Celestica (NYSE:CLS) Stock Price Down 4.4% – What’s Next?

Celestica, Inc. (NYSE:CLS) (TSE:CLS)’s share price fell 4.4% during mid-day trading on Tuesday . The company traded as low as $303.23 and last traded at $304.4330. 3,568,660 shares changed hands during trading, a decline of 10% from the average session volume of 3,970,052 shares. The stock had previously closed at $318.37.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Wall Street Zen upgraded shares of Celestica from a “hold” rating to a “buy” rating in a research note on Saturday, October 4th. Stifel Nicolaus reaffirmed 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. Citigroup raised Celestica from a “neutral” rating to a “buy” rating and increased their price objective for the company from $212.00 to $375.00 in a report on Monday, November 10th. Weiss Ratings reissued a “buy (b)” rating on shares of Celestica in a report on Wednesday, October 8th. Finally, CICC Research assumed coverage on Celestica in a report on Tuesday, August 19th. They issued an “outperform” rating for the company. One 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 stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $336.13.

Celestica Stock Down 4.4%

The business has a 50-day moving average price of $292.04 and a 200-day moving average price of $214.41. The stock has a market cap of $35.01 billion, a PE ratio of 49.42 and a beta of 1.85. The company has a current ratio of 1.47, a quick ratio of 0.86 and a debt-to-equity ratio of 0.37.

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. 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% compared to the same quarter last year. During the same quarter last year, the business earned $1.04 earnings per share. As a group, analysts forecast that Celestica, Inc. will post 4.35 earnings per share for the current year.

Insider Buying and Selling at Celestica

In other news, Director Laurette T. Koellner purchased 6,000 shares of the stock in a transaction dated 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 completion of the purchase, the director directly owned 6,000 shares of the company’s stock, valued at approximately $2,050,020. The trade was a ∞ increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. 0.52% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership raised its position in shares of Celestica by 471.5% in the third quarter. Arrowstreet Capital Limited Partnership now owns 3,146,928 shares of the technology company’s stock valued at $775,133,000 after buying an additional 2,596,318 shares during the last quarter. Viking Global Investors LP acquired a new position in Celestica during the third quarter worth about $424,459,000. Norges Bank purchased a new stake in Celestica during the 2nd quarter valued at about $236,069,000. Voya Investment Management LLC raised its holdings 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 acquiring an additional 1,453,473 shares during the last quarter. Finally, Alkeon Capital Management LLC purchased a new position in Celestica in the 1st quarter worth approximately $96,936,000. Hedge funds and other institutional investors own 67.38% of the company’s stock.

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.