The Vanguard Group, Inc. recently announced the acquisition of new stake in Celanese Corporation (NYSE:CE). The institutional investor has increased its shareholding in the Basic Materials company by 2.65% to 12.92 million shares with purchase of 0.33 million shares. This fresh investment now brings its stake to 11.91% valued currently at $1.5 billion. In addition, Wellington Management Co. LLP raised its holdings by 0.39 million to 6.96 million shares. And Fidelity Management & Research Co has lifted its position by 49.53% or 0.88 million shares – to 2.66 million shares.
With over 2.34 million Celanese Corporation (CE) shares trading Tuesday and a closing price of $108.00 on the day, the dollar volume was approximately $252.65 million. The shares have shown a negative half year performance of -7.67% and its price on 03/14/23 gained nearly 2.62%. Currently, there are 108.51M common shares owned by the public and among those 108.11M shares have been available to trade.
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The analysts have set the share’s price value over the next 12 months at a high of $150.00 and a low of $100.00. The average price target is 15.62% above its recent price level and a downside to the estimated low will see the stock lose -8.0% over that period. But an upside of 28.0% will see the stock hit the forecast high price target while median target price for the stock is $131.00.
Insiders at the company have transacted a total of 36 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 20 of these insider trades were purchases, accounting for 168,798 shares. Insider sales of the common stock occurred on 16 occasions, with total insider shares sold totaling 71,562 shares.
The top 3 mutual fund holders in Celanese Corporation are Dodge & Cox Stock Fund, Vanguard Total Stock Market Index, and Vanguard 500 Index Fund. Dodge & Cox Stock Fund owns 4.44 million shares of the company’s stock, all valued at over $516.62 million. The company sold 73100.0 shares recently to bring their total holdings to about 4.10% of the shares outstanding. Vanguard Total Stock Market Index bought 24559.0 shares to see its total holdings expand to 3.0 million shares valued at over $348.12 million and representing 2.76% of the shares outstanding. Vanguard 500 Index Fund bought 5448.0 shares to bring its total holdings to over 2.31 million shares at a value of $268.63 million. Vanguard 500 Index Fund now owns shares totaling to 2.13% of the shares outstanding.
Shares of Celanese Corporation (NYSE: CE) opened at $108.25, up $3.01 from a prior closing price of $105.24. However, the script later moved the day high at 108.86, up 2.62%. The company’s stock has a 5-day price change of -8.22% and 5.51% over the past three months. CE shares are trading 5.63% year to date (YTD), with the 12-month market performance down to -21.74% lower. It has a 12-month low price of $86.71 and touched a high of $161.37 over the same period. CE has an average intraday trading volume of 1.01 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -8.17%, -8.61%, and -3.94% respectively.
Institutional ownership of Celanese Corporation (NYSE: CE) shares accounts for 96.60% of the company’s 108.51M shares outstanding. Mutual fund holders own 45.86%, while other institutional holders and individual stakeholders account for 50.78% and 30.56% respectively.
It has a market capitalization of $12.20B and a beta (3y monthly) value of 1.31. The stock’s trailing 12-month PE ratio is 6.20, while the earnings-per-share (ttm) stands at $17.42. The company has a PEG of 2.32 and a Quick Ratio of 0.90 with the debt-to-equity ratio at 2.60. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.78% over the week and 3.48% over the month.
Analysts forecast that Celanese Corporation (CE) will achieve an EPS of $1.66 for the current quarter, $2.44 for the next quarter and $12.9 for 2023. The lowest estimate earnings-per-share for the quarter is $1.24 while analysts give the company a high EPS estimate of $1.85. Comparatively, EPS for the current quarter was $4.91 a year ago. Earnings per share for the fiscal year are expected to increase by 2.10%, and 21.28% over the next financial year. EPS should shrink at an annualized rate of 2.67% over the next five years, compared to 20.50% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 24 brokerage firm advisors rate Celanese Corporation (CE) as a “Moderate Buy” at a consensus score of 2.50. Specifically, 10 Wall Street analysts polled rate the stock as a buy, while 9 of the 24 advise that investors “hold,” and 2 rated it as a “Sell.”
Looking at the support for the CE, a number of firms have released research notes about the stock. BofA Securities stated their Buy rating for the stock in a research note on March 02, 2023, with the firm’s price target at $135-$140. RBC Capital Mkts coverage for the Celanese Corporation (CE) stock in a research note released on January 04, 2023 offered a Outperform rating with a price target of $125. Mizuho was of a view on October 11, 2022 that the stock is Neutral, while Citigroup gave the stock Neutral rating on August 01, 2022, issuing a price target of $143- $118. RBC Capital Mkts on their part issued Sector Perform rating on July 13, 2022.
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