Short Interest in Celestica Inc. (NYSE:CLS) Drops By 7.5%

Celestica Inc. (NYSE:CLS) (TSE:CLS) was the recipient of a significant decline in short interest in August. As of August 31st, there was short interest totalling 3,220,000 shares, a decline of 7.5% from the August 15th total of 3,480,000 shares. Based on an average daily trading volume, of 2,290,000 shares, the short-interest ratio is currently 1.4 days. Currently, 2.7% of the shares of the stock are sold short.

Institutional Trading of Celestica

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CLS. Wolff Wiese Magana LLC increased its holdings in shares of Celestica by 32.1% during 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 during the last quarter. Naples Money Management LLC raised its holdings in shares of Celestica by 90.0% in the 2nd quarter. Naples Money Management LLC now owns 950 shares of the technology company’s stock worth $55,000 after purchasing an additional 450 shares during the period. Whittier Trust Co. of Nevada Inc. acquired a new position in shares of Celestica in the 2nd quarter valued at about $59,000. UMB Bank n.a. purchased a new stake in shares of Celestica during the 1st quarter worth about $64,000. Finally, Principal Securities Inc. acquired a new stake in Celestica during the 4th quarter worth approximately $42,000. Hedge funds and other institutional investors own 67.38% of the company’s stock.

Celestica Trading Up 1.9 %

Shares of CLS traded up $0.89 on Wednesday, hitting $47.88. 872,904 shares of the stock traded hands, compared to its average volume of 2,272,318. Celestica has a 1 year low of $20.87 and a 1 year high of $63.49. The stock’s 50 day moving average is $51.15 and its two-hundred day moving average is $50.51. The firm has a market capitalization of $5.69 billion, a P/E ratio of 17.54 and a beta of 2.29. 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 posted its quarterly earnings data on Wednesday, July 24th. The technology company reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.10. The business had revenue of $2.39 billion for the quarter, compared to analysts’ expectations 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 quarter last year, the firm earned $0.55 earnings per share. As a group, sell-side analysts predict that Celestica will post 3.22 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CLS. StockNews.com lowered Celestica from a “buy” rating to a “hold” rating in a research note on Friday, August 2nd. Stifel Nicolaus raised Celestica from a “hold” rating to a “buy” rating and set a $58.00 price target for the company in a research note on Monday, September 9th. BMO Capital Markets raised their target price on shares of Celestica from $53.00 to $63.00 and gave the company an “outperform” rating in a report on Monday, June 17th. Royal Bank of Canada upped their price target on shares of Celestica from $53.00 to $63.00 and gave the company an “outperform” rating in a report on Monday, July 22nd. Finally, Canaccord Genuity Group lifted their price objective on Celestica from $53.00 to $70.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $58.38.

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.