Celestica (NYSE:CLS) Sees Strong Trading Volume – Here’s Why

Celestica Inc. (NYSE:CLS) (TSE:CLS) saw an uptick in trading volume on Wednesday . 1,439,833 shares traded hands during mid-day trading, a decline of 40% from the previous session’s volume of 2,405,295 shares.The stock last traded at $124.32 and had previously closed at $118.10.

Wall Street Analyst Weigh In

CLS has been the topic of a number of recent analyst reports. Royal Bank of Canada lifted their price objective on Celestica from $75.00 to $115.00 and gave the company an “outperform” rating in a research note on Wednesday, January 8th. TD Cowen increased their target price on Celestica from $68.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, October 24th. TD Securities raised their target price on Celestica from $68.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. Stifel Nicolaus boosted their price target on shares of Celestica from $70.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Finally, Canaccord Genuity Group raised their price objective on Celestica from $77.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Three equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $81.45.

Celestica Price Performance

The stock has a market capitalization of $14.33 billion, a PE ratio of 39.07 and a beta of 2.25. The firm’s fifty day moving average price is $93.72 and its two-hundred day moving average price is $69.06. The company has a quick ratio of 0.87, a current ratio of 1.47 and a debt-to-equity ratio of 0.49.

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

Insiders Place Their Bets

In other Celestica news, Director Michael Wilson sold 25,000 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $98.73, for a total transaction of $2,468,250.00. Following the sale, the director now owns 1,784 shares in the company, valued at approximately $176,134.32. This trade represents a 93.34 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On Celestica

A number of hedge funds have recently made changes to their positions in the business. Vaughan Nelson Investment Management L.P. bought a new position in shares of Celestica during the 3rd quarter valued at about $61,210,000. Driehaus Capital Management LLC boosted its position in shares of Celestica by 19,876.9% during the 2nd quarter. Driehaus Capital Management LLC now owns 1,164,653 shares of the technology company’s stock valued at $66,770,000 after acquiring an additional 1,158,823 shares during the last quarter. Whale Rock Capital Management LLC grew its holdings in shares of Celestica by 13.0% in the third quarter. Whale Rock Capital Management LLC now owns 8,467,244 shares of the technology company’s stock valued at $432,846,000 after purchasing an additional 975,163 shares in the last quarter. Point72 Asset Management L.P. increased its position in Celestica by 38.5% in the third quarter. Point72 Asset Management L.P. now owns 1,084,722 shares of the technology company’s stock worth $55,451,000 after purchasing an additional 301,563 shares during the last quarter. Finally, Natixis Advisors LLC increased its position in Celestica by 1,697.3% in the third quarter. Natixis Advisors LLC now owns 233,485 shares of the technology company’s stock worth $11,936,000 after purchasing an additional 220,494 shares during the last quarter. 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.