Celestica (NYSE:CLS) Trading Down 1.9% – Here’s Why

Celestica, Inc. (NYSE:CLS) (TSE:CLS) was down 1.9% on Thursday . The stock traded as low as $266.06 and last traded at $270.47. Approximately 3,077,864 shares changed hands during trading, a decline of 21% from the average daily volume of 3,906,850 shares. The stock had previously closed at $275.83.

Wall Street Analyst Weigh In

Several brokerages recently commented on CLS. Citigroup raised Celestica from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $212.00 to $375.00 in a report on Monday, November 10th. New Street Research set a $400.00 price objective on shares of Celestica in a research note on Wednesday, October 29th. BMO Capital Markets set a $370.00 target price on shares of Celestica and gave the company an “outperform” rating in a research report on Wednesday, October 29th. Wall Street Zen downgraded shares of Celestica from a “buy” rating to a “hold” rating in a research report on Saturday, December 6th. Finally, BNP Paribas reiterated an “outperform” rating and set a $300.00 price target on shares of Celestica in a research note on Thursday, September 25th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $336.13.

Celestica Stock Down 1.9%

The firm has a market cap of $31.10 billion, a P/E ratio of 43.91 and a beta of 1.83. The company’s 50-day simple moving average is $309.51 and its 200 day simple moving average is $230.67. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.47 and a quick ratio of 0.88.

Celestica (NYSE:CLS) (TSE:CLS) last announced its earnings results on Monday, October 27th. The technology company reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.13. Celestica had a net margin of 6.35% and a return on equity of 30.53%. The firm had revenue of $3.19 billion for the quarter, compared to analysts’ expectations of $3.01 billion. During the same period in the prior year, the company earned $1.04 EPS. The business’s revenue was up 27.8% compared to the same quarter last year. Research analysts anticipate that Celestica, Inc. will post 4.35 EPS for the current fiscal year.

Insider Buying and Selling at Celestica

In other news, Director Laurette T. Koellner bought 6,000 shares of the stock in a transaction dated Thursday, October 30th. The shares were acquired at an average cost of $341.67 per share, with a total value of $2,050,020.00. Following the purchase, the director directly owned 6,000 shares in the company, valued at $2,050,020. The trade was a ∞ increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.52% of the company’s stock.

Institutional Investors Weigh In On Celestica

Large investors have recently bought and sold shares of the company. MassMutual Private Wealth & Trust FSB raised its stake in Celestica by 42.5% during the third quarter. MassMutual Private Wealth & Trust FSB now owns 124 shares of the technology company’s stock worth $31,000 after purchasing an additional 37 shares during the period. First Horizon Corp purchased a new position in Celestica in the third quarter worth approximately $31,000. Golden State Wealth Management LLC increased its stake in Celestica by 102.5% during the second quarter. Golden State Wealth Management LLC now owns 164 shares of the technology company’s stock worth $26,000 after acquiring an additional 83 shares during the last quarter. Avion Wealth acquired a new stake in Celestica during the third quarter worth $40,000. Finally, Fifth Third Bancorp raised its position in Celestica by 48.7% in the third quarter. Fifth Third Bancorp now owns 171 shares of the technology company’s stock valued at $42,000 after purchasing an additional 56 shares during the period. 67.38% of the stock is currently 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.