Clinton Group Inc. reduced its position in shares of Celanese Co. (NYSE:CE) by 70.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,331 shares of the basic materials company’s stock after selling 8,069 shares during the quarter. Clinton Group Inc.’s holdings in Celanese were worth $380,000 as of its most recent SEC filing.
Several other hedge funds have also recently bought and sold shares of CE. New York State Teachers Retirement System purchased a new position in Celanese in the 2nd quarter valued at about $100,000. Steward Partners Investment Advisory LLC lifted its stake in Celanese by 93.2% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 1,449 shares of the basic materials company’s stock valued at $161,000 after buying an additional 699 shares in the last quarter. Squar Milner Financial Services LLC purchased a new position in Celanese in the 2nd quarter valued at about $173,000. Quantum Capital Management purchased a new position in Celanese in the 2nd quarter valued at about $208,000. Finally, Wellington Shields & Co. LLC purchased a new position in Celanese in the 2nd quarter valued at about $211,000. 94.86% of the stock is currently owned by institutional investors and hedge funds.
CE opened at $98.68 on Friday. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.39 and a current ratio of 1.96. Celanese Co. has a 1-year low of $95.45 and a 1-year high of $119.29. The company has a market capitalization of $15.39 billion, a price-to-earnings ratio of 13.32, a price-to-earnings-growth ratio of 1.08 and a beta of 1.30.
Celanese (NYSE:CE) last released its earnings results on Thursday, July 19th. The basic materials company reported $2.90 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.40 by $0.50. Celanese had a net margin of 16.57% and a return on equity of 37.74%. The business had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.82 billion. During the same period last year, the company posted $1.79 EPS. The business’s revenue was up 22.1% on a year-over-year basis. Sell-side analysts forecast that Celanese Co. will post 10.57 EPS for the current fiscal year.
A number of research analysts recently weighed in on the stock. Citigroup decreased their price target on shares of Celanese from $134.00 to $118.00 and set a “buy” rating on the stock in a research note on Thursday. Zacks Investment Research raised shares of Celanese from a “hold” rating to a “buy” rating and set a $128.00 price target on the stock in a research note on Thursday, October 4th. ValuEngine lowered shares of Celanese from a “hold” rating to a “sell” rating in a research note on Tuesday, October 2nd. Barclays raised their price target on shares of Celanese from $140.00 to $145.00 and gave the company an “overweight” rating in a research note on Monday, July 30th. Finally, Morgan Stanley raised their price target on shares of Celanese from $112.00 to $120.00 and gave the company a “$113.06” rating in a research note on Monday, July 23rd. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company. Celanese currently has an average rating of “Buy” and an average target price of $123.53.
Celanese Corporation, a technology and specialty materials company, manufactures and sells value-added chemicals, thermoplastic polymers, and other chemical-based products worldwide. The company operates through Advanced Engineered Materials, Consumer Specialties, Industrial Specialties, and Acetyl Intermediates segments.
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