Mackenzie Financial Corp Boosts Stake in Celanese Co. (NYSE:CE)

Mackenzie Financial Corp raised its position in Celanese Co. (NYSE:CEGet Rating) by 4.2% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,756 shares of the basic materials company’s stock after purchasing an additional 311 shares during the quarter. Mackenzie Financial Corp’s holdings in Celanese were worth $912,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Parkside Financial Bank & Trust raised its holdings in Celanese by 92.6% in the first quarter. Parkside Financial Bank & Trust now owns 181 shares of the basic materials company’s stock valued at $25,000 after buying an additional 87 shares during the period. Clearstead Advisors LLC increased its position in shares of Celanese by 830.0% in the first quarter. Clearstead Advisors LLC now owns 186 shares of the basic materials company’s stock worth $27,000 after acquiring an additional 166 shares in the last quarter. Clear Street Markets LLC raised its stake in shares of Celanese by 415.9% in the 2nd quarter. Clear Street Markets LLC now owns 227 shares of the basic materials company’s stock valued at $27,000 after acquiring an additional 183 shares during the period. SeaCrest Wealth Management LLC acquired a new position in shares of Celanese during the 2nd quarter valued at $33,000. Finally, Herold Advisors Inc. purchased a new stake in Celanese during the 1st quarter worth $35,000. 93.34% of the stock is currently owned by hedge funds and other institutional investors.

Celanese Price Performance

CE opened at $104.22 on Thursday. The company has a debt-to-equity ratio of 2.15, a quick ratio of 4.11 and a current ratio of 4.73. Celanese Co. has a 1-year low of $86.71 and a 1-year high of $176.50. The company has a 50-day moving average of $95.88 and a 200-day moving average of $115.04. The company has a market capitalization of $11.30 billion, a P/E ratio of 6.89 and a beta of 1.25.

Celanese (NYSE:CEGet Rating) last announced its quarterly earnings data on Friday, November 4th. The basic materials company reported $3.94 earnings per share for the quarter, missing the consensus estimate of $3.98 by ($0.04). Celanese had a net margin of 17.20% and a return on equity of 42.26%. The firm had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.26 billion. During the same period in the prior year, the firm earned $4.82 earnings per share. The firm’s quarterly revenue was up 1.5% compared to the same quarter last year. Equities analysts expect that Celanese Co. will post 16.08 EPS for the current fiscal year.

Celanese Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, November 14th. Shareholders of record on Monday, October 31st were paid a dividend of $0.70 per share. This is a positive change from Celanese’s previous quarterly dividend of $0.68. The ex-dividend date of this dividend was Friday, October 28th. This represents a $2.80 annualized dividend and a yield of 2.69%. Celanese’s payout ratio is presently 18.51%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on CE shares. Morgan Stanley cut their price objective on Celanese from $172.00 to $110.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 12th. Piper Sandler reduced their price target on Celanese from $120.00 to $100.00 and set an “underweight” rating on the stock in a research report on Monday, October 10th. Citigroup decreased their price target on Celanese from $102.00 to $96.00 and set a “neutral” rating for the company in a report on Sunday, November 6th. Wells Fargo & Company reduced their target price on shares of Celanese from $130.00 to $115.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 18th. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on shares of Celanese from $110.00 to $105.00 in a report on Thursday, November 10th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $117.86.

Celanese Company Profile

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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 three segments: Engineered Materials, Acetate Tow, 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.

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Institutional Ownership by Quarter for Celanese (NYSE:CE)

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