Celestica (NYSE:CLS) Shares Down 3.7% – Here’s Why

Celestica, Inc. (NYSE:CLS) (TSE:CLS)’s stock price dropped 3.7% on Tuesday . The company traded as low as $327.69 and last traded at $331.7310. Approximately 1,537,596 shares traded hands during trading, a decline of 61% from the average daily volume of 3,989,512 shares. The stock had previously closed at $344.61.

Wall Street Analyst Weigh In

CLS has been the topic of several recent analyst reports. TD Cowen reaffirmed a “hold” rating and set a $238.00 price objective on shares of Celestica in a report on Friday, October 3rd. Stifel Nicolaus reiterated a “buy” rating and set a $385.00 price target (up from $230.00) on shares of Celestica in a research report on Wednesday, October 29th. Wall Street Zen upgraded Celestica from a “hold” rating to a “buy” rating in a report on Saturday, October 4th. BNP Paribas reaffirmed an “outperform” rating and set a $300.00 target price on shares of Celestica in a report on Thursday, September 25th. Finally, CIBC raised their price target on shares of Celestica from $315.00 to $400.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Celestica has a consensus rating of “Moderate Buy” and a consensus target price of $336.00.

Celestica Trading Down 3.7%

The company has a quick ratio of 0.86, a current ratio of 1.47 and a debt-to-equity ratio of 0.37. The company’s 50-day moving average is $269.81 and its 200-day moving average is $191.26. The stock has a market capitalization of $38.15 billion, a price-to-earnings ratio of 53.85 and a beta of 1.85.

Celestica (NYSE:CLS) (TSE:CLS) last released its quarterly earnings results on Monday, October 27th. The technology company reported $1.58 EPS for the quarter, beating the consensus estimate of $1.45 by $0.13. The firm 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 business’s revenue for the quarter was up 27.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.04 EPS. Research analysts anticipate that Celestica, Inc. will post 4.35 earnings per share for the current fiscal year.

Insider Activity at Celestica

In related news, Director Laurette T. Koellner bought 6,000 shares of the company’s stock in a transaction that occurred on Thursday, October 30th. The stock was purchased at an average price of $341.67 per share, for a total transaction of $2,050,020.00. Following the acquisition, the director owned 6,000 shares of the company’s stock, valued at approximately $2,050,020. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.52% of the company’s stock.

Hedge Funds Weigh In On Celestica

A number of hedge funds and other institutional investors have recently bought and sold shares of CLS. Golden State Wealth Management LLC boosted its stake in shares of Celestica by 102.5% in the second quarter. Golden State Wealth Management LLC now owns 164 shares of the technology company’s stock valued at $26,000 after purchasing an additional 83 shares during the period. MassMutual Private Wealth & Trust FSB lifted its holdings in Celestica by 42.5% during the 3rd quarter. MassMutual Private Wealth & Trust FSB now owns 124 shares of the technology company’s stock worth $31,000 after buying an additional 37 shares in the last quarter. First Horizon Corp purchased a new position in Celestica in the 3rd quarter valued at approximately $31,000. ST Germain D J Co. Inc. acquired a new position in shares of Celestica in the second quarter worth $37,000. Finally, Twin Peaks Wealth Advisors LLC purchased a new stake in shares of Celestica during the second quarter worth $40,000. 67.38% of the stock is currently 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.