Cullen Frost Bankers Inc. grew its holdings in shares of Celanese Co. (NYSE:CE) by 76.0% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 9,632 shares of the basic materials company’s stock after purchasing an additional 4,158 shares during the period. Cullen Frost Bankers Inc.’s holdings in Celanese were worth $1,178,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. Synovus Financial Corp grew its position in Celanese by 162.1% in the 3rd quarter. Synovus Financial Corp now owns 249 shares of the basic materials company’s stock worth $31,000 after purchasing an additional 154 shares during the period. IFM Investors Pty Ltd grew its position in Celanese by 38.2% in the 3rd quarter. IFM Investors Pty Ltd now owns 13,311 shares of the basic materials company’s stock worth $1,628,000 after purchasing an additional 3,676 shares during the period. Wedge Capital Management L L P NC grew its position in Celanese by 1.4% in the 3rd quarter. Wedge Capital Management L L P NC now owns 64,793 shares of the basic materials company’s stock worth $7,924,000 after purchasing an additional 888 shares during the period. ARP Americas LP bought a new stake in Celanese in the 3rd quarter worth approximately $330,000. Finally, Tocqueville Asset Management L.P. bought a new stake in Celanese in the 3rd quarter worth approximately $207,000. Hedge funds and other institutional investors own 98.21% of the company’s stock.
CE stock traded up $1.50 during mid-day trading on Friday, hitting $127.24. The company had a trading volume of 440,471 shares, compared to its average volume of 852,805. The company has a market capitalization of $15.05 billion, a price-to-earnings ratio of 11.57, a P/E/G ratio of 1.82 and a beta of 1.36. Celanese Co. has a 12-month low of $82.91 and a 12-month high of $127.15. The company has a quick ratio of 1.21, a current ratio of 1.85 and a debt-to-equity ratio of 1.13. The company has a 50-day moving average price of $121.81 and a 200 day moving average price of $111.03.
Celanese (NYSE:CE) last announced its quarterly earnings results on Monday, October 21st. The basic materials company reported $2.53 EPS for the quarter, topping the consensus estimate of $2.50 by $0.03. The business had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.64 billion. Celanese had a net margin of 13.85% and a return on equity of 38.21%. The business’s quarterly revenue was down 10.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.96 EPS. As a group, analysts expect that Celanese Co. will post 9.7 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, November 7th. Stockholders of record on Monday, October 28th were given a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a dividend yield of 1.95%. The ex-dividend date was Friday, October 25th. Celanese’s dividend payout ratio is 22.55%.
A number of research firms have commented on CE. Barclays lifted their target price on shares of Celanese from $126.00 to $135.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. SunTrust Banks lifted their target price on shares of Celanese from $108.00 to $120.00 and gave the stock a “hold” rating in a research report on Friday, October 11th. Wells Fargo & Co began coverage on shares of Celanese in a research report on Tuesday, October 15th. They issued an “outperform” rating and a $140.00 target price for the company. UBS Group lifted their target price on shares of Celanese from $128.00 to $138.00 and gave the stock a “buy” rating in a research report on Wednesday, October 2nd. Finally, Morgan Stanley lifted their target price on shares of Celanese from $102.00 to $124.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and eight have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $120.89.
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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