Muhlenkamp & Co. Inc. acquired a new stake in Celanese Corporation (NYSE:CE – Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 211,997 shares of the basic materials company’s stock, valued at approximately $9,752,000. Celanese accounts for 2.8% of Muhlenkamp & Co. Inc.’s investment portfolio, making the stock its 19th biggest position. Muhlenkamp & Co. Inc. owned about 0.19% of Celanese as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds have also made changes to their positions in CE. Geneos Wealth Management Inc. increased its holdings in shares of Celanese by 111.1% in the second quarter. Geneos Wealth Management Inc. now owns 513 shares of the basic materials company’s stock valued at $28,000 after purchasing an additional 270 shares during the period. National Bank of Canada FI acquired a new stake in shares of Celanese during the third quarter worth $34,000. Smartleaf Asset Management LLC grew its position in Celanese by 100.0% in the 2nd quarter. Smartleaf Asset Management LLC now owns 662 shares of the basic materials company’s stock valued at $38,000 after buying an additional 331 shares during the last quarter. UMB Bank n.a. grew its position in Celanese by 175.7% in the 4th quarter. UMB Bank n.a. now owns 896 shares of the basic materials company’s stock valued at $38,000 after buying an additional 571 shares during the last quarter. Finally, Kestra Advisory Services LLC acquired a new position in Celanese in the 4th quarter valued at $41,000. 98.87% of the stock is owned by hedge funds and other institutional investors.
Celanese Stock Performance
NYSE:CE opened at $44.95 on Friday. The firm’s fifty day simple moving average is $46.00 and its 200-day simple moving average is $53.58. The company has a quick ratio of 0.87, a current ratio of 1.45 and a debt-to-equity ratio of 2.33. The stock has a market cap of $4.93 billion, a PE ratio of -4.20, a price-to-earnings-growth ratio of 0.29 and a beta of 0.76. Celanese Corporation has a fifty-two week low of $35.13 and a fifty-two week high of $70.70.
Celanese Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Monday, August 10th. Stockholders of record on Tuesday, July 28th were given a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date was Tuesday, July 28th. Celanese’s dividend payout ratio (DPR) is presently -1.12%.
Wall Street Analysts Forecast Growth
CE has been the topic of several analyst reports. JPMorgan Chase & Co. lifted their target price on shares of Celanese from $53.00 to $68.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Royal Bank Of Canada increased their price target on shares of Celanese from $66.00 to $68.00 and gave the stock a “sector perform” rating in a report on Monday, May 11th. Morgan Stanley reduced their price objective on shares of Celanese from $72.00 to $58.00 and set an “equal weight” rating for the company in a research report on Thursday, July 16th. Mizuho set a $50.00 target price on Celanese in a research report on Wednesday, August 5th. Finally, BMO Capital Markets cut their target price on Celanese from $57.00 to $54.00 and set a “market perform” rating for the company in a research note on Wednesday, August 5th. Nine research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Celanese currently has a consensus rating of “Hold” and an average target price of $63.71.
Check Out Our Latest Report on CE
Insider Activity at Celanese
In other news, SVP Mark Christopher Murray purchased 2,153 shares of the firm’s stock in a transaction dated Tuesday, August 11th. The shares were acquired at an average price of $45.52 per share, with a total value of $98,004.56. Following the purchase, the senior vice president directly owned 30,432 shares of the company’s stock, valued at $1,385,264.64. The trade was a 7.61% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. 0.34% of the stock is owned by company insiders.
About Celanese
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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