Smith Asset Management Group LP Trims Position in Celanese Co. (CE)

Smith Asset Management Group LP lessened its stake in Celanese Co. (NYSE:CE) by 3.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 269,069 shares of the basic materials company’s stock after selling 10,267 shares during the period. Smith Asset Management Group LP owned about 0.20% of Celanese worth $30,608,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Jane Street Group LLC acquired a new position in Celanese in the first quarter worth about $403,000. Principal Financial Group Inc. raised its position in Celanese by 22.9% in the first quarter. Principal Financial Group Inc. now owns 171,982 shares of the basic materials company’s stock worth $17,234,000 after purchasing an additional 32,101 shares in the last quarter. Allianz Asset Management GmbH raised its position in Celanese by 33.7% in the first quarter. Allianz Asset Management GmbH now owns 195,583 shares of the basic materials company’s stock worth $19,599,000 after purchasing an additional 49,245 shares in the last quarter. Suntrust Banks Inc. raised its position in Celanese by 50.0% in the first quarter. Suntrust Banks Inc. now owns 9,720 shares of the basic materials company’s stock worth $973,000 after purchasing an additional 3,242 shares in the last quarter. Finally, DnB Asset Management AS raised its position in Celanese by 3.5% in the second quarter. DnB Asset Management AS now owns 17,824 shares of the basic materials company’s stock worth $1,980,000 after purchasing an additional 600 shares in the last quarter. Institutional investors and hedge funds own 96.11% of the company’s stock.

CE opened at $102.21 on Monday. Celanese Co. has a one year low of $92.68 and a one year high of $119.29. The company has a current ratio of 2.08, a quick ratio of 1.40 and a debt-to-equity ratio of 0.81. The company has a market cap of $13.58 billion, a PE ratio of 13.58, a P/E/G ratio of 0.92 and a beta of 1.39.

Celanese (NYSE:CE) last released its quarterly earnings results on Thursday, October 18th. The basic materials company reported $2.96 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.74 by $0.22. Celanese had a net margin of 18.57% and a return on equity of 39.39%. The business had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.81 billion. During the same period in the prior year, the firm earned $1.93 earnings per share. Celanese’s revenue was up 13.1% compared to the same quarter last year. As a group, equities analysts anticipate that Celanese Co. will post 11.06 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 8th. Stockholders of record on Monday, October 29th will be paid a dividend of $0.54 per share. The ex-dividend date of this dividend is Friday, October 26th. This represents a $2.16 annualized dividend and a dividend yield of 2.11%. Celanese’s dividend payout ratio (DPR) is currently 28.76%.

Several research firms have recently weighed in on CE. Citigroup raised their price objective on shares of Celanese from $131.00 to $134.00 and gave the stock a “buy” rating in a report on Tuesday, July 24th. KeyCorp raised their price objective on shares of Celanese from $141.00 to $145.00 and gave the stock a “$113.06” rating in a report on Monday, July 23rd. Barclays raised their price objective on shares of Celanese from $140.00 to $145.00 and gave the stock an “overweight” rating in a report on Monday, July 30th. JPMorgan Chase & Co. raised their price objective on shares of Celanese from $110.00 to $114.00 and gave the stock a “$113.06” rating in a report on Monday, July 23rd. Finally, Alembic Global Advisors set a $103.00 price objective on shares of Celanese and gave the stock a “sell” rating in a report on Thursday, October 18th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and thirteen have given a buy rating to the company. Celanese presently has an average rating of “Buy” and a consensus price target of $121.67.

About Celanese

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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Institutional Ownership by Quarter for Celanese (NYSE:CE)

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