Westpac Banking Corp boosted its stake in shares of Celanese Corp. (NYSE:CE) by 77.9% during the second quarter, Holdings Channel reports. The fund owned 11,632 shares of the company’s stock after buying an additional 5,094 shares during the period. Westpac Banking Corp’s holdings in Celanese Corp. were worth $761,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of the stock. Societe Generale purchased a new stake in Celanese Corp. during the second quarter valued at $111,000. Bessemer Group Inc. increased its stake in Celanese Corp. by 22.5% in the first quarter. Bessemer Group Inc. now owns 1,964 shares of the company’s stock valued at $129,000 after buying an additional 361 shares during the last quarter. Meeder Asset Management Inc. purchased a new stake in Celanese Corp. during the second quarter valued at $133,000. Mizuho Asset Management Co. Ltd. increased its stake in Celanese Corp. by 123.0% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 2,339 shares of the company’s stock valued at $153,000 after buying an additional 1,290 shares during the last quarter. Finally, Checchi Capital Advisers LLC increased its stake in Celanese Corp. by 0.7% in the second quarter. Checchi Capital Advisers LLC now owns 2,630 shares of the company’s stock valued at $172,000 after buying an additional 17 shares during the last quarter. Institutional investors and hedge funds own 95.96% of the company’s stock.
Celanese Corp. (NYSE:CE) traded down 1.08% during midday trading on Monday, hitting $65.84. The stock had a trading volume of 153,879 shares. The stock has a 50-day moving average price of $64.25 and a 200 day moving average price of $67.29. The firm has a market cap of $9.53 billion, a P/E ratio of 28.59 and a beta of 1.61. Celanese Corp. has a 12-month low of $55.07 and a 12-month high of $74.55.
Celanese Corp. (NYSE:CE) last announced its quarterly earnings data on Monday, July 25th. The company reported $1.59 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.56 by $0.03. Celanese Corp. had a return on equity of 30.07% and a net margin of 6.20%. The company had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.42 billion. During the same quarter in the previous year, the company earned $1.58 EPS. The firm’s revenue for the quarter was down 8.5% compared to the same quarter last year. On average, equities analysts anticipate that Celanese Corp. will post $6.54 earnings per share for the current fiscal year.
Several brokerages have recently issued reports on CE. Jefferies Group reissued a “buy” rating on shares of Celanese Corp. in a report on Thursday, August 4th. Citigroup Inc. decreased their price objective on Celanese Corp. from $81.00 to $77.00 and set a “buy” rating for the company in a report on Thursday, July 28th. Nomura reissued a “hold” rating on shares of Celanese Corp. in a report on Tuesday, July 12th. Morgan Stanley reissued a “hold” rating and issued a $65.00 price objective on shares of Celanese Corp. in a report on Thursday, June 16th. Finally, Zacks Investment Research cut Celanese Corp. from a “buy” rating to a “hold” rating in a report on Wednesday, July 27th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $73.83.
Celanese Corp. Company Profile
Celanese Corporation (Celanese) is a technology and specialty materials company. The Company operates through four segments: Advanced Engineered Materials, Consumer Specialties, Industrial Specialties and Acetyl Intermediates. Its business involves processing chemical raw materials, such as methanol, carbon monoxide, ethylene and natural products, including wood pulp, into chemicals, thermoplastic polymers and other chemical-based products.
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