GSA Capital Partners LLP Has $754,000 Holdings in Celanese Corporation (CE)
GSA Capital Partners LLP lowered its stake in Celanese Corporation (NYSE:CE) by 55.1% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,944 shares of the basic materials company’s stock after selling 9,767 shares during the period. GSA Capital Partners LLP’s holdings in Celanese Corporation were worth $754,000 at the end of the most recent quarter.
Other hedge funds have also made changes to their positions in the company. Northwestern Mutual Wealth Management Co. boosted its stake in Celanese Corporation by 24.2% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,059 shares of the basic materials company’s stock valued at $101,000 after acquiring an additional 206 shares during the last quarter. Barrett Asset Management LLC bought a new position in Celanese Corporation in the second quarter valued at approximately $142,000. Fiduciary Trust Co. bought a new position in shares of Celanese Corporation during the second quarter worth $150,000. Benjamin F. Edwards & Company Inc. boosted its position 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 purchasing an additional 122 shares in the last quarter. Finally, Financial Architects Inc boosted its position 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 purchasing an additional 43 shares in the last quarter. 97.24% of the stock is currently owned by hedge funds and other institutional investors.
Celanese Corporation (NYSE:CE) traded up 0.30% on Friday, hitting $107.35. 531,347 shares of the stock traded hands. The stock has a 50 day moving average of $102.09 and a 200 day moving average of $94.52. Celanese Corporation has a 52 week low of $63.02 and a 52 week high of $109.09. The firm has a market capitalization of $14.76 billion, a PE ratio of 18.26 and a beta of 1.31.
Celanese Corporation (NYSE:CE) last posted its earnings results on Monday, July 24th. The basic materials company reported $1.79 EPS for the quarter, beating analysts’ consensus estimates of $1.76 by $0.03. The firm had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.44 billion. Celanese Corporation had a return on equity of 31.23% and a net margin of 14.89%. The company’s quarterly revenue was up 11.8% compared to the same quarter last year. During the same period in the prior year, the company earned $1.59 EPS. Equities research analysts anticipate that Celanese Corporation will post $7.31 earnings per share for the current year.
Celanese Corporation announced that its Board of Directors has initiated a share repurchase program on Monday, July 17th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the basic materials company to repurchase up to 10.9% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.
A number of brokerages have recently weighed in on CE. ValuEngine cut shares of Celanese Corporation from a “strong-buy” rating to a “buy” rating in a research report on Friday, October 6th. Nomura raised their price objective on shares of Celanese Corporation from $97.00 to $100.00 and gave the stock a “neutral” rating in a report on Tuesday. Instinet restated a “neutral” rating and set a $100.00 price objective (up from $97.00) on shares of Celanese Corporation in a report on Friday. Cowen and Company raised their price objective on shares of Celanese Corporation from $115.00 to $120.00 and gave the stock an “outperform” rating in a report on Wednesday, September 20th. Finally, Zacks Investment Research upgraded shares of Celanese Corporation from a “hold” rating to a “buy” rating and set a $111.00 price objective on the stock in a report on Monday, July 17th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $103.99.
About Celanese Corporation
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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