Northwest Bancshares Inc. Takes $2.62 Million Position in Celanese Co. (NYSE:CE)

Northwest Bancshares Inc. bought a new stake in Celanese Co. (NYSE:CE) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 24,275 shares of the basic materials company’s stock, valued at approximately $2,617,000.

Several other large investors have also made changes to their positions in CE. Norges Bank purchased a new stake in shares of Celanese in the fourth quarter valued at about $88,985,000. Geode Capital Management LLC raised its holdings in shares of Celanese by 61.5% in the fourth quarter. Geode Capital Management LLC now owns 1,823,172 shares of the basic materials company’s stock valued at $163,756,000 after buying an additional 694,491 shares during the last quarter. Hexavest Inc. purchased a new stake in shares of Celanese in the first quarter valued at about $32,435,000. JPMorgan Chase & Co. raised its holdings in shares of Celanese by 20.6% in the first quarter. JPMorgan Chase & Co. now owns 1,892,634 shares of the basic materials company’s stock valued at $186,634,000 after buying an additional 323,714 shares during the last quarter. Finally, Principal Financial Group Inc. raised its holdings in shares of Celanese by 256.6% in the fourth quarter. Principal Financial Group Inc. now owns 288,054 shares of the basic materials company’s stock valued at $25,916,000 after buying an additional 207,273 shares during the last quarter. 97.35% of the stock is owned by institutional investors and hedge funds.

Celanese stock traded down $0.76 during mid-day trading on Friday, reaching $110.75. The company had a trading volume of 20,020 shares, compared to its average volume of 965,560. Celanese Co. has a 1 year low of $82.91 and a 1 year high of $119.29. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.04 and a quick ratio of 1.03. The company has a market cap of $14.04 billion, a P/E ratio of 10.06, a P/E/G ratio of 1.12 and a beta of 1.42. The business’s 50-day simple moving average is $105.76.

Celanese (NYSE:CE) last issued its earnings results on Monday, July 22nd. The basic materials company reported $2.38 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.36 by $0.02. Celanese had a net margin of 15.52% and a return on equity of 38.56%. The company had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.64 billion. During the same period last year, the company posted $2.90 earnings per share. The firm’s quarterly revenue was down 13.7% compared to the same quarter last year. On average, analysts anticipate that Celanese Co. will post 10 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Monday, August 5th. Shareholders of record on Friday, July 26th will be issued a $0.62 dividend. The ex-dividend date is Thursday, July 25th. This represents a $2.48 dividend on an annualized basis and a yield of 2.24%. Celanese’s dividend payout ratio (DPR) is presently 22.55%.

CE has been the subject of a number of research reports. Nomura upped their target price on shares of Robert Half International from $69.00 to $72.00 and gave the company a “buy” rating in a report on Wednesday. JPMorgan Chase & Co. reissued a “hold” rating and set a $6.25 price target on shares of Deutsche Bank in a report on Wednesday. ValuEngine cut shares of Welbilt from a “hold” rating to a “sell” rating in a report on Wednesday, June 12th. Barclays cut their price target on shares of Waters from $218.00 to $210.00 and set an “equal weight” rating for the company in a report on Wednesday, April 24th. Finally, KeyCorp cut shares of Steris from an “overweight” rating to a “sector weight” rating in a report on Tuesday, July 9th. They noted that the move was a valuation call. Ten investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $117.87.

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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Institutional Ownership by Quarter for Celanese (NYSE:CE)

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