Twelve Points Wealth Management LLC Raises Holdings in Celanese Corporation (NYSE:CE)

Twelve Points Wealth Management LLC grew its position in shares of Celanese Corporation (NYSE:CE - Free Report) by 54.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor 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 reporting period.

A number of other institutional investors have also recently made changes to their positions in CE. Dodge & Cox grew its position in shares of Celanese by 100.3% during 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 in the last quarter. Norges Bank purchased a new position in Celanese in the fourth quarter worth about $222,815,000. Turtle Creek Asset Management Inc. grew its position in Celanese by 266.7% in 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 in the last quarter. Fuller & Thaler Asset Management Inc. grew its position in Celanese by 4,506.7% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 2,344,661 shares of the basic materials company's stock worth $162,274,000 after acquiring an additional 2,293,764 shares in the last quarter. Finally, Invesco Ltd. grew its position in Celanese by 105.0% in 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 in the last quarter. Hedge funds and other institutional investors own 98.87% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on CE. Piper Sandler reiterated an "underweight" rating and issued a $48.00 price target (down previously from $50.00) on shares of Celanese in a research report on Monday, April 7th. BMO Capital Markets upgraded Celanese from an "underperform" rating to a "market perform" rating and lifted their price target for the stock from $46.00 to $55.00 in a research report on Tuesday, May 20th. KeyCorp lifted their price target on Celanese from $71.00 to $76.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 7th. Bank of America lifted their price target on Celanese from $55.00 to $61.00 and gave the stock a "buy" rating in a research report on Friday, May 16th. Finally, Barclays lifted their price target on Celanese from $59.00 to $62.00 and gave the stock an "equal weight" rating in a research report on Wednesday, May 14th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, Celanese presently has an average rating of "Hold" and a consensus price target of $63.50.

Celanese Stock Up 3.9%

CE opened at $60.34 on Wednesday. Celanese Corporation has a twelve month low of $36.29 and a twelve month 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. The company has a 50-day moving average price of $54.11 and a 200 day moving average price of $56.82. The company has a market cap of $6.60 billion, a PE ratio of -3.96, a price-to-earnings-growth ratio of 2.18 and a beta of 1.14.

Celanese (NYSE:CE - Get Free Report) last posted its quarterly 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 during the quarter, compared to analysts' expectations of $2.26 billion. Celanese had a negative net margin of 16.54% and a positive return on equity of 11.28%. The business's revenue for the quarter was down 8.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.08 EPS. Sell-side analysts expect that Celanese Corporation will post 8.79 earnings per share for the current fiscal year.

Celanese Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, May 12th. Stockholders of record on Monday, April 28th were issued a $0.03 dividend. The ex-dividend date of this dividend was Monday, April 28th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.20%. Celanese's payout ratio is -0.79%.

Insider Buying and Selling at Celanese

In related news, SVP Mark Christopher Murray purchased 1,479 shares of the business's stock in a transaction that occurred on Friday, May 23rd. The shares were purchased at an average cost of $52.18 per share, for a total transaction of $77,174.22. Following the purchase, the senior vice president directly owned 15,468 shares of the company's stock, valued at $807,120.24. The trade was a 10.57% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.26% of the company's stock.

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.

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