SVB Wealth LLC Sells 502 Shares of Celanese Co. (NYSE:CE)

SVB Wealth LLC trimmed its position in Celanese Co. (NYSE:CE) by 15.4% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,750 shares of the basic materials company’s stock after selling 502 shares during the period. SVB Wealth LLC’s holdings in Celanese were worth $473,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Raymond James & Associates increased its holdings in Celanese by 2.2% during the fourth quarter. Raymond James & Associates now owns 61,602 shares of the basic materials company’s stock valued at $9,571,000 after buying an additional 1,333 shares during the last quarter. Ritholtz Wealth Management purchased a new stake in shares of Celanese in the 4th quarter worth $243,000. Blue Trust Inc. raised its holdings in Celanese by 139.6% in the 4th quarter. Blue Trust Inc. now owns 896 shares of the basic materials company’s stock worth $139,000 after purchasing an additional 522 shares during the period. Hartford Investment Management Co. lifted its position in Celanese by 1.9% during the fourth quarter. Hartford Investment Management Co. now owns 6,792 shares of the basic materials company’s stock valued at $1,055,000 after purchasing an additional 127 shares in the last quarter. Finally, Arizona State Retirement System grew its holdings in Celanese by 0.8% during the fourth quarter. Arizona State Retirement System now owns 28,421 shares of the basic materials company’s stock valued at $4,416,000 after purchasing an additional 225 shares during the period. 98.87% of the stock is currently owned by institutional investors.

Celanese Price Performance

Celanese stock traded up $0.10 during mid-day trading on Tuesday, reaching $139.24. 77,541 shares of the company’s stock traded hands, compared to its average volume of 714,931. The company has a quick ratio of 0.73, a current ratio of 1.21 and a debt-to-equity ratio of 1.46. Celanese Co. has a 12-month low of $110.76 and a 12-month high of $172.16. The stock has a 50 day moving average of $142.23 and a two-hundred day moving average of $150.62. The company has a market cap of $15.21 billion, a price-to-earnings ratio of 7.66, a PEG ratio of 0.60 and a beta of 1.30.

Celanese (NYSE:CE) last announced its quarterly earnings data on Wednesday, May 8th. The basic materials company reported $2.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.91 by $0.17. Celanese had a net margin of 18.60% and a return on equity of 14.00%. The business had revenue of $2.61 billion during the quarter, compared to the consensus estimate of $2.67 billion. During the same quarter last year, the firm earned $2.01 earnings per share. The firm’s quarterly revenue was down 8.5% compared to the same quarter last year. Equities analysts forecast that Celanese Co. will post 11.26 earnings per share for the current year.

Celanese Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 12th. Stockholders of record on Tuesday, July 30th will be given a dividend of $0.70 per share. The ex-dividend date of this dividend is Tuesday, July 30th. This represents a $2.80 annualized dividend and a dividend yield of 2.01%. Celanese’s dividend payout ratio (DPR) is 15.41%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Piper Sandler lifted their price objective on Celanese from $170.00 to $180.00 and gave the company an “overweight” rating in a research report on Friday, May 17th. Citigroup dropped their price target on shares of Celanese from $167.00 to $148.00 and set a “neutral” rating for the company in a research report on Thursday, June 27th. Mizuho raised their price objective on shares of Celanese from $161.00 to $173.00 and gave the company a “neutral” rating in a research report on Thursday, May 9th. UBS Group dropped their target price on shares of Celanese from $193.00 to $184.00 and set a “buy” rating for the company in a report on Tuesday, July 9th. Finally, Barclays cut Celanese from an “overweight” rating to an “equal weight” rating and set a $170.00 price target on the stock. in a report on Thursday, April 4th. Four equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Celanese presently has a consensus rating of “Hold” and a consensus target price of $162.75.

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.