Celestica (NYSE:CLS) Shares Down 3.9% – Here’s Why

Celestica, Inc. (NYSE:CLS) (TSE:CLS) dropped 3.9% during mid-day trading on Tuesday . The stock traded as low as $330.20 and last traded at $335.5210. Approximately 2,029,908 shares changed hands during mid-day trading, a decline of 49% from the average daily volume of 4,016,234 shares. The stock had previously closed at $349.01.

Analyst Ratings Changes

Several research firms have commented on CLS. JPMorgan Chase & Co. upped their price target on shares of Celestica from $295.00 to $360.00 and gave the company an “overweight” rating in a report on Wednesday, October 29th. Barclays upped their price target on shares of Celestica from $220.00 to $357.00 and gave the company an “overweight” rating in a report on Wednesday, October 29th. CIBC upped their price target on shares of Celestica from $315.00 to $400.00 and gave the company an “outperform” rating in a report on Wednesday, October 29th. TD Cowen reaffirmed a “hold” rating and issued a $238.00 price target on shares of Celestica in a report on Friday, October 3rd. Finally, Stifel Nicolaus restated a “buy” rating and set a $385.00 price target (up previously from $230.00) on shares of Celestica in a research report on Wednesday, October 29th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, Celestica has an average rating of “Moderate Buy” and a consensus target price of $325.13.

Celestica Stock Performance

The firm’s 50 day moving average price is $255.95 and its 200-day moving average price is $182.32. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.86 and a current ratio of 1.47. The firm has a market capitalization of $38.60 billion, a PE ratio of 54.47 and a beta of 1.88.

Celestica (NYSE:CLS) (TSE:CLS) last posted its earnings results on Monday, October 27th. The technology company reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.13. The business had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.01 billion. Celestica had a net margin of 6.35% and a return on equity of 30.53%. The company’s revenue for the quarter was up 27.8% on a year-over-year basis. During the same period in the prior year, the company posted $1.04 EPS. On average, research analysts expect that Celestica, Inc. will post 4.35 EPS for the current year.

Insiders Place Their Bets

In related news, Director Laurette T. Koellner purchased 6,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 30th. The shares were purchased at an average cost of $341.67 per share, with a total value of $2,050,020.00. Following the purchase, the director owned 6,000 shares of the company’s stock, valued at $2,050,020. This represents a ? increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.52% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in Celestica by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 4,514,605 shares of the technology company’s stock valued at $356,135,000 after buying an additional 35,690 shares in the last quarter. Voya Investment Management LLC lifted its stake in Celestica by 362.8% in the 1st quarter. Voya Investment Management LLC now owns 1,854,085 shares of the technology company’s stock valued at $146,122,000 after buying an additional 1,453,473 shares in the last quarter. Franklin Resources Inc. lifted its stake in Celestica by 25.8% in the 2nd quarter. Franklin Resources Inc. now owns 1,833,205 shares of the technology company’s stock worth $286,184,000 after purchasing an additional 375,910 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Celestica by 17.6% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,733,686 shares of the technology company’s stock worth $271,045,000 after purchasing an additional 259,504 shares in the last quarter. Finally, Norges Bank purchased a new position in Celestica in the 2nd quarter worth approximately $236,069,000. 67.38% of the stock is owned by hedge funds and other institutional investors.

Celestica Company Profile

Celestica Inc provides supply chain solutions in North America, Europe, and Asia. It operates through two segments: Advanced Technology Solutions, and Connectivity & Cloud Solutions. The company offers a range of product manufacturing and related supply chain services, including design and development, new product introduction, engineering services, component sourcing, electronics manufacturing and assembly, testing, complex mechanical assembly, systems integration, precision machining, order fulfillment, logistics, asset management, product licensing, and after-market repair and return services.