CI Investments Inc. Trims Stock Holdings in Celanese Co. (NYSE:CE)

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CI Investments Inc. reduced its stake in Celanese Co. (NYSE:CEGet Rating) by 43.4% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 621 shares of the basic materials company’s stock after selling 476 shares during the period. CI Investments Inc.’s holdings in Celanese were worth $73,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of CE. BNP Paribas Arbitrage SA grew its position in Celanese by 88.1% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 164,443 shares of the basic materials company’s stock valued at $19,340,000 after acquiring an additional 77,034 shares in the last quarter. ING Groep NV acquired a new position in shares of Celanese during the second quarter worth about $386,000. Pictet Asset Management SA grew its position in shares of Celanese by 29.6% during the second quarter. Pictet Asset Management SA now owns 72,626 shares of the basic materials company’s stock worth $8,542,000 after buying an additional 16,603 shares in the last quarter. Kentucky Retirement Systems grew its position in shares of Celanese by 16.7% during the second quarter. Kentucky Retirement Systems now owns 8,039 shares of the basic materials company’s stock worth $945,000 after buying an additional 1,153 shares in the last quarter. Finally, Edgestream Partners L.P. acquired a new position in shares of Celanese during the second quarter worth about $1,063,000. 93.34% of the stock is currently owned by hedge funds and other institutional investors.

Celanese Price Performance

Shares of NYSE CE opened at $109.11 on Friday. The company has a current ratio of 4.73, a quick ratio of 4.11 and a debt-to-equity ratio of 2.15. Celanese Co. has a twelve month low of $86.71 and a twelve month high of $176.50. The stock has a 50 day moving average of $96.76 and a two-hundred day moving average of $113.46. The stock has a market cap of $11.83 billion, a P/E ratio of 7.21 and a beta of 1.27.

Celanese (NYSE:CEGet Rating) last released its quarterly earnings results on Friday, November 4th. The basic materials company reported $3.94 EPS for the quarter, missing the consensus estimate of $3.98 by ($0.04). Celanese had a return on equity of 42.26% and a net margin of 17.20%. The company had revenue of $2.30 billion for the quarter, compared to analysts’ expectations of $2.26 billion. During the same quarter last year, the company earned $4.82 EPS. Celanese’s revenue for the quarter was up 1.5% compared to the same quarter last year. On average, research analysts forecast that Celanese Co. will post 16.08 earnings per share for the current year.

Celanese Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, November 14th. Stockholders of record on Monday, October 31st were paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.57%. The ex-dividend date of this dividend was Friday, October 28th. This is a boost from Celanese’s previous quarterly dividend of $0.68. Celanese’s dividend payout ratio is 18.51%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on CE shares. Wells Fargo & Company lowered their price objective on Celanese from $130.00 to $115.00 and set an “overweight” rating for the company in a research report on Tuesday, October 18th. Royal Bank of Canada lowered their price objective on Celanese from $100.00 to $98.00 and set a “sector perform” rating for the company in a research report on Tuesday, November 8th. TheStreet downgraded Celanese from a “b-” rating to a “c+” rating in a report on Friday, September 23rd. Credit Suisse Group lowered their price target on Celanese from $86.00 to $83.00 and set an “underperform” rating for the company in a report on Friday, November 4th. Finally, Morgan Stanley lowered their price target on Celanese from $172.00 to $110.00 and set an “equal weight” rating for the company in a report on Wednesday, October 12th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $117.86.

About Celanese

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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 three segments: Engineered Materials, Acetate Tow, and Acetyl Chain. 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.

Further Reading

Institutional Ownership by Quarter for Celanese (NYSE:CE)

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