Brown Brothers Harriman & Co. Sells 28,010 Shares of Celanese Co. (NYSE:CE)

Brown Brothers Harriman & Co. trimmed its stake in Celanese Co. (NYSE:CE) by 14.4% during the 3rd quarter, HoldingsChannel reports. The fund owned 166,611 shares of the basic materials company’s stock after selling 28,010 shares during the quarter. Brown Brothers Harriman & Co.’s holdings in Celanese were worth $22,652,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. Legacy Capital Group California Inc. raised its stake in Celanese by 2.7% during the 2nd quarter. Legacy Capital Group California Inc. now owns 3,441 shares of the basic materials company’s stock valued at $464,000 after buying an additional 91 shares during the last quarter. Rosenberg Matthew Hamilton grew its stake in shares of Celanese by 13.4% during the 2nd quarter. Rosenberg Matthew Hamilton now owns 839 shares of the basic materials company’s stock valued at $110,000 after purchasing an additional 99 shares during the period. Whittier Trust Co. of Nevada Inc. increased its position in shares of Celanese by 20.4% during the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 585 shares of the basic materials company’s stock valued at $79,000 after purchasing an additional 99 shares during the last quarter. State of Michigan Retirement System lifted its stake in shares of Celanese by 0.4% in the 2nd quarter. State of Michigan Retirement System now owns 27,552 shares of the basic materials company’s stock worth $3,716,000 after purchasing an additional 100 shares during the period. Finally, DT Investment Partners LLC boosted its holdings in shares of Celanese by 128.8% in the third quarter. DT Investment Partners LLC now owns 183 shares of the basic materials company’s stock worth $25,000 after buying an additional 103 shares during the last quarter. 98.87% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Piper Sandler cut Celanese from a “neutral” rating to an “underweight” rating and decreased their target price for the stock from $150.00 to $98.00 in a report on Friday, November 8th. Mizuho decreased their price objective on Celanese from $132.00 to $120.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 5th. UBS Group downgraded Celanese from a “buy” rating to a “neutral” rating and cut their price objective for the company from $161.00 to $97.00 in a research note on Monday, November 11th. JPMorgan Chase & Co. raised shares of Celanese from an “underweight” rating to a “neutral” rating and reduced their target price for the stock from $156.00 to $130.00 in a report on Monday, August 5th. Finally, Vertical Research lowered shares of Celanese from a “hold” rating to a “sell” rating and set a $130.00 price target for the company. in a research report on Tuesday, October 29th. Five analysts have rated the stock with a sell rating, ten have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Celanese currently has an average rating of “Hold” and a consensus price target of $120.59.

Celanese Stock Up 0.8 %

Shares of CE opened at $75.30 on Monday. The business’s 50 day simple moving average is $116.72 and its 200-day simple moving average is $130.56. Celanese Co. has a 1 year low of $71.38 and a 1 year high of $172.16. The company has a debt-to-equity ratio of 1.47, a current ratio of 1.37 and a quick ratio of 0.76. The stock has a market capitalization of $8.23 billion, a price-to-earnings ratio of 7.52, a price-to-earnings-growth ratio of 0.77 and a beta of 1.31.

Celanese (NYSE:CE) last released its quarterly earnings data on Monday, November 4th. The basic materials company reported $2.44 EPS for the quarter, missing the consensus estimate of $2.85 by ($0.41). Celanese had a net margin of 10.40% and a return on equity of 13.17%. The business had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.70 billion. During the same quarter last year, the business earned $2.50 EPS. Celanese’s revenue for the quarter was down 2.8% compared to the same quarter last year. As a group, equities analysts expect that Celanese Co. will post 8.67 earnings per share for the current fiscal year.

Celanese Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 13th. Shareholders of record on Wednesday, October 30th were paid a dividend of $0.70 per share. The ex-dividend date was Wednesday, October 30th. This represents a $2.80 annualized dividend and a yield of 3.72%. Celanese’s payout ratio is currently 28.17%.

Celanese Profile

Celanese Corporation, a chemical and specialty materials company, manufactures and sells high performance engineered polymers in the United States and internationally. It operates through Engineered Materials and Acetyl Chain. 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.