Canada Pension Plan Investment Board Has $66.87 Million Position in Celanese Corporation (CE)

Canada Pension Plan Investment Board cut its holdings in Celanese Corporation (NYSE:CE) by 12.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 641,303 shares of the basic materials company’s stock after selling 93,432 shares during the period. Canada Pension Plan Investment Board owned 0.47% of Celanese Corporation worth $66,869,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in CE. JPMorgan Chase & Co. boosted its holdings in Celanese Corporation by 33.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,999,260 shares of the basic materials company’s stock worth $284,749,000 after buying an additional 752,057 shares during the period. Boston Partners boosted its holdings in Celanese Corporation by 28.0% in the 2nd quarter. Boston Partners now owns 2,850,620 shares of the basic materials company’s stock worth $270,637,000 after buying an additional 623,671 shares during the period. Victory Capital Management Inc. boosted its holdings in Celanese Corporation by 33.2% in the 2nd quarter. Victory Capital Management Inc. now owns 2,013,602 shares of the basic materials company’s stock worth $191,171,000 after buying an additional 501,469 shares during the period. Nordea Investment Management AB boosted its holdings in Celanese Corporation by 277.5% in the 2nd quarter. Nordea Investment Management AB now owns 597,713 shares of the basic materials company’s stock worth $56,747,000 after buying an additional 439,378 shares during the period. Finally, Standard Life Investments LTD bought a new position in Celanese Corporation in the 2nd quarter worth approximately $38,550,000. 98.52% of the stock is owned by institutional investors.

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Celanese Corporation (NYSE:CE) last released its earnings results on Monday, October 16th. The basic materials company reported $1.93 EPS for the quarter, topping the consensus estimate of $1.92 by $0.01. Celanese Corporation had a net margin of 13.66% and a return on equity of 31.98%. The firm had revenue of $1.57 billion for the quarter, compared to the consensus estimate of $1.49 billion. During the same quarter in the previous year, the firm earned $1.67 earnings per share. The company’s quarterly revenue was up 18.4% compared to the same quarter last year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 9th. Stockholders of record on Monday, October 30th will be issued a $0.46 dividend. This represents a $1.84 annualized dividend and a dividend yield of 1.72%. The ex-dividend date of this dividend is Friday, October 27th. Celanese Corporation’s dividend payout ratio (DPR) is presently 32.11%.

Celanese Corporation announced that its board has initiated a share buyback plan on Monday, July 17th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the basic materials company to reacquire up to 10.9% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

In related news, Director John K. Wulff sold 2,500 shares of the company’s stock in a transaction on Tuesday, October 24th. The shares were sold at an average price of $105.88, for a total transaction of $264,700.00. Following the sale, the director now owns 30,175 shares of the company’s stock, valued at $3,194,929. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Christopher W. Jensen sold 1,000 shares of the company’s stock in a transaction on Monday, October 30th. The shares were sold at an average price of $104.68, for a total transaction of $104,680.00. Following the sale, the chief financial officer now directly owns 60,086 shares in the company, valued at approximately $6,289,802.48. The disclosure for this sale can be found here. 0.42% of the stock is currently owned by insiders.

CE has been the topic of several recent analyst reports. ValuEngine cut shares of Celanese Corporation from a “strong-buy” rating to a “buy” rating in a research note on Friday, October 6th. BidaskClub cut shares of Celanese Corporation from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. UBS AG reiterated a “neutral” rating and issued a $100.00 target price (up from $95.00) on shares of Celanese Corporation in a research note on Tuesday, July 25th. Cowen and Company reiterated an “outperform” rating and issued a $115.00 target price (up from $100.00) on shares of Celanese Corporation in a research note on Wednesday, August 9th. Finally, Nomura increased their target price on shares of Celanese Corporation from $97.00 to $100.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 10th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $107.74.

About Celanese Corporation

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.

Institutional Ownership by Quarter for Celanese Corporation (NYSE:CE)

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