Oakbrook Investments LLC purchased a new stake in Celanese Corporation (NYSE:CE) during the third quarter, according to its most recent filing with the SEC. The firm purchased 3,250 shares of the basic materials company’s stock, valued at approximately $339,000.
Other large investors also recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. boosted its position in shares of Celanese Corporation by 24.2% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,059 shares of the basic materials company’s stock worth $101,000 after purchasing an additional 206 shares in the last quarter. Barrett Asset Management LLC acquired a new stake in shares of Celanese Corporation in the 2nd quarter worth $142,000. Fiduciary Trust Co. acquired a new stake in shares of Celanese Corporation in the 2nd quarter worth $150,000. Toronto Dominion Bank boosted its position in shares of Celanese Corporation by 8.4% in the 2nd quarter. Toronto Dominion Bank now owns 1,731 shares of the basic materials company’s stock worth $164,000 after purchasing an additional 134 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. boosted its position in shares of Celanese Corporation by 6.8% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 1,919 shares of the basic materials company’s stock worth $182,000 after purchasing an additional 122 shares in the last quarter. Institutional investors and hedge funds own 98.52% of the company’s stock.
In other Celanese Corporation news, Director John K. Wulff sold 2,500 shares of the stock in a transaction dated Tuesday, October 24th. The shares were sold at an average price of $105.88, for a total value of $264,700.00. Following the completion of the transaction, the director now directly owns 30,175 shares of the company’s stock, valued at $3,194,929. The sale was disclosed in a filing with the SEC, which is available at this link. 0.42% of the stock is owned by company insiders.
Celanese Corporation (NYSE CE) opened at 105.03 on Monday. The stock has a market cap of $14.35 billion, a price-to-earnings ratio of 18.41 and a beta of 1.31. The company has a 50 day moving average price of $104.24 and a 200 day moving average price of $95.56. Celanese Corporation has a 52 week low of $71.24 and a 52 week high of $109.11.
Celanese Corporation (NYSE:CE) last announced its quarterly earnings data on Monday, October 16th. The basic materials company reported $1.93 EPS for the quarter, beating the Zacks’ consensus estimate of $1.92 by $0.01. The firm had revenue of $1.57 billion during the quarter, compared to the consensus estimate of $1.49 billion. Celanese Corporation had a net margin of 13.66% and a return on equity of 31.98%. The firm’s revenue was up 18.4% compared to the same quarter last year. During the same quarter last year, the firm earned $1.67 earnings per share. Analysts expect that Celanese Corporation will post $7.37 EPS for the current fiscal year.
Celanese Corporation declared that its Board of Directors has authorized a share buyback program on Monday, July 17th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the basic materials company to purchase up to 10.9% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 9th. Investors of record on Monday, October 30th will be given a $0.46 dividend. The ex-dividend date of this dividend is Friday, October 27th. This represents a $1.84 dividend on an annualized basis and a yield of 1.75%. Celanese Corporation’s payout ratio is currently 32.11%.
A number of analysts have commented on the company. ValuEngine cut Celanese Corporation from a “strong-buy” rating to a “buy” rating in a research report on Friday, October 6th. BidaskClub cut Celanese Corporation from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. UBS AG reaffirmed a “neutral” rating and set a $100.00 price target (up previously from $95.00) on shares of Celanese Corporation in a research report on Tuesday, July 25th. Cowen and Company reaffirmed an “outperform” rating and set a $115.00 price target (up previously from $100.00) on shares of Celanese Corporation in a research report on Wednesday, August 9th. Finally, Nomura lifted their price target on Celanese Corporation from $97.00 to $100.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 10th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the stock. Celanese Corporation has a consensus rating of “Buy” and a consensus target price of $107.74.
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Celanese Corporation Profile
Celanese Corporation (Celanese) is a technology and specialty materials company. The Company’s segments include Advanced Engineered Materials, Consumer Specialties, Industrial Specialties, Acetyl Intermediates and Other Activities. The Advanced Engineered Materials segment includes the Company’s engineered materials business and certain affiliates.
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