Madison Asset Management LLC acquired a new stake in Celanese Corporation (NYSE:CE – Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 38,427 shares of the basic materials company’s stock, valued at approximately $1,768,000.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. purchased a new position in shares of Celanese during the second quarter worth $614,675,000. Deutsche Bank AG acquired a new stake in Celanese during the 2nd quarter worth about $7,720,000. Commerzbank Aktiengesellschaft FI purchased a new position in shares of Celanese during the 2nd quarter valued at about $217,000. AMG National Trust Bank acquired a new position in shares of Celanese in the 2nd quarter valued at about $379,000. Finally, Old West Investment Management LLC purchased a new stake in shares of Celanese in the second quarter worth about $5,634,000. Institutional investors and hedge funds own 98.87% of the company’s stock.
Celanese Price Performance
Shares of Celanese stock opened at $46.91 on Friday. The company has a quick ratio of 0.87, a current ratio of 1.45 and a debt-to-equity ratio of 2.33. Celanese Corporation has a twelve month low of $35.13 and a twelve month high of $70.70. The business has a 50-day moving average price of $46.83 and a 200 day moving average price of $53.84. The firm has a market cap of $5.15 billion, a PE ratio of -4.39, a P/E/G ratio of 0.30 and a beta of 0.76.
Celanese Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Monday, August 10th. Stockholders of record on Tuesday, July 28th were paid a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend was Tuesday, July 28th. Celanese’s dividend payout ratio is presently -1.12%.
Wall Street Analyst Weigh In
Several research analysts recently weighed in on the company. Mizuho set a $50.00 price target on Celanese in a research report on Wednesday, August 5th. Citigroup lowered their price objective on Celanese from $80.00 to $68.00 and set a “buy” rating on the stock in a research report on Wednesday, June 24th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Celanese in a research note on Tuesday, May 26th. Wall Street Zen lowered shares of Celanese from a “buy” rating to a “hold” rating in a report on Saturday, June 20th. Finally, Morgan Stanley decreased their target price on shares of Celanese from $72.00 to $58.00 and set an “equal weight” rating for the company in a research note on Thursday, July 16th. Nine analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Celanese has an average rating of “Hold” and an average target price of $63.47.
Check Out Our Latest Report on CE
Insider Activity
In other Celanese news, SVP Mark Christopher Murray bought 2,153 shares of the firm’s stock in a transaction dated Tuesday, August 11th. The shares were purchased at an average price of $45.52 per share, for a total transaction of $98,004.56. Following the transaction, the senior vice president directly owned 30,432 shares of the company’s stock, valued at approximately $1,385,264.64. This represents a 7.61% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.34% of the stock is owned by company insiders.
Celanese Company Profile
Celanese Corporation is a global chemical and specialty materials company that develops, manufactures and markets a broad portfolio of products serving diverse industries. The company operates through two primary business segments—Engineered Materials and Acetyl Chain—offering solutions that range from high-performance polymers and specialty additives to industrial chemicals and intermediates. Its engineered materials are used in applications such as automotive components, consumer electronics, medical devices and packaging, while its acetyl derivatives find uses in coatings, adhesives, solvents and personal care products.
In the Engineered Materials segment, Celanese produces a variety of high-performance thermoplastics, polyether-block-amide (PEBA) elastomers and functional additives designed to enhance product durability, thermal resistance and sustainability.
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