Short Interest in Celestica Inc. (NYSE:CLS) Grows By 9.0%

Celestica Inc. (NYSE:CLS) (TSE:CLS) was the target of a large growth in short interest in September. As of September 15th, there was short interest totalling 3,510,000 shares, a growth of 9.0% from the August 31st total of 3,220,000 shares. Based on an average daily trading volume, of 2,200,000 shares, the short-interest ratio is presently 1.6 days. Approximately 3.0% of the shares of the stock are sold short.

Wall Street Analysts Forecast Growth

CLS has been the subject of several analyst reports. BMO Capital Markets boosted their target price on shares of Celestica from $53.00 to $63.00 and gave the company an “outperform” rating in a research note on Monday, June 17th. CIBC boosted their target price 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. Stifel Nicolaus raised shares of Celestica from a “hold” rating to a “buy” rating and set a $58.00 target price for the company in a research note on Monday, September 9th. Royal Bank of Canada boosted their target price on shares of Celestica from $53.00 to $63.00 and gave the company an “outperform” rating in a research note on Monday, July 22nd. Finally, Canaccord Genuity Group upped 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. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $58.38.

Celestica Trading Down 3.0 %

CLS traded down $1.51 on Tuesday, reaching $49.61. 1,790,444 shares of the company’s stock were exchanged, compared to its average volume of 2,234,688. The company’s 50 day moving average is $49.52 and its 200-day moving average is $50.78. The company has a market cap of $5.89 billion, a price-to-earnings ratio of 18.51 and a beta of 2.29. Celestica has a twelve month low of $20.87 and a twelve month high of $63.49. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.86 and a current ratio of 1.47.

Celestica (NYSE:CLS) (TSE:CLS) last released its quarterly earnings results on Wednesday, July 24th. The technology company reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.10. The firm had revenue of $2.39 billion during 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%. Celestica’s quarterly revenue was up 23.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.55 EPS. Equities analysts predict that Celestica will post 3.22 earnings per share for the current year.

Hedge Funds Weigh In On Celestica

Institutional investors and hedge funds have recently made changes to their positions in the business. Wolff Wiese Magana LLC lifted its stake in Celestica by 32.1% during the second quarter. Wolff Wiese Magana LLC now owns 700 shares of the technology company’s stock worth $40,000 after purchasing an additional 170 shares during the last quarter. Truist Financial Corp increased its position in Celestica by 2.0% in the second quarter. Truist Financial Corp now owns 11,008 shares of the technology company’s stock worth $631,000 after buying an additional 214 shares during the period. Creative Planning increased its position in Celestica by 4.7% in the second quarter. Creative Planning now owns 7,526 shares of the technology company’s stock worth $431,000 after buying an additional 336 shares during the period. Bay Rivers Group increased its position in Celestica by 1.9% in the second quarter. Bay Rivers Group now owns 19,517 shares of the technology company’s stock worth $1,119,000 after buying an additional 370 shares during the period. Finally, Naples Money Management LLC increased its position in Celestica by 90.0% in the second quarter. Naples Money Management LLC now owns 950 shares of the technology company’s stock worth $55,000 after buying an additional 450 shares during the period. 67.38% of the stock is currently owned by hedge funds and other institutional investors.

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.