Muhlenkamp Co Inc Lowers stake in Celanese Corporation (CE)

Celanese Corporation (CE) : Muhlenkamp Co Inc reduced its stake in Celanese Corporation by 0.56% during the most recent quarter end. The investment management company now holds a total of 124,570 shares of Celanese Corporation which is valued at $8,089,576 after selling 700 shares in Celanese Corporation , the firm said in a disclosure report filed with the SEC on Aug 9, 2016.Celanese Corporation makes up approximately 3.03% of Muhlenkamp Co Inc’s portfolio.

Other Hedge Funds, Including , Ajo Lp boosted its stake in CE in the latest quarter, The investment management firm added 275,933 additional shares and now holds a total of 310,475 shares of Celanese Corporation which is valued at $20,162,247. Celanese Corporation makes up approx 0.09% of Ajo Lp’s portfolio.California Public Employees Retirement System reduced its stake in CE by selling 22,300 shares or 4.85% in the most recent quarter. The Hedge Fund company now holds 437,914 shares of CE which is valued at $27,912,638. Celanese Corporation makes up approx 0.04% of California Public Employees Retirement System’s portfolio.Tradelink Capital reduced its stake in CE by selling 755 shares or 19.27% in the most recent quarter. The Hedge Fund company now holds 3,163 shares of CE which is valued at $201,610. Celanese Corporation makes up approx 0.93% of Tradelink Capital’s portfolio.New Century Investment Management Inc reduced its stake in CE by selling 4,000 shares or 14.39% in the most recent quarter. The Hedge Fund company now holds 23,800 shares of CE which is valued at $1,671,712. Celanese Corporation makes up approx 0.86% of New Century Investment Management Inc’s portfolio.Palisade Asset Management boosted its stake in CE in the latest quarter, The investment management firm added 550 additional shares and now holds a total of 4,013 shares of Celanese Corporation which is valued at $277,138. Celanese Corporation makes up approx 0.05% of Palisade Asset Management’s portfolio.

Celanese Corporation closed down -0.35 points or -0.53% at $65.66 with 5,33,431 shares getting traded on Wednesday. Post opening the session at $65.88, the shares hit an intraday low of $65.25 and an intraday high of $65.89 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.

On the company’s financial health, Celanese Corporation reported $1.59 EPS for the quarter, beating the analyst consensus estimate by $ 0.04 according to the earnings call on Jul 25, 2016. Analyst had a consensus of $1.55. The company had revenue of $1351.00 million for the quarter, compared to analysts expectations of $1426.07 million. The company’s revenue was down -8.5 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.58 EPS.

Many Wall Street Analysts have commented on Celanese Corporation. 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 was Initiated by Susquehanna to “Positive” on Jul 1, 2016.

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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