Dimensional Fund Advisors LP cut its stake in shares of Celanese Co. (NYSE:CE – Free Report) by 5.8% during the first quarter, Holdings Channel.com reports. The institutional investor owned 986,366 shares of the basic materials company’s stock after selling 60,181 shares during the quarter. Dimensional Fund Advisors LP’s holdings in Celanese were worth $107,387,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also recently made changes to their positions in CE. abrdn plc increased its holdings in shares of Celanese by 7.6% in the fourth quarter. abrdn plc now owns 26,632 shares of the basic materials company’s stock valued at $2,723,000 after purchasing an additional 1,892 shares during the period. AdvisorNet Financial Inc boosted its holdings in shares of Celanese by 7.9% in the 1st quarter. AdvisorNet Financial Inc now owns 1,853 shares of the basic materials company’s stock valued at $202,000 after acquiring an additional 136 shares during the last quarter. Global Retirement Partners LLC boosted its holdings in shares of Celanese by 158.4% in the 1st quarter. Global Retirement Partners LLC now owns 323 shares of the basic materials company’s stock valued at $33,000 after acquiring an additional 198 shares during the last quarter. Picton Mahoney Asset Management acquired a new stake in shares of Celanese in the fourth quarter worth $147,000. Finally, Appian Way Asset Management LP acquired a new position in Celanese during the fourth quarter valued at $19,430,000. 98.87% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of research firms have weighed in on CE. Bank of America lowered Celanese from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $123.00 to $116.00 in a research note on Thursday, June 22nd. Morgan Stanley restated an “equal weight” rating and issued a $110.00 price objective on shares of Celanese in a research report on Wednesday, July 19th. Piper Sandler lowered shares of Celanese from a “neutral” rating to an “underweight” rating and cut their target price for the company from $120.00 to $112.00 in a report on Tuesday, August 29th. 22nd Century Group reissued a “downgrade” rating on shares of Celanese in a report on Monday, June 26th. Finally, Credit Suisse Group lifted their price objective on shares of Celanese from $100.00 to $111.00 and gave the company an “underperform” rating in a report on Tuesday, August 8th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $126.13.
Celanese Stock Performance
Shares of NYSE:CE opened at $125.37 on Friday. The company has a debt-to-equity ratio of 2.12, a current ratio of 1.59 and a quick ratio of 0.95. Celanese Co. has a 1 year low of $86.71 and a 1 year high of $129.27. The firm has a market capitalization of $13.64 billion, a PE ratio of 10.79, a P/E/G ratio of 4.52 and a beta of 1.32. The business’s 50 day moving average price is $121.91 and its 200-day moving average price is $113.51.
Celanese (NYSE:CE – Get Free Report) last announced its earnings results on Monday, August 7th. The basic materials company reported $2.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.46 by ($0.29). The business had revenue of $2.80 billion for the quarter, compared to analyst estimates of $2.96 billion. Celanese had a return on equity of 17.68% and a net margin of 12.32%. The company’s revenue for the quarter was up 12.4% compared to the same quarter last year. During the same period last year, the firm earned $4.99 EPS. As a group, equities research analysts expect that Celanese Co. will post 9.11 earnings per share for the current fiscal year.
Celanese Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Monday, August 14th. Shareholders of record on Monday, July 31st were paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 2.23%. The ex-dividend date was Friday, July 28th. Celanese’s dividend payout ratio (DPR) is currently 24.10%.
Celanese Profile
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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