Optima Fund Management LLC raised its stake in Celanese Co. (NYSE:CE) by 6.3% during the first quarter, Holdings Channel reports. The fund owned 14,068 shares of the basic materials company’s stock after buying an additional 839 shares during the period. Celanese comprises approximately 1.9% of Optima Fund Management LLC’s holdings, making the stock its 28th largest position. Optima Fund Management LLC’s holdings in Celanese were worth $1,387,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. SRB Corp bought a new position in shares of Celanese in the first quarter worth about $690,000. Westpac Banking Corp raised its stake in Celanese by 10.7% during the 1st quarter. Westpac Banking Corp now owns 130,576 shares of the basic materials company’s stock valued at $12,876,000 after purchasing an additional 12,650 shares during the period. Riverhead Capital Management LLC bought a new stake in Celanese during the 1st quarter valued at approximately $1,923,000. Andra AP fonden bought a new stake in Celanese during the 1st quarter valued at approximately $4,852,000. Finally, Advisory Alpha LLC bought a new stake in Celanese during the 1st quarter valued at approximately $27,000. 97.25% of the stock is currently owned by hedge funds and other institutional investors.
In related news, Director John K. Wulff sold 9,175 shares of the company’s stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $108.32, for a total transaction of $993,836.00. Following the transaction, the director now directly owns 19,872 shares of the company’s stock, valued at approximately $2,152,535.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.57% of the company’s stock.
A number of equities analysts have recently commented on the company. Zacks Investment Research cut Celanese from a “buy” rating to a “hold” rating in a report on Thursday, April 25th. ValuEngine lowered Celanese from a “hold” rating to a “sell” rating in a research report on Monday, May 20th. BMO Capital Markets lifted their target price on Celanese from $107.00 to $126.00 and gave the company a “market perform” rating in a research report on Wednesday, April 24th. Alembic Global Advisors set a $95.00 target price on Celanese and gave the company a “sell” rating in a research report on Monday, April 22nd. Finally, Barclays decreased their target price on Celanese from $125.00 to $120.00 and set an “overweight” rating for the company in a research report on Tuesday, April 9th. Nine research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $119.53.
NYSE:CE traded down $1.08 during mid-day trading on Friday, hitting $104.18. 10,575 shares of the company’s stock traded hands, compared to its average volume of 1,013,090. Celanese Co. has a twelve month low of $82.91 and a twelve month high of $119.29. The firm has a market capitalization of $13.28 billion, a P/E ratio of 9.46, a P/E/G ratio of 0.99 and a beta of 1.38. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.58 and a quick ratio of 1.03.
Celanese (NYSE:CE) last announced its earnings results on Monday, April 22nd. The basic materials company reported $2.62 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.49 by $0.13. Celanese had a return on equity of 39.76% and a net margin of 16.89%. The company had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.76 billion. During the same period in the prior year, the company posted $2.79 EPS. The firm’s quarterly revenue was down 8.9% compared to the same quarter last year. On average, analysts expect that Celanese Co. will post 10.53 EPS for the current year.
Celanese Company Profile
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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