James Investment Research Inc. bought a new stake in shares of Celanese Corporation (NYSE:CE – Free Report) during the 1st quarter, HoldingsChannel.com reports. The firm bought 13,484 shares of the basic materials company’s stock, valued at approximately $887,000.
Several other hedge funds have also recently added to or reduced their stakes in CE. Royal Bank of Canada boosted its holdings in Celanese by 1,539.8% during the fourth quarter. Royal Bank of Canada now owns 2,133,216 shares of the basic materials company’s stock valued at $90,192,000 after purchasing an additional 2,003,127 shares in the last quarter. Capital Research Global Investors lifted its position in shares of Celanese by 24.0% during the 4th quarter. Capital Research Global Investors now owns 5,565,556 shares of the basic materials company’s stock worth $235,312,000 after buying an additional 1,076,645 shares during the period. Turtle Creek Asset Management Inc. lifted its position in shares of Celanese by 21.0% during the 3rd quarter. Turtle Creek Asset Management Inc. now owns 5,115,365 shares of the basic materials company’s stock worth $215,255,000 after buying an additional 887,600 shares during the period. Bank of America Corp DE boosted its stake in Celanese by 103.7% in the 2nd quarter. Bank of America Corp DE now owns 1,645,689 shares of the basic materials company’s stock valued at $91,056,000 after buying an additional 837,944 shares in the last quarter. Finally, Holocene Advisors LP boosted its stake in Celanese by 872.6% in the 3rd quarter. Holocene Advisors LP now owns 693,796 shares of the basic materials company’s stock valued at $29,195,000 after buying an additional 622,460 shares in the last quarter. Institutional investors and hedge funds own 98.87% of the company’s stock.
Celanese Trading Up 5.4%
Shares of NYSE CE opened at $47.62 on Friday. Celanese Corporation has a 1-year low of $35.13 and a 1-year high of $70.70. The company has a 50-day moving average of $54.92 and a two-hundred day moving average of $53.49. The company has a market cap of $5.22 billion, a PE ratio of -4.76, a P/E/G ratio of 0.26 and a beta of 0.76. The company has a current ratio of 1.38, a quick ratio of 0.85 and a debt-to-equity ratio of 2.41.
Celanese Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Monday, May 11th. Shareholders of record on Monday, April 27th were given a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date was Monday, April 27th. Celanese’s dividend payout ratio (DPR) is presently -1.20%.
Analyst Ratings Changes
Several research analysts have issued reports on the company. Mizuho dropped their price objective on Celanese from $65.00 to $55.00 and set a “neutral” rating for the company in a research note on Wednesday. Robert W. Baird increased their target price on shares of Celanese from $65.00 to $75.00 and gave the stock an “outperform” rating in a research report on Friday, March 27th. Citigroup cut their price target on shares of Celanese from $80.00 to $68.00 and set a “buy” rating for the company in a report on Wednesday, June 24th. Wall Street Zen lowered shares of Celanese from a “buy” rating to a “hold” rating in a research report on Saturday, June 20th. Finally, UBS Group raised their price objective on shares of Celanese from $58.00 to $64.00 and gave the stock a “neutral” rating in a report on Thursday, April 9th. Ten equities 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. According to MarketBeat, Celanese has a consensus rating of “Moderate Buy” and an average target price of $65.69.
Check Out Our Latest Stock Report on CE
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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