SRB Corp reduced its holdings in Celanese Co. (NYSE:CE) by 31.4% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 4,800 shares of the basic materials company’s stock after selling 2,197 shares during the quarter. SRB Corp’s holdings in Celanese were worth $517,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Advisory Alpha LLC bought a new stake in Celanese in the first quarter valued at approximately $27,000. Patriot Financial Group Insurance Agency LLC bought a new stake in Celanese in the second quarter valued at approximately $28,000. Rockefeller Capital Management L.P. increased its stake in Celanese by 75.3% in the second quarter. Rockefeller Capital Management L.P. now owns 256 shares of the basic materials company’s stock valued at $28,000 after purchasing an additional 110 shares in the last quarter. Icon Wealth Partners LLC bought a new stake in Celanese in the first quarter valued at approximately $56,000. Finally, Valeo Financial Advisors LLC increased its stake in Celanese by 31.3% in the second quarter. Valeo Financial Advisors LLC now owns 524 shares of the basic materials company’s stock valued at $56,000 after purchasing an additional 125 shares in the last quarter. Institutional investors and hedge funds own 98.15% of the company’s stock.
Several brokerages have commented on CE. Deutsche Bank upped their target price on shares of Celanese from $115.00 to $118.00 and gave the company a “hold” rating in a research note on Wednesday, July 24th. JPMorgan Chase & Co. raised shares of Celanese from a “neutral” rating to an “overweight” rating and upped their target price for the company from $102.00 to $120.00 in a research note on Wednesday, July 24th. BMO Capital Markets upped their target price on shares of Celanese from $115.00 to $120.00 and gave the company a “market perform” rating in a research note on Wednesday, July 24th. Citigroup set a $122.00 price objective on shares of Celanese and gave the stock a “buy” rating in a research report on Monday, July 15th. Finally, ValuEngine raised shares of Celanese from a “sell” rating to a “hold” rating in a research report on Wednesday, June 12th. Eleven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $118.25.
Celanese (NYSE:CE) last issued its quarterly earnings data on Monday, July 22nd. The basic materials company reported $2.38 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.36 by $0.02. The company had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.64 billion. Celanese had a net margin of 15.52% and a return on equity of 38.56%. The firm’s revenue was down 13.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.90 earnings per share. On average, research analysts forecast that Celanese Co. will post 10.15 EPS for the current year.
Celanese Company Profile
Celanese Corporation, a technology and specialty materials company, manufactures and sells high performance engineered polymers in the United States and internationally. The company operates through Engineered Materials, Acetate Tow, and Acetyl Chain segments. The Engineered Materials segment develops, produces, and supplies specialty polymers for automotive and medical applications, as well as for use in industrial products and consumer electronics.
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