Celestica (NYSE:CLS) Trading Down 9.9% – Here’s Why

Celestica, Inc. (NYSE:CLS) (TSE:CLS)’s share price was down 9.9% during trading on Thursday . The company traded as low as $278.85 and last traded at $281.6550. Approximately 4,443,603 shares were traded during mid-day trading, an increase of 12% from the average daily volume of 3,984,316 shares. The stock had previously closed at $312.48.

Analyst Ratings Changes

CLS has been the subject of a number of analyst reports. UBS Group increased their price objective on Celestica from $208.00 to $350.00 and gave the company a “neutral” rating in a research note on Wednesday, October 29th. Canaccord Genuity Group upped their price target on shares of Celestica from $126.00 to $240.00 and gave the company a “buy” rating in a report on Wednesday, July 30th. JPMorgan Chase & Co. raised their price target on shares of Celestica from $295.00 to $360.00 and gave the stock an “overweight” rating in a report on Wednesday, October 29th. Barclays boosted their price objective 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. Finally, New Street Research set a $400.00 price objective on shares of Celestica in a research note on Wednesday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, Celestica has an average rating of “Moderate Buy” and an average price target of $336.13.

Celestica Trading Down 0.7%

The stock’s 50-day simple moving average is $282.73 and its 200-day simple moving average is $203.37. The firm has a market capitalization of $32.23 billion, a PE ratio of 45.50 and a beta of 1.85. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.86 and a current ratio of 1.47.

Celestica (NYSE:CLS) (TSE:CLS) last announced its quarterly 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 company had revenue of $3.19 billion for the quarter, compared to analysts’ expectations of $3.01 billion. During the same quarter in the previous year, the company earned $1.04 earnings per share. Celestica’s quarterly revenue was up 27.8% on a year-over-year basis. As a group, sell-side analysts expect that Celestica, Inc. will post 4.35 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Laurette T. Koellner purchased 6,000 shares of Celestica stock in a transaction that occurred on Thursday, October 30th. The shares were bought 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 in the company, valued at approximately $2,050,020. This trade represents a ? increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.52% of the stock is currently owned by insiders.

Institutional Trading of Celestica

A number of hedge funds have recently modified their holdings of the business. MassMutual Private Wealth & Trust FSB increased its stake in shares of Celestica by 42.5% in the 3rd quarter. MassMutual Private Wealth & Trust FSB now owns 124 shares of the technology company’s stock worth $31,000 after acquiring an additional 37 shares in the last quarter. First Horizon Corp bought a new stake in Celestica during the third quarter worth about $31,000. Golden State Wealth Management LLC grew its holdings in Celestica by 102.5% in the second quarter. Golden State Wealth Management LLC now owns 164 shares of the technology company’s stock worth $26,000 after purchasing an additional 83 shares during the period. Avion Wealth purchased a new stake in Celestica in the third quarter worth about $40,000. Finally, Fifth Third Bancorp increased its stake in shares of Celestica by 48.7% during 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 in the last quarter. Institutional investors own 67.38% of the company’s stock.

Celestica Company Profile

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.