Celestica (NYSE:CLS) Shares Down 1.2% on Analyst Downgrade
by Mitch Edgeman · The Markets DailyCelestica, Inc. (NYSE:CLS – Get Free Report) (TSE:CLS) shares traded down 1.2% during mid-day trading 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. 859,484 shares changed hands during trading, a decline of 78% from the average session volume of 3,841,508 shares. The stock had previously closed at $303.22.
Other research analysts also recently issued research reports about the stock. 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 research note on Wednesday, October 29th. New Street Research set a $400.00 target price on shares of Celestica in a research note on Wednesday, October 29th. TD Securities lifted their price target on shares of Celestica from $238.00 to $305.00 and gave the company a “hold” rating in a research note on Wednesday, October 29th. BMO Capital Markets set a $370.00 price target on Celestica and gave the company an “outperform” rating in a report on Wednesday, October 29th. Finally, The Goldman Sachs Group raised their price objective on Celestica from $340.00 to $440.00 and gave the stock a “buy” rating in a report on Wednesday, October 29th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, Celestica has an average rating of “Moderate Buy” and an average price target of $336.13.
Check Out Our Latest Analysis on Celestica
Insiders Place Their Bets
In related news, Director Laurette T. Koellner bought 6,000 shares of the stock in a transaction on Thursday, October 30th. The stock was bought at an average price of $341.67 per share, for a total transaction of $2,050,020.00. Following the completion of the acquisition, the director directly owned 6,000 shares in the company, valued at approximately $2,050,020. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.52% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Celestica
A number of hedge funds have recently made changes to their positions in CLS. Vanguard Group Inc. grew its stake in Celestica by 2.1% in the third quarter. Vanguard Group Inc. now owns 4,738,673 shares of the technology company’s stock valued at $1,166,093,000 after purchasing an additional 97,755 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Celestica by 471.5% in the 3rd 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 in the last quarter. Franklin Resources Inc. grew its position in shares of Celestica by 4.8% in the 3rd quarter. Franklin Resources Inc. now owns 1,921,417 shares of the technology company’s stock worth $473,386,000 after buying an additional 88,212 shares during the last quarter. Voya Investment Management LLC raised its stake in shares of Celestica by 362.8% during the 1st quarter. Voya Investment Management LLC now owns 1,854,085 shares of the technology company’s stock worth $146,122,000 after acquiring an additional 1,453,473 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Celestica by 17.6% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,733,686 shares of the technology company’s stock worth $271,045,000 after acquiring an additional 259,504 shares in the last quarter. 67.38% of the stock is currently owned by hedge funds and other institutional investors.
Celestica Price Performance
The company has a market cap of $34.04 billion, a PE ratio of 48.03 and a beta of 1.83. 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 stock’s 50-day moving average is $316.40 and its 200 day moving average is $243.04.
Celestica (NYSE:CLS – Get Free Report) (TSE:CLS) last issued its quarterly earnings results on Monday, October 27th. The technology company reported $1.58 earnings per share (EPS) for the quarter, topping 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 business had revenue of $3.19 billion for the quarter, compared to the consensus estimate of $3.01 billion. During the same period in the prior year, the firm posted $1.04 earnings per share. The business’s quarterly revenue was up 27.8% on a year-over-year basis. On average, equities analysts anticipate that Celestica, Inc. will post 4.35 earnings per share for the current fiscal year.
About Celestica
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.