Credit Suisse AG Buys 17,240 Shares of Celanese Co. (NYSE:CE)

Posted by on Jun 8th, 2023

Credit Suisse AG increased its position in shares of Celanese Co. (NYSE:CE – Get Rating) by 8.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 211,096 shares of the basic materials company’s stock after acquiring an additional 17,240 shares during the period. Credit Suisse AG owned approximately 0.19% of Celanese worth $21,582,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Geode Capital Management LLC increased its holdings in Celanese by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 2,096,859 shares of the basic materials company’s stock worth $213,996,000 after acquiring an additional 9,403 shares during the period. BI Asset Management Fondsmaeglerselskab A S bought a new stake in Celanese during the 4th quarter worth approximately $143,000. American Century Companies Inc. increased its holdings in Celanese by 23.8% during the 4th quarter. American Century Companies Inc. now owns 43,466 shares of the basic materials company’s stock worth $4,444,000 after acquiring an additional 8,355 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in Celanese by 15.7% during the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 16,862 shares of the basic materials company’s stock worth $1,724,000 after acquiring an additional 2,282 shares during the period. Finally, Fuller & Thaler Asset Management Inc. increased its holdings in Celanese by 555.1% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 515,453 shares of the basic materials company’s stock worth $52,700,000 after acquiring an additional 436,766 shares during the period. Institutional investors own 92.54% of the company’s stock.

Celanese Trading Up 2.0 %

NYSE:CE opened at $117.77 on Thursday. The company has a current ratio of 1.67, a quick ratio of 0.96 and a debt-to-equity ratio of 2.19. The company has a 50-day moving average price of $106.74 and a 200-day moving average price of $110.03. The stock has a market cap of $12.81 billion, a price-to-earnings ratio of 8.67, a P/E/G ratio of 6.52 and a beta of 1.30. Celanese Co. has a 12 month low of $86.71 and a 12 month high of $160.39.

Celanese (NYSE:CE – Get Rating) last issued its quarterly earnings results on Tuesday, May 9th. The basic materials company reported $2.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.66 by $0.35. The company had revenue of $2.85 billion during the quarter, compared to analyst estimates of $2.88 billion. Celanese had a net margin of 14.85% and a return on equity of 23.75%. Celanese’s quarterly revenue was up 12.4% compared to the same quarter last year. During the same period last year, the business earned $5.54 EPS. Equities analysts predict that Celanese Co. will post 10.92 EPS for the current year.

Celanese Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, May 15th. Shareholders of record on Monday, May 1st were paid a dividend of $0.70 per share. The ex-dividend date was Friday, April 28th. This represents a $2.80 dividend on an annualized basis and a yield of 2.38%. Celanese’s dividend payout ratio is currently 20.60%.

Insider Buying and Selling at Celanese

In related news, SVP Thomas Francis Kelly purchased 2,000 shares of Celanese stock in a transaction dated Friday, May 19th. The stock was purchased at an average cost of $107.29 per share, for a total transaction of $214,580.00. Following the completion of the purchase, the senior vice president now directly owns 47,165 shares of the company’s stock, valued at approximately $5,060,332.85. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Celanese news, SVP Mark Christopher Murray acquired 1,008 shares of the company’s stock in a transaction that occurred on Friday, May 12th. The shares were bought at an average price of $101.69 per share, with a total value of $102,503.52. Following the completion of the acquisition, the senior vice president now owns 11,597 shares in the company, valued at approximately $1,179,298.93. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Thomas Francis Kelly purchased 2,000 shares of the stock in a transaction on Friday, May 19th. The shares were purchased at an average cost of $107.29 per share, for a total transaction of $214,580.00. Following the acquisition, the senior vice president now directly owns 47,165 shares of the company’s stock, valued at $5,060,332.85. The disclosure for this purchase can be found here. 0.33% of the stock is owned by company insiders.

Analysts Set New Price Targets

CE has been the topic of a number of analyst reports. Citigroup upped their target price on shares of Celanese from $111.00 to $121.00 and gave the stock a “neutral” rating in a report on Monday, February 27th. Robert W. Baird increased their target price on shares of Celanese from $120.00 to $130.00 and gave the company an “outperform” rating in a report on Monday, February 27th. BMO Capital Markets reduced their target price on shares of Celanese from $146.00 to $133.00 in a report on Friday, May 12th. Royal Bank of Canada reduced their target price on shares of Celanese from $139.00 to $131.00 and set an “outperform” rating on the stock in a report on Tuesday, February 28th. Finally, Mizuho reduced their target price on shares of Celanese from $113.00 to $112.00 in a report on Thursday, May 11th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $124.77.

About Celanese

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Celanese Corporation, a chemical and specialty materials company, manufactures and sells high performance engineered polymers in the United States and internationally. The company operates through Engineered Materials 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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