Celestica (NYSE:CLS) Shares Down 8.9% – Here’s Why

Celestica, Inc. (NYSE:CLS) (TSE:CLS) shares fell 8.9% on Friday. The company traded as low as $232.13 and last traded at $231.4020. 1,183,452 shares changed hands during trading, a decline of 53% from the average daily volume of 2,530,127 shares. The stock had previously closed at $254.03.

Analyst Upgrades and Downgrades

CLS has been the subject of a number of recent research reports. FBN Securities assumed coverage on shares of Celestica in a research report on Tuesday, September 15th. They issued an “outperform” rating and a $375.00 target price for the company. Scotiabank initiated coverage on shares of Celestica in a research report on Tuesday, August 11th. They set a “sector outperform” rating and a $500.00 price target on the stock. Royal Bank Of Canada set a $450.00 price target on shares of Celestica and gave the stock an “outperform” rating in a research report on Wednesday, August 26th. Bank of America reiterated a “buy” rating on shares of Celestica in a research note on Wednesday, July 29th. Finally, Barclays boosted their price objective on shares of Celestica from $406.00 to $414.00 and gave the company an “overweight” rating in a report on Wednesday, October 28th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $445.14.

Celestica Stock Performance

The stock has a 50 day simple moving average of $312.83 and a 200 day simple moving average of $327.85. The company has a current ratio of 1.61, a quick ratio of 1.03 and a debt-to-equity ratio of 0.13. The stock has a market cap of $30.08 billion, a P/E ratio of 22.59, a price-to-earnings-growth ratio of 1.70 and a beta of 2.10.

Celestica (NYSE:CLS) (TSE:CLS) last announced its quarterly earnings data on Monday, October 26th. The technology company reported $3.30 earnings per share for the quarter, beating the consensus estimate of $3.02 by $0.28. The firm had revenue of $5.74 billion during the quarter, compared to analysts’ expectations of $5.39 billion. Celestica had a return on equity of 33.80% and a net margin of 6.83%. On average, equities analysts expect that Celestica, Inc. will post 10.97 earnings per share for the current year.

Insider Transactions at Celestica

In other Celestica news, President Todd C. Cooper sold 20,118 shares of the stock in a transaction dated Wednesday, September 23rd. The shares were sold at an average price of $360.00, for a total transaction of $7,242,480.00. Following the sale, the president directly owned 73,252 shares in the company, valued at $26,370,720. This represents a 21.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Robert Mionis sold 23,396 shares of the firm’s stock in a transaction dated Wednesday, September 23rd. The shares were sold at an average price of $364.22, for a total transaction of $8,521,291.12. The SEC filing for this sale provides additional information. 1.10% of the stock is owned by insiders.

Institutional Trading of Celestica

A number of institutional investors and hedge funds have recently made changes to their positions in CLS. Insigneo Advisory Services LLC lifted its position in Celestica by 9.9% in the 3rd quarter. Insigneo Advisory Services LLC now owns 1,421 shares of the technology company’s stock valued at $514,000 after acquiring an additional 128 shares in the last quarter. Evolutionary Tree Capital Management LLC increased its holdings in Celestica by 28.6% during the 3rd quarter. Evolutionary Tree Capital Management LLC now owns 7,354 shares of the technology company’s stock worth $2,658,000 after purchasing an additional 1,637 shares in the last quarter. Fiduciary Financial Advisors increased its holdings in Celestica by 51.0% during the 3rd quarter. Fiduciary Financial Advisors now owns 933 shares of the technology company’s stock worth $334,000 after purchasing an additional 315 shares in the last quarter. Essex Financial Services Inc. increased its holdings in Celestica by 8.4% during the 3rd quarter. Essex Financial Services Inc. now owns 1,344 shares of the technology company’s stock worth $486,000 after purchasing an additional 104 shares in the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake in shares of Celestica by 26.8% in the third quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 234,687 shares of the technology company’s stock worth $84,924,000 after purchasing an additional 49,599 shares during the last quarter. Institutional investors own 67.38% of the company’s stock.

Celestica Company Profile

Celestica Inc. is a global provider of design, manufacturing, and supply chain services for companies across technology and industrial markets. Its work spans product development, engineering, manufacturing, testing, and ongoing product support. The company’s offerings include hardware and infrastructure used in cloud computing and data centers, communications networks, aerospace and defense, industrial equipment, and health technology. It also provides supply chain management and other services to support products throughout their lifecycle.