Celestica (NYSE:CLS) Stock Price Down 5.3% – Here’s What Happened

Shares of Celestica Inc. (NYSE:CLS) (TSE:CLS) dropped 5.3% during trading on Friday . The stock traded as low as $86.44 and last traded at $86.59. Approximately 1,404,336 shares changed hands during mid-day trading, a decline of 39% from the average daily volume of 2,290,021 shares. The stock had previously closed at $91.44.

Wall Street Analyst Weigh In

CLS has been the topic of a number of analyst reports. Barclays began coverage on shares of Celestica in a research report on Tuesday, November 5th. They set an “overweight” rating and a $91.00 target price on the stock. BMO Capital Markets increased their target price on Celestica from $64.00 to $72.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Royal Bank of Canada boosted their target price on shares of Celestica from $65.00 to $75.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. 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 note on Friday, July 26th. Finally, Stifel Nicolaus lifted their price target on Celestica from $58.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, October 24th. Three analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, Celestica currently has an average rating of “Moderate Buy” and a consensus price target of $71.45.

Celestica Price Performance

The company has a current ratio of 1.47, a quick ratio of 0.87 and a debt-to-equity ratio of 0.49. The firm has a market cap of $10.32 billion, a PE ratio of 28.12 and a beta of 2.24. The business has a fifty day moving average of $64.09 and a 200-day moving average of $56.94.

Celestica (NYSE:CLS) (TSE:CLS) last released its quarterly earnings results on Wednesday, October 23rd. The technology company reported $1.04 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.11. The business had revenue of $2.50 billion during the quarter, compared to analysts’ expectations of $2.41 billion. Celestica had a net margin of 4.08% and a return on equity of 21.58%. The business’s quarterly revenue was up 24.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.65 EPS. As a group, research analysts predict that Celestica Inc. will post 3.44 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Optimum Investment Advisors boosted its holdings 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 acquiring an additional 200 shares during the last quarter. Financial Management Professionals Inc. bought a new position in shares of Celestica during the third quarter worth $30,000. UMB Bank n.a. purchased a new position in shares of Celestica during the third quarter valued at about $34,000. Wolff Wiese Magana LLC grew its stake in shares of Celestica by 32.1% in the 2nd quarter. Wolff Wiese Magana LLC now owns 700 shares of the technology company’s stock worth $40,000 after buying an additional 170 shares in the last quarter. Finally, Private Trust Co. NA lifted its stake in shares of Celestica by 480.0% in the 3rd quarter. Private Trust Co. NA now owns 870 shares of the technology company’s stock valued at $44,000 after purchasing an additional 720 shares during the last quarter. 67.38% of the stock is currently owned by institutional investors.

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.