Envestnet Asset Management Inc. Sells 213,349 Shares of Celanese Co. (NYSE:CE)

Envestnet Asset Management Inc. lowered its position in shares of Celanese Co. (NYSE:CE) by 69.9% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 92,010 shares of the basic materials company’s stock after selling 213,349 shares during the quarter. Envestnet Asset Management Inc. owned 0.08% of Celanese worth $6,368,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CE. CKW Financial Group boosted its stake in Celanese by 52.9% in the fourth quarter. CKW Financial Group now owns 535 shares of the basic materials company’s stock valued at $37,000 after acquiring an additional 185 shares during the last quarter. Blue Trust Inc. raised its holdings in shares of Celanese by 15.0% in the 4th quarter. Blue Trust Inc. now owns 1,476 shares of the basic materials company’s stock worth $102,000 after purchasing an additional 192 shares during the period. UMB Bank n.a. lifted its stake in Celanese by 103.7% in the fourth quarter. UMB Bank n.a. now owns 381 shares of the basic materials company’s stock valued at $26,000 after purchasing an additional 194 shares during the last quarter. CENTRAL TRUST Co increased its position in Celanese by 43.2% in the fourth quarter. CENTRAL TRUST Co now owns 670 shares of the basic materials company’s stock worth $46,000 after buying an additional 202 shares during the last quarter. Finally, Van ECK Associates Corp raised its stake in shares of Celanese by 1.1% in the fourth quarter. Van ECK Associates Corp now owns 21,239 shares of the basic materials company’s stock valued at $1,470,000 after buying an additional 230 shares during the period. Hedge funds and other institutional investors own 98.87% of the company’s stock.

Analyst Upgrades and Downgrades

CE has been the subject of several recent research reports. UBS Group decreased their price objective on Celanese from $60.00 to $46.00 and set a “neutral” rating for the company in a report on Monday, April 7th. BMO Capital Markets reduced their target price on shares of Celanese from $73.00 to $46.00 and set an “underperform” rating for the company in a research note on Thursday, February 20th. Citigroup dropped their price target on shares of Celanese from $58.00 to $52.00 and set a “neutral” rating on the stock in a research note on Friday, April 4th. Piper Sandler reaffirmed an “underweight” rating and issued a $48.00 price objective (down from $50.00) on shares of Celanese in a report on Monday, April 7th. Finally, StockNews.com cut shares of Celanese from a “hold” rating to a “sell” rating in a report on Thursday, February 20th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Celanese has a consensus rating of “Hold” and an average price target of $61.33.

Celanese Price Performance

Shares of NYSE:CE opened at $40.03 on Monday. The company’s fifty day moving average price is $52.06 and its 200-day moving average price is $74.02. The firm has a market capitalization of $4.38 billion, a price-to-earnings ratio of -2.87, a PEG ratio of 1.05 and a beta of 1.08. Celanese Co. has a one year low of $36.29 and a one year high of $169.50. The company has a debt-to-equity ratio of 1.98, a current ratio of 1.34 and a quick ratio of 0.76.

Celanese (NYSE:CE) last posted its quarterly earnings results on Tuesday, February 18th. The basic materials company reported $1.45 EPS for the quarter, topping the consensus estimate of $1.25 by $0.20. Celanese had a negative net margin of 14.81% and a positive return on equity of 12.86%. The firm had revenue of $2.37 billion for the quarter, compared to the consensus estimate of $2.36 billion. On average, equities research analysts anticipate that Celanese Co. will post 8.79 earnings per share for the current fiscal year.

Celanese Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, May 12th. Stockholders of record on Monday, April 28th will be issued a $0.03 dividend. The ex-dividend date of this dividend is Monday, April 28th. This represents a $0.12 annualized dividend and a dividend yield of 0.30%. Celanese’s dividend payout ratio is currently -0.86%.

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.