Renaissance Technologies LLC Buys Shares of 244,788 Celestica, Inc. $CLS

Key Points

• Renaissance Technologies initiated a Celestica position by purchasing 244,788 shares worth approximately $68.95 million, representing about 0.21% of the company. Institutional investors collectively own 67.38% of Celestica.
• Celestica reported quarterly adjusted earnings of $2.16 per share, exceeding estimates of $2.08, while revenue rose 52.8% year over year to $3.96 billion. Analysts project full-year earnings of $9.57 per share.
• Despite recent insider selling totaling $63.19 million, Wall Street remains positive: Celestica has a consensus “Buy” rating and an average price target of $427.42, compared with shares opening at $305.05.

Renaissance Technologies LLC bought a new position in shares of Celestica, Inc. (NYSE:CLS - Free Report) TSE: CLS in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 244,788 shares of the technology company's stock, valued at approximately $68,952,000. Renaissance Technologies LLC owned approximately 0.21% of Celestica at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Legacy Wealth Managment LLC ID grew its holdings in shares of Celestica by 14.4% during the 1st quarter. Legacy Wealth Managment LLC ID now owns 223 shares of the technology company's stock valued at $63,000 after purchasing an additional 28 shares during the last quarter. Capital Planning LLC lifted its stake in Celestica by 3.2% in the 1st quarter. Capital Planning LLC now owns 1,025 shares of the technology company's stock valued at $289,000 after purchasing an additional 32 shares during the last quarter. LeConte Wealth Management LLC lifted its stake in Celestica by 3.5% in the 4th quarter. LeConte Wealth Management LLC now owns 1,001 shares of the technology company's stock valued at $296,000 after purchasing an additional 34 shares during the last quarter. PCB Capital LLC boosted its position in Celestica by 3.5% in the first quarter. PCB Capital LLC now owns 995 shares of the technology company's stock valued at $280,000 after buying an additional 34 shares in the last quarter. Finally, Terra Nova Asset Management LLC boosted its position in Celestica by 2.3% in the fourth quarter. Terra Nova Asset Management LLC now owns 1,686 shares of the technology company's stock valued at $498,000 after buying an additional 38 shares in the last quarter. Institutional investors own 67.38% of the company's stock.

Celestica Stock Down 0.1%

Shares of NYSE:CLS opened at $305.05 on Monday. The business's 50-day moving average is $362.06 and its 200-day moving average is $332.50. Celestica, Inc. has a 1 year low of $164.52 and a 1 year high of $474.02. The company has a market capitalization of $35.07 billion, a price-to-earnings ratio of 36.89, a P/E/G ratio of 0.71 and a beta of 2.05. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.26 and a quick ratio of 0.73.

Celestica (NYSE:CLS - Get Free Report) TSE: CLS last released its quarterly earnings data on Monday, April 27th. The technology company reported $2.16 earnings per share for the quarter, beating the consensus estimate of $2.08 by $0.08. The company had revenue of $3.96 billion during the quarter, compared to analyst estimates of $3.97 billion. Celestica had a net margin of 6.95% and a return on equity of 36.91%. Celestica's revenue for the quarter was up 52.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.20 EPS. Equities research analysts predict that Celestica, Inc. will post 9.57 earnings per share for the current year.

Insider Activity at Celestica

In other news, Director Michael Max Wilson sold 4,168 shares of the company's stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $333.31, for a total transaction of $1,389,236.08. Following the transaction, the director directly owned 24,718 shares of the company's stock, valued at $8,238,756.58. This represents a 14.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Robert Mionis sold 18,176 shares of the company's stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $385.17, for a total value of $7,000,849.92. Following the transaction, the chief executive officer directly owned 60,384 shares in the company, valued at $23,258,105.28. The trade was a 23.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 161,168 shares of company stock valued at $63,190,485 in the last three months. Corporate insiders own 1.10% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CLS. Weiss Ratings downgraded shares of Celestica from a "buy (b)" rating to a "buy (b-)" rating in a report on Thursday, July 16th. Zacks Research upgraded shares of Celestica from a "hold" rating to a "strong-buy" rating in a research report on Friday, June 26th. Rothschild & Co Redburn assumed coverage on shares of Celestica in a research note on Friday, May 1st. They issued a "buy" rating and a $460.00 price objective on the stock. TD Securities raised Celestica from a "hold" rating to a "buy" rating and set a $430.00 target price on the stock in a report on Wednesday, April 29th. Finally, Barclays upped their price target on Celestica from $391.00 to $441.00 and gave the company an "overweight" rating in a research report on Wednesday, April 29th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $427.42.

About Celestica

Celestica Inc is a multinational electronics manufacturing services (EMS) company that provides design, engineering, manufacturing and supply chain solutions to original equipment manufacturers across a range of industries. Headquartered in Toronto, Ontario, Canada, Celestica works with customers to develop and produce complex electronic and electro-mechanical products, integrating activities from product design and prototyping through high-volume assembly, testing and final system integration.

The company's service offering typically includes product engineering and design support, printed circuit board assembly, box-build and systems assembly, automated test and inspection, aftermarket repair and refurbishment, and end-to-end supply chain and logistics management.

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