Muhlenkamp Co Inc Lowers stake in Celanese Corporation (CE)

Celanese Corporation (CE) : Muhlenkamp Co Inc reduced its stake in Celanese Corporation by 53.35% during the most recent quarter end. The investment management company now holds a total of 125,270 shares of Celanese Corporation which is valued at $8.8 Million after selling 143,265 shares in Celanese Corporation , the firm said in a disclosure report filed with the SEC on May 12, 2016.Celanese Corporation makes up approximately 3.78% of Muhlenkamp Co Inc’s portfolio.

Other Hedge Funds, Including , Investec Asset Management Ltd added CE to its portfolio by purchasing 1,605,546 company shares during the most recent quarter which is valued at $112.3 Million. Celanese Corporation makes up approx 0.61% of Investec Asset Management Ltd’s portfolio.Finemark National Bank Trust boosted its stake in CE in the latest quarter, The investment management firm added 57 additional shares and now holds a total of 963 shares of Celanese Corporation which is valued at $67,362. Celanese Corporation makes up approx 0.01% of Finemark National Bank Trust’s portfolio.Blackrock Advisors boosted its stake in CE in the latest quarter, The investment management firm added 2,705 additional shares and now holds a total of 159,524 shares of Celanese Corporation which is valued at $11.2 Million. Celanese Corporation makes up approx 0.01% of Blackrock Advisors’s portfolio.Swiss National Bank boosted its stake in CE in the latest quarter, The investment management firm added 102,600 additional shares and now holds a total of 381,130 shares of Celanese Corporation which is valued at $27 Million. Celanese Corporation makes up approx 0.05% of Swiss National Bank’s portfolio. Geneva Advisors sold out all of its stake in CE during the most recent quarter. The investment firm sold 11,308 shares of CE which is valued $800,946.

Celanese Corporation opened for trading at $69.99 and hit $70.6 on the upside on Friday, eventually ending the session at $70.22, with a gain of 1.04% or 0.72 points. The heightened volatility saw the trading volume jump to 5,62,536 shares. Company has a market cap of $10,354 M.

On the company’s financial health, Celanese Corporation reported $1.83 EPS for the quarter, beating the analyst consensus estimate by $ 0.34 according to the earnings call on Apr 18, 2016. Analyst had a consensus of $1.49. The company had revenue of $1404.00 million for the quarter, compared to analysts expectations of $1394.73 million. The company’s revenue was down -3.2 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.72 EPS.

Many Wall Street Analysts have commented on Celanese Corporation. Company shares were Upgraded by Cowen on Apr 29, 2016 to ” Outperform”, Firm has raised the Price Target to $ 80 from a previous price target of $66 .Company shares were Downgraded by Alembic Global Advisors on Apr 25, 2016 to ” Underweight”, Firm has raised the Price Target to $ 64 from a previous price target of $60 .Company shares were Reiterated by RBC Capital Mkts on Apr 20, 2016 to “Sector Perform”, Firm has raised the Price Target to $ 77 from a previous price target of $72 .

Celanese Corporation is a technology and specialty materials company. The Company’s business involves processing chemical raw materials such as methanol carbon monoxide and ethylene and natural products including wood pulp into chemicals thermoplastic polymers and other chemical-based products. It has four business segments: Advanced Engineered Materials Consumer Specialties Industrial Specialties and Acetyl Intermediates. The Advanced Engineering segment products include polyoxymethylene ultra-high molecular weight polyethylene polybutylene terephthalate and liquid crystal polymers among others. Consumer Specialties’ products include acetate tow acetate flakes acetate film and high intensity sweeteners among others. Industrial Specialties’ products include conventional emulsions vinyl acetate ethylene emulsions and ethylene vinyl acetate among others. Acetyl Intermediates include acetic acid vinyl acetate monomer acetic anhydride and acetaldehyde among others.

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