Neuberger Berman Group LLC Buys 53,758 Shares of Celanese Corporation (CE)

Neuberger Berman Group LLC increased its stake in shares of Celanese Corporation (NYSE:CE) by 2,221.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 56,178 shares of the basic materials company’s stock after buying an additional 53,758 shares during the quarter. Neuberger Berman Group LLC’s holdings in Celanese Corporation were worth $5,334,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in CE. First Trust Advisors LP grew its holdings in Celanese Corporation by 121.5% during the first quarter. First Trust Advisors LP now owns 112,848 shares of the basic materials company’s stock worth $10,139,000 after buying an additional 61,897 shares in the last quarter. Advisors Asset Management Inc. grew its holdings in Celanese Corporation by 188.6% during the first quarter. Advisors Asset Management Inc. now owns 16,845 shares of the basic materials company’s stock worth $1,514,000 after buying an additional 11,008 shares in the last quarter. DekaBank Deutsche Girozentrale grew its holdings in Celanese Corporation by 39.3% during the first quarter. DekaBank Deutsche Girozentrale now owns 15,874 shares of the basic materials company’s stock worth $1,469,000 after buying an additional 4,480 shares in the last quarter. Daiwa Securities Group Inc. grew its holdings in Celanese Corporation by 8.3% during the first quarter. Daiwa Securities Group Inc. now owns 3,900 shares of the basic materials company’s stock worth $350,000 after buying an additional 300 shares in the last quarter. Finally, US Bancorp DE grew its holdings in Celanese Corporation by 28.5% during the first quarter. US Bancorp DE now owns 26,542 shares of the basic materials company’s stock worth $2,385,000 after buying an additional 5,892 shares in the last quarter. Institutional investors and hedge funds own 97.24% of the company’s stock.

CE has been the subject of a number of recent analyst reports. Jefferies Group LLC set a $104.00 price objective on Celanese Corporation and gave the company a “buy” rating in a research note on Saturday, May 27th. J P Morgan Chase & Co restated a “neutral” rating and issued a $97.00 price objective (up previously from $90.00) on shares of Celanese Corporation in a research note on Tuesday, June 20th. Royal Bank Of Canada restated an “outperform” rating on shares of Celanese Corporation in a research note on Tuesday, June 20th. UBS AG restated a “neutral” rating and issued a $95.00 price objective (up previously from $90.00) on shares of Celanese Corporation in a research note on Thursday, June 22nd. Finally, Alembic Global Advisors restated a “sell” rating on shares of Celanese Corporation in a research note on Tuesday, July 4th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have issued a buy rating and three have assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $102.74.

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Celanese Corporation (NYSE:CE) opened at 99.08 on Wednesday. The stock’s 50 day moving average price is $96.95 and its 200-day moving average price is $92.11. The stock has a market cap of $13.63 billion, a PE ratio of 16.86 and a beta of 1.28. Celanese Corporation has a 12 month low of $60.59 and a 12 month high of $99.97.

Celanese Corporation (NYSE:CE) last issued its quarterly earnings data on Monday, July 24th. The basic materials company reported $1.79 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.76 by $0.03. Celanese Corporation had a return on equity of 31.23% and a net margin of 14.89%. The company had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.44 billion. During the same quarter in the previous year, the company posted $1.59 earnings per share. Celanese Corporation’s revenue was up 11.8% compared to the same quarter last year. Analysts anticipate that Celanese Corporation will post $7.33 EPS for the current fiscal year.

Celanese Corporation announced that its Board of Directors has approved a stock buyback program on Monday, July 17th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the basic materials company to reacquire up to 10.9% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Celanese Corporation Profile

Celanese Corporation (Celanese) is a technology and specialty materials company. The Company’s segments include Advanced Engineered Materials, Consumer Specialties, Industrial Specialties, Acetyl Intermediates and Other Activities. The Advanced Engineered Materials segment includes the Company’s engineered materials business and certain affiliates.

Institutional Ownership by Quarter for Celanese Corporation (NYSE:CE)

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