Celestica (NYSE:CLS) Trading Down 1.2% Following Analyst Downgrade

Celestica, Inc. (NYSE:CLS) (TSE:CLS)’s share price dropped 1.2% on Tuesday after Zacks Research downgraded the stock from a strong-buy rating to a hold rating. The company traded as low as $299.10 and last traded at $299.5190. Approximately 859,484 shares traded hands during trading, a decline of 78% from the average daily volume of 3,841,508 shares. The stock had previously closed at $303.22.

Several other research analysts have also commented on CLS. New Street Research set a $400.00 price objective on Celestica in a report on Wednesday, October 29th. Barclays lifted their target price on shares of Celestica from $357.00 to $359.00 and gave the company an “overweight” rating in a research report on Friday, November 14th. JPMorgan Chase & Co. upped their price objective on Celestica from $295.00 to $360.00 and gave the stock an “overweight” rating in a report on Wednesday, October 29th. Royal Bank Of Canada boosted their price objective on shares of Celestica from $315.00 to $400.00 and gave the stock an “outperform” rating in a report on Wednesday, October 29th. Finally, Citigroup upgraded Celestica from a “neutral” rating to a “buy” rating and increased their target price for the company from $212.00 to $375.00 in a report on Monday, November 10th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $336.13.

Insider Buying and Selling at Celestica

In related news, Director Laurette T. Koellner acquired 6,000 shares of the 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 completion of the purchase, the director owned 6,000 shares of the company’s stock, valued at $2,050,020. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.52% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. AIA Group Ltd bought a new position in shares of Celestica during the third quarter worth $1,750,000. CIBC Private Wealth Group LLC lifted its stake in shares of Celestica by 29.5% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 3,005 shares of the technology company’s stock valued at $740,000 after purchasing an additional 684 shares during the last quarter. CIBC Bancorp USA Inc. purchased a new position in shares of Celestica in the 3rd quarter worth approximately $946,000. Tcfg Wealth Management LLC bought a new position in shares of Celestica during the 3rd quarter valued at approximately $285,000. Finally, Coldstream Capital Management Inc. purchased a new stake in Celestica during the 3rd quarter valued at $213,000. 67.38% of the stock is currently owned by institutional investors.

Celestica Stock Performance

The company has a debt-to-equity ratio of 0.37, a current ratio of 1.47 and a quick ratio of 0.88. The business has a 50-day moving average of $316.40 and a 200-day moving average of $243.04. The company has a market capitalization of $34.04 billion, a P/E ratio of 48.03 and a beta of 1.83.

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

Celestica Company Profile

Celestica Inc is a multinational electronics manufacturing services (EMS) company that provides design, engineering, manufacturing and supply chain solutions to original equipment manufacturers across a range of industries. Headquartered in Toronto, Ontario, Canada, Celestica works with customers to develop and produce complex electronic and electro-mechanical products, integrating activities from product design and prototyping through high-volume assembly, testing and final system integration.

The company’s service offering typically includes product engineering and design support, printed circuit board assembly, box-build and systems assembly, automated test and inspection, aftermarket repair and refurbishment, and end-to-end supply chain and logistics management.