Impala Asset Management LLC bought a new stake in Celanese Corporation (NYSE:CE – Free Report) during the 1st quarter, HoldingsChannel reports. The fund bought 110,000 shares of the basic materials company’s stock, valued at approximately $7,235,000. Celanese comprises 3.4% of Impala Asset Management LLC’s investment portfolio, making the stock its 10th largest holding.
Other institutional investors have also recently made changes to their positions in the company. Geneos Wealth Management Inc. boosted its stake in shares of Celanese by 111.1% during the 2nd quarter. Geneos Wealth Management Inc. now owns 513 shares of the basic materials company’s stock worth $28,000 after purchasing an additional 270 shares during the period. National Bank of Canada FI bought a new stake in Celanese in the third quarter worth about $34,000. Hartford Financial Management Inc. lifted its stake in Celanese by 350.5% in the fourth quarter. Hartford Financial Management Inc. now owns 901 shares of the basic materials company’s stock worth $38,000 after purchasing an additional 701 shares during the last quarter. Smartleaf Asset Management LLC boosted its position in shares of Celanese by 100.0% during the second 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 period. Finally, UMB Bank n.a. boosted its position in shares of Celanese by 175.7% during the fourth 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 period. Institutional investors own 98.87% of the company’s stock.
Celanese Price Performance
Shares of CE stock opened at $48.37 on Thursday. The company has a market capitalization of $5.30 billion, a P/E ratio of -4.83, a P/E/G ratio of 0.26 and a beta of 0.76. The company’s 50-day simple moving average is $50.40 and its two-hundred day simple moving average is $53.96. Celanese Corporation has a one year low of $35.13 and a one year high of $70.70. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.38 and a quick ratio of 0.85.
Celanese Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, August 10th. Shareholders of record on Tuesday, July 28th will be given a dividend of $0.03 per share. The ex-dividend date of this dividend is Tuesday, July 28th. This represents a $0.12 dividend on an annualized basis and a yield of 0.2%. Celanese’s payout ratio is -1.20%.
Wall Street Analysts Forecast Growth
Several brokerages have recently weighed in on CE. Bank of America reduced their price target on Celanese from $72.00 to $63.00 and set a “buy” rating on the stock in a report on Tuesday, June 30th. JPMorgan Chase & Co. boosted their price objective on Celanese from $53.00 to $68.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Wells Fargo & Company upped their price objective on Celanese from $75.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, May 8th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $60.00 target price on shares of Celanese in a research note on Wednesday. Finally, Zacks Research upgraded Celanese from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 21st. Ten research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $65.94.
Check Out Our Latest Stock Analysis on Celanese
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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