Price Performance
NYSE:CE opened Thursday at $104.22. The firm has a market cap of $11.30 billion, a PE ratio of 6.89, and a beta of 1.25. Celanese Co. The 12-month low is $86.71 and the 12-month high is $176.50. The company has a quick ratio of 4.11, current ratio of 4.73 and debt-to-equity ratio of 2.15. The company’s 50-day moving average price is $95.88 and its 200-day moving average price is $115.04.
Celanese (NYSE: CE – Receive Rating) last announced its earnings results on Friday, November 4. The basic materials company reported earnings per share of $3.94 for the quarter, missing analysts’ consensus estimates of $3.98 ($0.04). Celanese had a return on equity of 42.26% and a net margin of 17.20%. The company had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.26 billion. During the same period in the prior year, the firm posted earnings per share of $4.82. The company’s revenue was up 1.5% on a year-on-year basis. On an average, equity analysts expect Celanese Company to post EPS of Rs 16.08 for the current fiscal.
Celanese raises dividend
The business also recently declared a quarterly dividend, which was paid on Monday, November 14. A $0.70 dividend was paid to shareholders of record on Monday, October 31. The ex-dividend date was Friday, October 28. This is an increase from Celanese’s previous quarterly dividend of $0.68. This represents a $2.80 dividend and a dividend yield of 2.69% on an annualized basis. Celanese’s payout ratio currently stands at 18.51%.
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 Engineering Materials segment develops, produces and supplies specialty polymers for use in automotive and medical applications, as well as industrial products and consumer electronics.
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