Corebridge Financial Inc. Sells 1,961 Shares of Celanese Co. (NYSE:CE)

Corebridge Financial Inc. cut its position in shares of Celanese Co. (NYSE:CE) by 7.0% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 26,202 shares of the basic materials company’s stock after selling 1,961 shares during the quarter. Corebridge Financial Inc.’s holdings in Celanese were worth $1,813,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company grew its position in shares of Celanese by 8.9% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 65,445 shares of the basic materials company’s stock worth $8,898,000 after buying an additional 5,353 shares during the period. Public Sector Pension Investment Board grew its holdings in Celanese by 95.0% in the third quarter. Public Sector Pension Investment Board now owns 4,720 shares of the basic materials company’s stock worth $642,000 after purchasing an additional 2,300 shares during the period. Benjamin Edwards Inc. increased its stake in shares of Celanese by 116.1% during the third quarter. Benjamin Edwards Inc. now owns 4,460 shares of the basic materials company’s stock valued at $607,000 after purchasing an additional 2,396 shares in the last quarter. Chevy Chase Trust Holdings LLC lifted its holdings in shares of Celanese by 6.8% during the third quarter. Chevy Chase Trust Holdings LLC now owns 58,586 shares of the basic materials company’s stock valued at $7,965,000 after purchasing an additional 3,718 shares during the last quarter. Finally, HighTower Advisors LLC boosted its position in shares of Celanese by 14.2% in the 3rd quarter. HighTower Advisors LLC now owns 37,472 shares of the basic materials company’s stock worth $5,059,000 after purchasing an additional 4,659 shares in the last quarter. 98.87% of the stock is owned by hedge funds and other institutional investors.

Celanese Price Performance

Shares of NYSE:CE opened at $56.79 on Thursday. The firm’s 50 day moving average price is $60.61 and its 200-day moving average price is $82.98. The company has a quick ratio of 0.76, a current ratio of 1.34 and a debt-to-equity ratio of 1.98. The stock has a market capitalization of $6.21 billion, a PE ratio of -4.08, a price-to-earnings-growth ratio of 1.05 and a beta of 1.23. Celanese Co. has a twelve month low of $45.94 and a twelve month high of $171.68.

Celanese (NYSE:CE) last issued its quarterly earnings results on Tuesday, February 18th. The basic materials company reported $1.45 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.20. The business had revenue of $2.37 billion for the quarter, compared to analysts’ expectations of $2.36 billion. Celanese had a negative net margin of 14.81% and a positive return on equity of 12.86%. Equities research analysts expect that Celanese Co. will post 8.79 EPS for the current year.

Celanese Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 11th. Shareholders of record on Tuesday, February 25th were given a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a yield of 0.21%. The ex-dividend date was Tuesday, February 25th. Celanese’s payout ratio is -0.86%.

Wall Street Analysts Forecast Growth

CE has been the subject of a number of recent research reports. KeyCorp upgraded Celanese from a “sector weight” rating to an “overweight” rating and set a $76.00 price objective for the company in a research note on Friday, March 21st. Piper Sandler lowered their price target on Celanese from $77.00 to $50.00 and set an “underweight” rating for the company in a research report on Tuesday, February 25th. UBS Group cut their price objective on shares of Celanese from $72.00 to $60.00 and set a “neutral” rating on the stock in a research report on Thursday, February 20th. Bank of America decreased their target price on shares of Celanese from $88.00 to $72.00 and set a “buy” rating for the company in a report on Monday, February 24th. Finally, Royal Bank of Canada cut shares of Celanese from an “outperform” rating to a “sector perform” rating and cut their price target for the company from $84.00 to $56.00 in a report on Thursday, February 20th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $66.94.

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.