Celestica (NYSE:CLS) Shares Down 4.2% - Here's Why

Celestica Inc. (NYSE:CLS - Get Free Report) TSE: CLS's stock price was down 4.2% on Tuesday . The company traded as low as $86.23 and last traded at $87.96. Approximately 1,241,015 shares were traded during mid-day trading, a decline of 54% from the average daily volume of 2,712,737 shares. The stock had previously closed at $91.78.

Analysts Set New Price Targets

A number of analysts have recently commented on CLS shares. UBS Group began coverage on shares of Celestica in a research note on Friday, November 22nd. They issued a "neutral" rating and a $95.00 price target for the company. Stifel Nicolaus lifted their target price on shares of Celestica from $140.00 to $150.00 and gave the stock a "buy" rating in a research report on Wednesday, February 19th. Cibc World Mkts raised Celestica from a "hold" rating to a "strong-buy" rating in a report on Friday, January 31st. CIBC raised Celestica from a "neutral" rating to a "sector outperform" rating and set a $150.00 price objective for the company in a report on Friday, January 31st. Finally, JPMorgan Chase & Co. started coverage on Celestica in a report on Friday, February 21st. They issued an "overweight" rating and a $166.00 target price on the stock. Two investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $110.83.

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Celestica Stock Up 0.5 %

The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.87 and a current ratio of 1.47. The company's fifty day moving average is $109.74 and its 200-day moving average is $86.17. The company has a market capitalization of $11.18 billion, a PE ratio of 25.69 and a beta of 2.21.

Insider Buying and Selling

In related news, insider Alok K. Agrawal sold 6,826 shares of the stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $133.92, for a total value of $914,137.92. Following the sale, the insider now directly owns 9,224 shares of the company's stock, valued at $1,235,278.08. This represents a 42.53 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, President Todd C. Cooper sold 65,000 shares of the business's stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $129.78, for a total value of $8,435,700.00. Following the transaction, the president now owns 110,426 shares of the company's stock, valued at $14,331,086.28. This trade represents a 37.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 959,381 shares of company stock worth $119,142,019 over the last three months. 1.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Celestica

A number of institutional investors have recently modified their holdings of CLS. Wealth Enhancement Advisory Services LLC bought a new position in Celestica in the fourth quarter worth approximately $405,000. Park Square Financial Group LLC bought a new position in shares of Celestica during the 4th quarter worth $345,000. Mackenzie Financial Corp increased its stake in shares of Celestica by 39.3% during the fourth quarter. Mackenzie Financial Corp now owns 761,084 shares of the technology company's stock valued at $70,164,000 after buying an additional 214,872 shares during the period. Invst LLC increased its stake in shares of Celestica by 11.7% during the fourth quarter. Invst LLC now owns 11,243 shares of the technology company's stock valued at $1,038,000 after buying an additional 1,174 shares during the period. Finally, Vise Technologies Inc. raised its holdings in shares of Celestica by 100.9% in the fourth quarter. Vise Technologies Inc. now owns 44,564 shares of the technology company's stock valued at $4,113,000 after acquiring an additional 22,387 shares in the last quarter. 67.38% of the stock is 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.