Celanese Corporation (NYSE:CE) Shares Purchased by Twelve Points Wealth Management LLC

Twelve Points Wealth Management LLC grew its position in Celanese Corporation (NYSE:CE - Free Report) by 54.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 15,631 shares of the basic materials company's stock after purchasing an additional 5,507 shares during the period. Twelve Points Wealth Management LLC's holdings in Celanese were worth $887,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Dodge & Cox increased its holdings in shares of Celanese by 100.3% in the fourth quarter. Dodge & Cox now owns 13,618,062 shares of the basic materials company's stock valued at $942,506,000 after purchasing an additional 6,818,993 shares during the period. Invesco Ltd. grew its holdings in Celanese by 105.0% during the fourth quarter. Invesco Ltd. now owns 3,969,284 shares of the basic materials company's stock worth $274,714,000 after acquiring an additional 2,033,025 shares during the period. Turtle Creek Asset Management Inc. grew its holdings in Celanese by 266.7% during the fourth quarter. Turtle Creek Asset Management Inc. now owns 3,506,440 shares of the basic materials company's stock worth $242,681,000 after acquiring an additional 2,550,334 shares during the period. Norges Bank acquired a new stake in Celanese during the fourth quarter worth about $222,815,000. Finally, Geode Capital Management LLC grew its holdings in Celanese by 2.8% during the fourth quarter. Geode Capital Management LLC now owns 2,679,670 shares of the basic materials company's stock worth $184,998,000 after acquiring an additional 73,498 shares during the period. 98.87% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, SVP Mark Christopher Murray acquired 1,479 shares of the stock in a transaction on Friday, May 23rd. The shares were bought at an average price of $52.18 per share, with a total value of $77,174.22. Following the completion of the purchase, the senior vice president owned 15,468 shares of the company's stock, valued at approximately $807,120.24. This represents a 10.57% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.33% of the company's stock.

Celanese Price Performance

Shares of NYSE CE traded down $1.37 during midday trading on Friday, hitting $61.02. The stock had a trading volume of 814,034 shares, compared to its average volume of 2,306,969. The company has a market capitalization of $6.68 billion, a PE ratio of -4.01, a P/E/G ratio of 2.29 and a beta of 1.14. The stock has a 50 day simple moving average of $55.08 and a 200-day simple moving average of $56.67. Celanese Corporation has a 1 year low of $36.29 and a 1 year high of $147.86. The company has a quick ratio of 1.11, a current ratio of 1.94 and a debt-to-equity ratio of 2.20.

Celanese (NYSE:CE - Get Free Report) last released its earnings results on Monday, May 5th. The basic materials company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.20. The business had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.26 billion. Celanese had a positive return on equity of 11.28% and a negative net margin of 16.54%. The business's quarterly revenue was down 8.5% compared to the same quarter last year. During the same quarter last year, the business posted $2.08 earnings per share. On average, sell-side analysts expect that Celanese Corporation will post 8.79 EPS for the current fiscal year.

Celanese Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, May 12th. Shareholders of record on Monday, April 28th were paid a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a yield of 0.20%. The ex-dividend date was Monday, April 28th. Celanese's dividend payout ratio (DPR) is currently -0.79%.

Wall Street Analyst Weigh In

Several research firms recently commented on CE. Barclays raised their target price on Celanese from $59.00 to $62.00 and gave the stock an "equal weight" rating in a report on Wednesday, May 14th. Piper Sandler reaffirmed an "underweight" rating and set a $48.00 target price (down from $50.00) on shares of Celanese in a report on Monday, April 7th. Mizuho set a $45.00 target price on Celanese in a report on Tuesday, April 15th. UBS Group raised their target price on Celanese from $51.00 to $66.00 and gave the stock a "neutral" rating in a report on Wednesday. Finally, Evercore ISI lowered their price target on Celanese from $85.00 to $75.00 and set an "in-line" rating on the stock in a research report on Monday, March 24th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $65.33.

About Celanese

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.