Celestica (NYSE:CLS) Stock Price Down 6.3% - Here's Why

Celestica Inc. (NYSE:CLS - Get Free Report) TSE: CLS's share price traded down 6.3% during mid-day trading on Wednesday . The stock traded as low as $88.81 and last traded at $91.21. 2,299,104 shares were traded during trading, a decline of 16% from the average session volume of 2,745,480 shares. The stock had previously closed at $97.37.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on CLS. Canaccord Genuity Group increased their price target on shares of Celestica from $77.00 to $110.00 and gave the company a "buy" rating in a research report on Friday, December 20th. Royal Bank of Canada increased their target price on shares of Celestica from $115.00 to $140.00 and gave the stock an "outperform" rating in a report on Friday, January 31st. Barclays boosted their price target on shares of Celestica from $139.00 to $157.00 and gave the company an "overweight" rating in a report on Thursday, February 13th. CIBC raised Celestica from a "neutral" rating to a "sector outperform" rating and set a $150.00 price objective on the stock in a research note on Friday, January 31st. Finally, Stifel Nicolaus boosted their target price on Celestica from $140.00 to $150.00 and gave the company a "buy" rating in a research note on Wednesday, February 19th. Two investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $110.83.

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Celestica Price Performance

The company has a current ratio of 1.47, a quick ratio of 0.87 and a debt-to-equity ratio of 0.49. The company has a 50 day simple moving average of $108.09 and a 200 day simple moving average of $87.76. The stock has a market cap of $9.57 billion, a P/E ratio of 22.07 and a beta of 2.21.

Insider Buying and Selling

In other news, Director Michael Wilson sold 25,000 shares of the stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $98.73, for a total transaction of $2,468,250.00. Following the completion of the transaction, the director now directly owns 1,784 shares in the company, valued at $176,134.32. This represents a 93.34 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Yann L. Etienvre sold 83,179 shares of the firm's stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $122.28, for a total value of $10,171,128.12. Following the completion of the transaction, the insider now owns 9,224 shares of the company's stock, valued at $1,127,910.72. The trade was a 90.02 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 959,381 shares of company stock worth $119,142,019. 1.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Celestica

Several large investors have recently made changes to their positions in CLS. Peregrine Capital Management LLC bought a new stake in Celestica during the fourth quarter worth $30,000. Pinpoint Asset Management Ltd increased its stake in shares of Celestica by 109.6% during the 4th quarter. Pinpoint Asset Management Ltd now owns 348 shares of the technology company's stock worth $32,000 after purchasing an additional 182 shares during the last quarter. Bessemer Group Inc. bought a new stake in shares of Celestica in the 4th quarter valued at about $42,000. R Squared Ltd acquired a new stake in Celestica in the 4th quarter valued at about $51,000. Finally, IFP Advisors Inc grew its holdings in Celestica by 122.7% during the fourth quarter. IFP Advisors Inc now owns 668 shares of the technology company's stock worth $62,000 after purchasing an additional 368 shares during the period. Institutional investors and hedge funds own 67.38% of the company's stock.

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.