Celestica Inc (CLS) Short Interest Up 156.4% in January
Celestica Inc (NYSE:CLS) (TSE:CLS) was the recipient of a significant growth in short interest during the month of January. As of January 31st, there was short interest totalling 1,824,341 shares, a growth of 156.4% from the January 12th total of 711,479 shares. Based on an average daily trading volume, of 1,630,052 shares, the days-to-cover ratio is currently 1.1 days. Currently, 1.5% of the company’s stock are sold short.
Several research firms have commented on CLS. Royal Bank of Canada lowered their target price on shares of Celestica from $15.00 to $13.00 and set a “sector perform” rating on the stock in a research report on Friday, October 27th. TD Securities lowered their price target on Celestica from $13.50 to $11.50 and set a “hold” rating on the stock in a research report on Friday, October 27th. Stifel Nicolaus lowered their price target on Celestica from $14.00 to $13.00 and set a “hold” rating on the stock in a research report on Thursday, January 25th. Canaccord Genuity reaffirmed a “buy” rating and issued a $13.00 price target on shares of Celestica in a research report on Thursday, January 25th. Finally, TheStreet downgraded Celestica from a “b” rating to a “c+” rating in a research report on Thursday, November 9th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $13.36.
A number of hedge funds have recently added to or reduced their stakes in CLS. Investors Research Corp acquired a new stake in Celestica during the fourth quarter worth about $128,000. Dynamic Technology Lab Private Ltd grew its position in Celestica by 5.6% during the second quarter. Dynamic Technology Lab Private Ltd now owns 10,957 shares of the technology company’s stock worth $149,000 after buying an additional 579 shares in the last quarter. Landscape Capital Management L.L.C. acquired a new stake in Celestica during the fourth quarter worth about $200,000. Ramsey Quantitative Systems acquired a new stake in Celestica during the fourth quarter worth about $278,000. Finally, FineMark National Bank & Trust acquired a new stake in Celestica during the third quarter worth about $307,000. 66.80% of the stock is currently owned by institutional investors and hedge funds.
Celestica (NYSE:CLS) (TSE:CLS) last issued its quarterly earnings results on Wednesday, January 24th. The technology company reported $0.10 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.20 by ($0.10). The business had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.56 billion. Celestica had a net margin of 1.72% and a return on equity of 8.84%. sell-side analysts predict that Celestica will post 0.78 EPS for the current year.
Celestica announced that its Board of Directors has initiated a stock buyback plan on Thursday, October 26th that allows the company to repurchase 1,000% of outstanding shares. This repurchase authorization allows the technology company to purchase shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.
Celestica Inc is a provider of supply chain solutions. The Company operates in electronics manufacturing services business segment. The Company offers a range of services to its customers, including design and development, engineering services, supply chain management, new product introduction, component sourcing, electronics manufacturing, assembly and test, complex mechanical assembly, systems integration, precision machining, order fulfillment, logistics and after-market repair and return services.
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