PNC Financial Services Group Inc. Sells 11,616 Shares of Celanese Corporation (NYSE:CE)

PNC Financial Services Group Inc. lessened its stake in shares of Celanese Corporation (NYSE:CE - Free Report) by 8.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 129,176 shares of the basic materials company's stock after selling 11,616 shares during the quarter. PNC Financial Services Group Inc. owned about 0.12% of Celanese worth $7,333,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in CE. Alliancebernstein L.P. grew its position in Celanese by 4.4% in the fourth quarter. Alliancebernstein L.P. now owns 145,013 shares of the basic materials company's stock worth $10,036,000 after buying an additional 6,123 shares during the last quarter. Resona Asset Management Co. Ltd. acquired a new position in Celanese in the fourth quarter worth approximately $2,184,000. Aviva PLC grew its position in Celanese by 673.8% in the fourth quarter. Aviva PLC now owns 65,602 shares of the basic materials company's stock worth $4,540,000 after buying an additional 57,124 shares during the last quarter. Russell Investments Group Ltd. grew its position in Celanese by 316.3% in the fourth quarter. Russell Investments Group Ltd. now owns 359,423 shares of the basic materials company's stock worth $24,869,000 after buying an additional 273,087 shares during the last quarter. Finally, Federated Hermes Inc. grew its position in Celanese by 3,526.8% in the fourth quarter. Federated Hermes Inc. now owns 19,512 shares of the basic materials company's stock worth $1,350,000 after buying an additional 18,974 shares during the last quarter. Institutional investors and hedge funds own 98.87% of the company's stock.

Insiders Place Their Bets

In related news, SVP Mark Christopher Murray acquired 1,479 shares of the company's stock in a transaction dated Friday, May 23rd. The shares were bought at an average price of $52.18 per share, for a total transaction of $77,174.22. Following the acquisition, the senior vice president owned 15,468 shares in the company, valued at $807,120.24. This trade represents a 10.57% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.33% of the stock is currently owned by corporate insiders.

Celanese Stock Performance

Celanese stock traded down $0.69 on Friday, reaching $47.96. 1,757,097 shares of the stock were exchanged, compared to its average volume of 1,736,467. The stock has a market cap of $5.25 billion, a PE ratio of -3.15, a PEG ratio of 1.83 and a beta of 1.10. The company has a current ratio of 1.94, a quick ratio of 1.11 and a debt-to-equity ratio of 2.20. Celanese Corporation has a twelve month low of $36.29 and a twelve month high of $142.54. The firm has a fifty day moving average price of $56.04 and a two-hundred day moving average price of $54.80.

Celanese Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, August 11th. Shareholders of record on Tuesday, July 29th will be given a dividend of $0.03 per share. The ex-dividend date of this dividend is Tuesday, July 29th. This represents a $0.12 dividend on an annualized basis and a yield of 0.3%. Celanese's payout ratio is currently -0.79%.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. KeyCorp lifted their price target on shares of Celanese from $76.00 to $77.00 and gave the stock an "overweight" rating in a research report on Monday, July 14th. Barclays lifted their price objective on shares of Celanese from $59.00 to $62.00 and gave the stock an "equal weight" rating in a research report on Wednesday, May 14th. Mizuho lifted their price objective on shares of Celanese from $50.00 to $59.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 15th. Bank of America lifted their price objective on shares of Celanese from $55.00 to $61.00 and gave the stock a "buy" rating in a research report on Friday, May 16th. Finally, BMO Capital Markets upgraded shares of Celanese from an "underperform" rating to a "market perform" rating and lifted their price objective for the stock from $46.00 to $55.00 in a research report on Tuesday, May 20th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and six have given a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $66.50.

Celanese Company 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.