Mackenzie Financial Corp Sells 703,396 Shares of Celestica Inc (CLS)
Mackenzie Financial Corp decreased its holdings in shares of Celestica Inc (NYSE:CLS) (TSE:CLS) by 20.0% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 2,811,238 shares of the technology company’s stock after selling 703,396 shares during the period. Mackenzie Financial Corp owned approximately 1.96% of Celestica worth $34,803,000 at the end of the most recent reporting period.
Several other institutional investors have also modified their holdings of CLS. Stevens Capital Management LP purchased a new position in Celestica during the second quarter worth about $140,000. Dynamic Technology Lab Private Ltd lifted its holdings in Celestica by 5.6% in the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 10,957 shares of the technology company’s stock valued at $149,000 after purchasing an additional 579 shares in the last quarter. AXA lifted its holdings in Celestica by 8.2% in the 2nd quarter. AXA now owns 15,800 shares of the technology company’s stock valued at $215,000 after purchasing an additional 1,200 shares in the last quarter. State of Tennessee Treasury Department purchased a new position in Celestica in the 2nd quarter valued at $217,000. Finally, FineMark National Bank & Trust purchased a new position in Celestica in the 3rd quarter valued at $307,000. Institutional investors own 68.51% of the company’s stock.
A number of brokerages have weighed in on CLS. Canaccord Genuity restated a “buy” rating and issued a $14.00 price objective on shares of Celestica in a report on Friday, October 27th. TD Securities decreased their price objective on Celestica from $13.50 to $11.50 and set a “hold” rating on the stock in a report on Friday, October 27th. TheStreet lowered Celestica from a “b” rating to a “c+” rating in a report on Thursday, November 9th. Royal Bank Of Canada cut their target price on Celestica from $15.00 to $13.00 and set a “sector perform” rating for the company in a research note on Friday, October 27th. Finally, Standpoint Research raised Celestica from a “hold” rating to a “buy” rating in a research note on Thursday, August 17th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $13.93.
Shares of Celestica Inc (NYSE CLS) opened at $10.43 on Wednesday. Celestica Inc has a 52 week low of $9.79 and a 52 week high of $14.74. The stock has a market capitalization of $1,319.66, a price-to-earnings ratio of 10.05 and a beta of 0.71. The company has a quick ratio of 1.15, a current ratio of 2.01 and a debt-to-equity ratio of 0.13.
Celestica announced that its Board of Directors has initiated a share repurchase program on Thursday, October 26th that authorizes the company to repurchase 1,000% of shares. This repurchase authorization authorizes the technology company to repurchase shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.
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Celestica Company Profile
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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