Connor Clark & Lunn Investment Management Ltd. bought a new stake in Celanese Corporation (NYSE:CE – Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 968,786 shares of the basic materials company’s stock, valued at approximately $44,564,000. Connor Clark & Lunn Investment Management Ltd. owned 0.88% of Celanese at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. Geneos Wealth Management Inc. increased its holdings in Celanese by 111.1% in the 2nd quarter. Geneos Wealth Management Inc. now owns 513 shares of the basic materials company’s stock worth $28,000 after acquiring an additional 270 shares during the last quarter. Smartleaf Asset Management LLC boosted its position in Celanese by 100.0% during the second quarter. Smartleaf Asset Management LLC now owns 662 shares of the basic materials company’s stock worth $38,000 after purchasing an additional 331 shares during the period. National Bank of Canada FI bought a new position in Celanese during the third quarter worth about $34,000. UMB Bank n.a. increased its stake in shares of Celanese by 175.7% in the fourth quarter. UMB Bank n.a. now owns 896 shares of the basic materials company’s stock worth $38,000 after purchasing an additional 571 shares in the last quarter. Finally, Kestra Advisory Services LLC purchased a new position in shares of Celanese in the fourth quarter worth about $41,000. Hedge funds and other institutional investors own 98.87% of the company’s stock.
Celanese Trading Down 3.3%
NYSE CE opened at $45.27 on Tuesday. The stock’s 50-day simple moving average is $46.53 and its two-hundred day simple moving average is $53.82. Celanese Corporation has a twelve month low of $35.13 and a twelve month high of $70.70. 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 company has a market capitalization of $4.97 billion, a price-to-earnings ratio of -4.23, a PEG ratio of 0.31 and a beta of 0.76.
Celanese Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Monday, August 10th. Shareholders of record on Tuesday, July 28th were paid a $0.03 dividend. The ex-dividend date of this dividend was Tuesday, July 28th. This represents a $0.12 annualized dividend and a yield of 0.3%. Celanese’s dividend payout ratio is currently -1.12%.
Insider Buying and Selling
In other Celanese news, SVP Mark Christopher Murray purchased 2,153 shares of Celanese stock in a transaction on Tuesday, August 11th. The shares were acquired at an average cost of $45.52 per share, for a total transaction of $98,004.56. Following the completion of the transaction, the senior vice president directly owned 30,432 shares of the company’s stock, valued at approximately $1,385,264.64. The trade was a 7.61% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. 0.34% of the stock is owned by insiders.
Wall Street Analysts Forecast Growth
CE has been the subject of several analyst reports. Royal Bank Of Canada raised their price objective 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. Deutsche Bank Aktiengesellschaft set a $50.00 target price on shares of Celanese in a report on Thursday, August 6th. Mizuho set a $50.00 target price on Celanese in a research report on Wednesday, August 5th. Morgan Stanley reduced their price target on Celanese from $72.00 to $58.00 and set an “equal weight” rating for the company in a research report on Thursday, July 16th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Celanese in a research note on Tuesday, May 26th. Nine research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $63.71.
View Our Latest Analysis on Celanese
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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