Celestica (NYSE:CLS) Trading Down 3.6% - Here's What Happened

Celestica Inc. (NYSE:CLS - Get Free Report) TSE: CLS shares traded down 3.6% during mid-day trading on Thursday . The stock traded as low as $76.90 and last traded at $79.07. 1,367,358 shares traded hands during mid-day trading, a decline of 55% from the average session volume of 3,013,557 shares. The stock had previously closed at $82.06.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Cibc World Mkts raised shares of 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 research report on Friday, January 31st. Stifel Nicolaus raised their target price on Celestica from $140.00 to $150.00 and gave the stock a "buy" rating in a research report on Wednesday, February 19th. Royal Bank of Canada lifted their price target on shares of Celestica from $115.00 to $140.00 and gave the stock an "outperform" rating in a research note on Friday, January 31st. Finally, TD Securities lifted their target price on Celestica from $70.00 to $107.00 and gave the stock a "buy" rating in a research report on Tuesday, January 28th. Two equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $110.83.

Celestica Stock Performance

The company has a market cap of $9.39 billion, a P/E ratio of 21.64 and a beta of 2.09. The company's 50-day moving average price is $98.70 and its two-hundred day moving average price is $90.34. The company has a current ratio of 1.47, a quick ratio of 0.87 and a debt-to-equity ratio of 0.49.

Insider Activity

In other news, insider Yann L. Etienvre sold 9,181 shares of Celestica stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $127.54, for a total value of $1,170,944.74. Following the transaction, the insider now directly owns 83,179 shares of the company's stock, valued at $10,608,649.66. This trade represents a 9.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, President Todd C. Cooper sold 9,538 shares of Celestica stock in a transaction on Friday, January 31st. The shares were sold at an average price of $127.54, for a total value of $1,216,476.52. Following the transaction, the president now owns 175,426 shares in the company, valued at $22,373,832.04. This represents a 5.16 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 934,381 shares of company stock valued at $116,673,769 over the last three months. Insiders own 1.00% of the company's stock.

Institutional Investors Weigh In On Celestica

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Cornerstone Wealth Management LLC bought a new position in Celestica during the fourth quarter valued at approximately $385,000. Raymond James Financial Inc. bought a new stake in Celestica in the fourth quarter worth $47,685,000. Schechter Investment Advisors LLC acquired a new position in Celestica during the fourth quarter worth $294,000. American Century Companies Inc. raised its holdings in Celestica by 16.4% during the fourth quarter. American Century Companies Inc. now owns 219,062 shares of the technology company's stock valued at $20,217,000 after buying an additional 30,851 shares in the last quarter. Finally, Fruth Investment Management bought a new stake in shares of Celestica during the 4th quarter worth about $286,000. 67.38% of the stock is owned by hedge funds and other institutional investors.

About Celestica

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.