Gavekal Capital Lowers stake in Celanese Corporation (CE)

Celanese Corporation (CE) : Gavekal Capital reduced its stake in Celanese Corporation by 37.16% during the most recent quarter end. The investment management company now holds a total of 141,558 shares of Celanese Corporation which is valued at $8,970,530 after selling 83,697 shares in Celanese Corporation , the firm said in a disclosure report filed with the SEC on Oct 17, 2016.Celanese Corporation makes up approximately 3.06% of Gavekal Capital’s portfolio.

Other Hedge Funds, Including , Smith Graham Investment Advisors Lp reduced its stake in CE by selling 1,010 shares or 1.45% in the most recent quarter. The Hedge Fund company now holds 68,860 shares of CE which is valued at $4,363,658. Celanese Corporation makes up approx 0.56% of Smith Graham Investment Advisors Lp’s portfolio.Fjarde Ap-fonden Fourth Swedish National Pension Fund boosted its stake in CE in the latest quarter, The investment management firm added 722 additional shares and now holds a total of 44,069 shares of Celanese Corporation which is valued at $2,792,653. Celanese Corporation makes up approx 0.06% of Fjarde Ap-fonden Fourth Swedish National Pension Fund’s portfolio.Msi Financial Services Inc boosted its stake in CE in the latest quarter, The investment management firm added 2,002 additional shares and now holds a total of 5,480 shares of Celanese Corporation which is valued at $348,747. Celanese Corporation makes up approx 0.01% of Msi Financial Services Inc’s portfolio.Legal General Group Plc reduced its stake in CE by selling 1,891 shares or 0.31% in the most recent quarter. The Hedge Fund company now holds 617,966 shares of CE which is valued at $40,470,593. Celanese Corporation makes up approx 0.04% of Legal General Group Plc’s portfolio.Carroll Financial Associates reduced its stake in CE by selling 60 shares or 66.67% in the most recent quarter. The Hedge Fund company now holds 30 shares of CE which is valued at $1,993.

Celanese Corporation closed down -0.27 points or -0.42% at $63.37 with 14,85,997 shares getting traded on Friday. Post opening the session at $64.17, the shares hit an intraday low of $63.31 and an intraday high of $64.67 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

On the company’s financial health, Celanese Corporation reported $1.67 EPS for the quarter, beating the analyst consensus estimate by $ 0.06 according to the earnings call on Oct 17, 2016. Analyst had a consensus of $1.61. The company had revenue of $1323.00 million for the quarter, compared to analysts expectations of $1376.51 million. The company’s revenue was down -6.4 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.50 EPS.

Many Wall Street Analysts have commented on Celanese Corporation. KeyBanc Capital Mkts Initiated Celanese Corporation on Oct 7, 2016 to “Overweight”, Price Target of the shares are set at $80.Celanese Corporation was Downgraded by Citigroup to ” Neutral” on Sep 7, 2016. Shares were Reiterated by RBC Capital Mkts on Jul 28, 2016 to “Sector Perform” and Lowered the Price Target to $ 72 from a previous price target of $76 .

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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