Celestica (NYSE:CLS) Shares Down 10.4% - Here's Why

Celestica Inc. (NYSE:CLS - Get Free Report) TSE: CLS shares were down 10.4% on Friday . The stock traded as low as $58.05 and last traded at $62.01. Approximately 3,120,209 shares were traded during mid-day trading, an increase of 7% from the average daily volume of 2,919,854 shares. The stock had previously closed at $69.19.

Analysts Set New Price Targets

CLS has been the topic of a number of recent analyst reports. CIBC upgraded shares of Celestica from a "neutral" rating to a "sector outperform" rating and set a $150.00 price target on the stock in a research report on Friday, January 31st. Royal Bank of Canada increased their price target on Celestica from $115.00 to $140.00 and gave the stock an "outperform" rating in a research report on Friday, January 31st. Stifel Nicolaus lifted their price objective on Celestica from $140.00 to $150.00 and gave the company a "buy" rating in a research report on Wednesday, February 19th. JPMorgan Chase & Co. began coverage on Celestica in a report on Friday, February 21st. They set an "overweight" rating and a $166.00 target price on the stock. Finally, Cibc World Mkts upgraded Celestica from a "hold" rating to a "strong-buy" rating in a research note on Friday, January 31st. Two research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $110.83.

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Celestica Stock Performance

The stock's 50 day moving average is $102.12 and its two-hundred day moving average is $89.52. The firm has a market capitalization of $7.95 billion, a P/E ratio of 18.33 and a beta of 2.09. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.47 and a quick ratio of 0.87.

Insider Buying and Selling at Celestica

In related news, insider Yann L. Etienvre sold 9,181 shares of the 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 sale, the insider now directly owns 83,179 shares in the company, valued at $10,608,649.66. This trade represents a 9.94 % decrease in their position. The sale 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 the business's stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $127.54, for a total transaction of $1,216,476.52. Following the transaction, the president now owns 175,426 shares of the company's stock, valued at approximately $22,373,832.04. This represents a 5.16 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 934,381 shares of company stock worth $116,673,769. Insiders own 1.00% of the company's stock.

Institutional Trading of Celestica

A number of large investors have recently made changes to their positions in CLS. Rothschild Investment LLC bought a new stake in shares of Celestica in the first quarter worth about $26,000. Peregrine Capital Management LLC acquired a new position in shares of Celestica in the 4th quarter valued at approximately $30,000. Pinpoint Asset Management Ltd increased its stake in 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 in the last quarter. Bessemer Group Inc. acquired a new stake in Celestica during the 4th quarter worth approximately $42,000. Finally, R Squared Ltd bought a new position in Celestica in the fourth quarter valued at approximately $51,000. Institutional investors 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.