Cubist Systematic Strategies LLC Has $778,000 Position in Celanese Corporation (CE)
Cubist Systematic Strategies LLC reduced its stake in Celanese Corporation (NYSE:CE) by 40.7% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 8,195 shares of the basic materials company’s stock after selling 5,622 shares during the quarter. Cubist Systematic Strategies LLC’s holdings in Celanese Corporation were worth $778,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Celanese Corporation by 24.2% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,059 shares of the basic materials company’s stock worth $101,000 after buying an additional 206 shares during the last quarter. Barrett Asset Management LLC acquired a new position in shares of Celanese Corporation during the second quarter worth approximately $142,000. Fiduciary Trust Co. acquired a new position in shares of Celanese Corporation during the second quarter worth approximately $150,000. Benjamin F. Edwards & Company Inc. lifted its holdings in shares of Celanese Corporation by 6.8% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 1,919 shares of the basic materials company’s stock worth $182,000 after buying an additional 122 shares during the last quarter. Finally, Financial Architects Inc lifted its holdings in shares of Celanese Corporation by 2.2% during the second quarter. Financial Architects Inc now owns 1,959 shares of the basic materials company’s stock worth $186,000 after buying an additional 43 shares during the last quarter. Hedge funds and other institutional investors own 97.21% of the company’s stock.
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Shares of Celanese Corporation (CE) opened at 107.10 on Tuesday. The company has a market capitalization of $14.73 billion, a PE ratio of 18.22 and a beta of 1.31. The stock’s 50 day moving average price is $102.21 and its 200-day moving average price is $94.59. Celanese Corporation has a 52-week low of $63.02 and a 52-week high of $109.11.
Celanese Corporation (NYSE:CE) last released its quarterly earnings results on Monday, October 16th. The basic materials company reported $1.93 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.92 by $0.01. The business had revenue of $1.57 billion during the quarter, compared to analysts’ expectations of $1.49 billion. Celanese Corporation had a return on equity of 31.23% and a net margin of 14.89%. The firm’s revenue for the quarter was up 18.4% compared to the same quarter last year. During the same period last year, the firm posted $1.67 EPS. On average, analysts expect that Celanese Corporation will post $7.31 earnings per share for the current year.
Celanese Corporation announced that its board has authorized a stock buyback program on Monday, July 17th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the basic materials company to purchase up to 10.9% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.
A number of research analysts have recently commented on CE shares. BidaskClub upgraded Celanese Corporation from a “hold” rating to a “buy” rating in a report on Saturday, August 26th. ValuEngine lowered Celanese Corporation from a “strong-buy” rating to a “buy” rating in a report on Friday, October 6th. Cowen and Company reiterated an “outperform” rating and set a $115.00 price target (up from $100.00) on shares of Celanese Corporation in a report on Wednesday, August 9th. Royal Bank Of Canada reiterated an “outperform” rating on shares of Celanese Corporation in a report on Tuesday, June 20th. Finally, Zacks Investment Research upgraded Celanese Corporation from a “hold” rating to a “buy” rating and set a $111.00 price target for the company in a report on Monday, July 17th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the stock. Celanese Corporation currently has an average rating of “Buy” and an average target price of $105.05.
Celanese Corporation Company Profile
Celanese Corporation (Celanese) is a technology and specialty materials company. The Company’s segments include Advanced Engineered Materials, Consumer Specialties, Industrial Specialties, Acetyl Intermediates and Other Activities. The Advanced Engineered Materials segment includes the Company’s engineered materials business and certain affiliates.
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