Celestica (NYSE:CLS) Trading Down 2.4% – What’s Next?

Celestica Inc. (NYSE:CLS) (TSE:CLS) was down 2.4% on Wednesday . The stock traded as low as $59.53 and last traded at $59.63. Approximately 677,696 shares changed hands during trading, a decline of 70% from the average daily volume of 2,226,314 shares. The stock had previously closed at $61.11.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on CLS. Canaccord Genuity Group lifted their price objective on shares of Celestica from $53.00 to $70.00 and gave the company a “buy” rating in a research report on Friday, July 26th. StockNews.com downgraded Celestica from a “buy” rating to a “hold” rating in a research note on Friday, August 2nd. TD Securities increased their price objective on Celestica from $61.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Royal Bank of Canada boosted their target price on shares of Celestica from $53.00 to $63.00 and gave the stock an “outperform” rating in a research report on Monday, July 22nd. Finally, CIBC raised their price objective on shares of Celestica from $58.00 to $60.00 and gave the company a “neutral” rating in a research note on Friday, July 26th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, Celestica presently has a consensus rating of “Moderate Buy” and a consensus price target of $61.88.

Celestica Trading Down 4.4 %

The business has a 50 day moving average of $50.82 and a 200-day moving average of $51.65. The stock has a market cap of $6.94 billion, a PE ratio of 22.80 and a beta of 2.28. The company has a current ratio of 1.47, a quick ratio of 0.86 and a debt-to-equity ratio of 0.49.

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

Hedge Funds Weigh In On Celestica

Several institutional investors and hedge funds have recently modified their holdings of the company. UMB Bank n.a. acquired a new position in Celestica in the 3rd quarter valued at $34,000. Wolff Wiese Magana LLC grew its holdings in Celestica by 32.1% in the 2nd quarter. Wolff Wiese Magana LLC now owns 700 shares of the technology company’s stock valued at $40,000 after buying an additional 170 shares during the period. Naples Money Management LLC lifted its holdings in shares of Celestica by 90.0% during the 2nd quarter. Naples Money Management LLC now owns 950 shares of the technology company’s stock worth $55,000 after acquiring an additional 450 shares during the period. Whittier Trust Co. of Nevada Inc. purchased a new stake in Celestica in the second quarter valued at approximately $59,000. Finally, Byrne Asset Management LLC increased its position in Celestica by 52.8% during the second quarter. Byrne Asset Management LLC now owns 1,910 shares of the technology company’s stock worth $109,000 after purchasing an additional 660 shares during the last quarter. 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.