Smith Asset Management Group LP Has $30.06 Million Position in Celanese Co. (CE)

Smith Asset Management Group LP increased its position in Celanese Co. (NYSE:CE) by 6.6% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 279,336 shares of the basic materials company’s stock after acquiring an additional 17,279 shares during the period. Smith Asset Management Group LP’s holdings in Celanese were worth $30,060,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Steward Partners Investment Advisory LLC increased its stake in Celanese by 93.2% during 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 during the period. Squar Milner Financial Services LLC acquired a new position in Celanese during the 2nd quarter valued at about $173,000. CAPROCK Group Inc. acquired a new position in Celanese during the 2nd quarter valued at about $216,000. TLP Group LLC acquired a new position in Celanese during the 1st quarter valued at about $229,000. Finally, Parametrica Management Ltd acquired a new position in Celanese during the 1st quarter valued at about $230,000. 94.50% of the stock is currently owned by institutional investors and hedge funds.

Several research firms have commented on CE. ValuEngine cut shares of Celanese from a “buy” rating to a “hold” rating in a research note on Wednesday, May 2nd. Citigroup raised their target price on shares of Celanese from $131.00 to $134.00 and gave the company a “buy” rating in a research note on Tuesday, July 24th. Jefferies Financial Group raised their target price on shares of Celanese to $138.00 and gave the company a “buy” rating in a research note on Monday, June 18th. JPMorgan Chase & Co. raised their target price on shares of Celanese from $110.00 to $114.00 and gave the company a “$113.06” rating in a research note on Monday, July 23rd. Finally, Royal Bank of Canada reissued a “buy” rating and set a $134.00 target price on shares of Celanese in a research note on Friday, July 13th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have given a buy rating to the stock. Celanese has a consensus rating of “Buy” and an average target price of $123.82.

Shares of Celanese traded down $0.94, hitting $117.17, during mid-day trading on Thursday, according to Marketbeat. The company’s stock had a trading volume of 1,133,572 shares, compared to its average volume of 1,033,438. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.96 and a quick ratio of 1.39. Celanese Co. has a fifty-two week low of $94.38 and a fifty-two week high of $118.51. The stock has a market capitalization of $15.95 billion, a P/E ratio of 15.60, a P/E/G ratio of 1.12 and a beta of 1.28.

Celanese (NYSE:CE) last released its quarterly earnings data 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 analysts’ expectations of $1.82 billion. During the same quarter last year, the company earned $1.79 EPS. The company’s revenue for the quarter was up 22.1% compared to the same quarter last year. equities research analysts forecast that Celanese Co. will post 10.57 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 6th. Investors of record on Friday, July 27th will be issued a $0.54 dividend. The ex-dividend date of this dividend is Thursday, July 26th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 1.84%. Celanese’s dividend payout ratio (DPR) is presently 28.76%.

In related news, EVP Peter G. Edwards sold 3,674 shares of the stock in a transaction dated Friday, June 15th. The shares were sold at an average price of $115.44, for a total value of $424,126.56. Following the sale, the executive vice president now owns 12,160 shares of the company’s stock, valued at approximately $1,403,750.40. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.41% of the stock is owned by company insiders.

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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