Turtle Creek Asset Management Inc. Buys 2,550,334 Shares of Celanese Co. (NYSE:CE)

Turtle Creek Asset Management Inc. boosted its stake in Celanese Co. (NYSE:CE - Free Report) by 266.7% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 3,506,440 shares of the basic materials company's stock after buying an additional 2,550,334 shares during the period. Celanese makes up 6.3% of Turtle Creek Asset Management Inc.'s portfolio, making the stock its 3rd largest holding. Turtle Creek Asset Management Inc. owned 3.21% of Celanese worth $242,681,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of CE. Barclays PLC grew its position in shares of Celanese by 14.0% during the 3rd quarter. Barclays PLC now owns 281,709 shares of the basic materials company's stock worth $38,300,000 after purchasing an additional 34,658 shares in the last quarter. Assenagon Asset Management S.A. grew its position in shares of Celanese by 403.1% during the 4th quarter. Assenagon Asset Management S.A. now owns 107,855 shares of the basic materials company's stock worth $7,465,000 after purchasing an additional 86,416 shares in the last quarter. Brooklyn Investment Group grew its position in shares of Celanese by 51.1% during the 4th quarter. Brooklyn Investment Group now owns 1,129 shares of the basic materials company's stock worth $78,000 after purchasing an additional 382 shares in the last quarter. HB Wealth Management LLC grew its position in shares of Celanese by 35.0% during the 4th quarter. HB Wealth Management LLC now owns 3,041 shares of the basic materials company's stock worth $210,000 after purchasing an additional 789 shares in the last quarter. Finally, UMB Bank n.a. grew its position in shares of Celanese by 103.7% during the 4th quarter. UMB Bank n.a. now owns 381 shares of the basic materials company's stock worth $26,000 after purchasing an additional 194 shares in the last quarter. Institutional investors and hedge funds own 98.87% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CE. Royal Bank of Canada lowered shares of Celanese from an "outperform" rating to a "sector perform" rating and decreased their target price for the stock from $84.00 to $56.00 in a research report on Thursday, February 20th. Evercore ISI reduced their price target on shares of Celanese from $85.00 to $75.00 and set an "in-line" rating on the stock in a research report on Monday, March 24th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Celanese from $70.00 to $75.00 and gave the stock a "buy" rating in a research report on Thursday, March 27th. Citigroup reduced their price target on shares of Celanese from $58.00 to $52.00 and set a "neutral" rating on the stock in a research report on Friday, April 4th. Finally, Vertical Research upgraded shares of Celanese from a "sell" rating to a "hold" rating and set a $66.00 price target on the stock in a research report on Thursday, March 6th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Celanese currently has an average rating of "Hold" and an average price target of $61.44.

Celanese Price Performance

CE stock opened at $53.56 on Friday. The company has a fifty day moving average price of $48.41 and a 200-day moving average price of $62.59. The company has a market capitalization of $5.86 billion, a P/E ratio of -3.84, a PEG ratio of 1.05 and a beta of 1.09. Celanese Co. has a 52-week low of $36.29 and a 52-week high of $157.74. The company has a debt-to-equity ratio of 1.98, a quick ratio of 0.76 and a current ratio of 1.34.

Celanese (NYSE:CE - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The basic materials company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.20. The firm had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.26 billion. Celanese had a negative net margin of 14.81% and a positive return on equity of 12.86%. The company's revenue for the quarter was down 8.5% on a year-over-year basis. During the same quarter last year, the firm earned $2.08 earnings per share. As a group, equities analysts expect that Celanese Co. will post 8.79 EPS for the current year.

Celanese Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, May 12th. Stockholders of record on Monday, April 28th were paid a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a dividend yield of 0.22%. The ex-dividend date was Monday, April 28th. Celanese's payout ratio is currently -0.79%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.