Short Interest in Celestica Inc. (NYSE:CLS) Declines By 10.5%

Celestica Inc. (NYSE:CLS) (TSE:CLS) was the target of a significant decrease in short interest during the month of September. As of September 30th, there was short interest totalling 3,140,000 shares, a decrease of 10.5% from the September 15th total of 3,510,000 shares. Based on an average daily trading volume, of 2,180,000 shares, the days-to-cover ratio is currently 1.4 days. Approximately 2.7% of the company’s stock are sold short.

Celestica Stock Performance

Shares of NYSE:CLS traded down $0.25 during trading on Thursday, hitting $58.17. The stock had a trading volume of 2,143,232 shares, compared to its average volume of 2,237,226. The stock has a 50-day simple moving average of $51.10 and a two-hundred day simple moving average of $51.70. The stock has a market capitalization of $6.91 billion, a price-to-earnings ratio of 21.71 and a beta of 2.28. Celestica has a 12-month low of $20.87 and a 12-month high of $64.56. The company has a quick ratio of 0.86, a current ratio of 1.47 and a debt-to-equity ratio of 0.49.

Celestica (NYSE:CLS) (TSE:CLS) last announced its quarterly earnings data on Wednesday, July 24th. The technology company reported $0.91 EPS for the quarter, beating the consensus estimate of $0.81 by $0.10. The business had revenue of $2.39 billion during the quarter, compared to analysts’ expectations of $2.25 billion. Celestica had a net margin of 4.16% and a return on equity of 19.96%. The business’s quarterly revenue was up 23.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.55 EPS. On average, equities research analysts expect that Celestica will post 3.22 earnings per share for the current fiscal year.

Analyst Ratings Changes

CLS has been the subject of several recent analyst reports. StockNews.com downgraded shares of Celestica from a “buy” rating to a “hold” rating in a research note on Friday, August 2nd. Canaccord Genuity Group boosted their target price on Celestica from $53.00 to $70.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Royal Bank of Canada upped their target price on Celestica from $53.00 to $63.00 and gave the company an “outperform” rating in a research report on Monday, July 22nd. TD Securities raised their price target on Celestica from $61.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Finally, Stifel Nicolaus upgraded shares of Celestica from a “hold” rating to a “buy” rating and set a $58.00 price objective on the stock in a report on Monday, September 9th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $61.88.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Optimum Investment Advisors raised its stake in shares of Celestica by 66.7% during the 3rd quarter. Optimum Investment Advisors now owns 500 shares of the technology company’s stock valued at $26,000 after buying an additional 200 shares during the last quarter. UMB Bank n.a. acquired a new stake in Celestica during the third quarter worth about $34,000. Wolff Wiese Magana LLC raised its position in Celestica by 32.1% during the second quarter. Wolff Wiese Magana LLC now owns 700 shares of the technology company’s stock valued at $40,000 after acquiring an additional 170 shares in the last quarter. Naples Money Management LLC raised its position in Celestica by 90.0% during the second quarter. Naples Money Management LLC now owns 950 shares of the technology company’s stock valued at $55,000 after acquiring an additional 450 shares in the last quarter. Finally, Whittier Trust Co. of Nevada Inc. acquired a new position in Celestica in the second quarter valued at approximately $59,000. 67.38% of the stock is currently owned by institutional investors and hedge funds.

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.