Celestica (NYSE:CLS) Shares Down 4.8% – Here’s Why

Celestica, Inc. (NYSE:CLS) (TSE:CLS)’s stock price traded down 4.8% during mid-day trading on Tuesday . The company traded as low as $286.25 and last traded at $288.3940. 2,711,468 shares traded hands during mid-day trading, a decline of 31% from the average session volume of 3,904,750 shares. The stock had previously closed at $302.98.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on CLS shares. CICC Research started coverage on Celestica in a research report on Tuesday, August 19th. They set an “outperform” rating for the company. Citigroup upgraded shares of Celestica from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $212.00 to $375.00 in a report on Monday, November 10th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $385.00 price objective (up previously from $230.00) on shares of Celestica in a research report on Wednesday, October 29th. BNP Paribas reissued an “outperform” rating and set a $300.00 target price on shares of Celestica in a research report on Thursday, September 25th. Finally, TD Securities raised their price target on shares of Celestica from $238.00 to $305.00 and gave the stock a “hold” rating in a research note on Wednesday, October 29th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $336.13.

Celestica Stock Performance

The company has a market capitalization of $33.17 billion, a P/E ratio of 46.82 and a beta of 1.83. The company has a current ratio of 1.47, a quick ratio of 0.88 and a debt-to-equity ratio of 0.37. The company’s fifty day moving average is $308.09 and its 200 day moving average is $229.14.

Celestica (NYSE:CLS) (TSE:CLS) last issued its earnings results on Monday, October 27th. The technology company reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.45 by $0.13. The business had revenue of $3.19 billion for the quarter, compared to analysts’ expectations 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 firm posted $1.04 EPS. As a group, equities analysts anticipate that Celestica, Inc. will post 4.35 earnings per share for the current year.

Insider Transactions at Celestica

In related news, Director Laurette T. Koellner bought 6,000 shares of the business’s stock in a transaction on Thursday, October 30th. The stock was acquired at an average price of $341.67 per share, for a total transaction of $2,050,020.00. Following the purchase, the director directly owned 6,000 shares in the company, valued at $2,050,020. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.52% of the company’s stock.

Institutional Investors Weigh In On Celestica

A number of institutional investors and hedge funds have recently modified their holdings of the company. Pinney & Scofield Inc. grew its stake in Celestica by 20.0% in the 3rd quarter. Pinney & Scofield Inc. now owns 180 shares of the technology company’s stock worth $44,000 after buying an additional 30 shares in the last quarter. MassMutual Private Wealth & Trust FSB raised its position in shares of Celestica by 42.5% during the 3rd quarter. MassMutual Private Wealth & Trust FSB now owns 124 shares of the technology company’s stock valued at $31,000 after buying an additional 37 shares in the last quarter. World Equity Group Inc. lifted its holdings in shares of Celestica by 1.7% during the 3rd quarter. World Equity Group Inc. now owns 2,263 shares of the technology company’s stock worth $558,000 after acquiring an additional 38 shares during the last quarter. Pure Financial Advisors LLC grew its position in Celestica by 3.2% in the third quarter. Pure Financial Advisors LLC now owns 1,617 shares of the technology company’s stock worth $398,000 after acquiring an additional 50 shares in the last quarter. Finally, McIlrath & Eck LLC grew its position in Celestica by 43.3% in the third quarter. McIlrath & Eck LLC now owns 182 shares of the technology company’s stock worth $45,000 after acquiring an additional 55 shares in the last quarter. 67.38% of the stock is owned by hedge funds and other institutional investors.

About Celestica

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.