Celestica (NYSE:CLS) Trading Down 7.3% - What's Next?

Celestica Inc. (NYSE:CLS - Get Free Report) TSE: CLS's stock price dropped 7.3% during mid-day trading on Thursday . The company traded as low as $81.30 and last traded at $84.30. Approximately 2,465,276 shares changed hands during mid-day trading, a decline of 50% from the average daily volume of 4,973,195 shares. The stock had previously closed at $90.95.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on CLS shares. Royal Bank of Canada upped their price target on Celestica from $115.00 to $140.00 and gave the stock an "outperform" rating in a report on Friday, January 31st. CIBC upgraded Celestica from a "neutral" rating to a "sector outperform" rating and set a $150.00 price target on the stock in a report on Friday, January 31st. Barclays lifted their price objective on Celestica from $139.00 to $157.00 and gave the stock an "overweight" rating in a research report on Thursday, February 13th. JPMorgan Chase & Co. began coverage on Celestica in a research report on Friday, February 21st. They set an "overweight" rating and a $166.00 price objective for the company. Finally, TD Securities lifted their price objective 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 issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Celestica presently has an average rating of "Moderate Buy" and an average price target of $110.83.

Remove Ads

Celestica Stock Performance

The company has a market cap of $9.45 billion, a price-to-earnings ratio of 21.71 and a beta of 2.21. The stock's fifty day simple moving average is $111.23 and its two-hundred day simple moving average is $83.93. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.87 and a current ratio of 1.47.

Insider Buying and Selling at Celestica

In related news, CEO Robert Mionis sold 441,325 shares of Celestica stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $122.28, for a total value of $53,965,221.00. Following the completion of the sale, the chief executive officer now owns 531,417 shares in the company, valued at approximately $64,981,670.76. The trade was a 45.37 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael Wilson sold 25,000 shares of the firm's stock in a transaction on Monday, January 6th. The stock was sold at an average price of $98.73, for a total value of $2,468,250.00. Following the transaction, the director now owns 1,784 shares in the company, valued at $176,134.32. This trade represents a 93.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 959,381 shares of company stock worth $119,142,019 in the last quarter. 1.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CLS. Cornerstone Wealth Management LLC acquired a new position in shares of Celestica during the 4th quarter valued at $385,000. Quantbot Technologies LP grew its position in Celestica by 120.9% in the third quarter. Quantbot Technologies LP now owns 103,660 shares of the technology company's stock worth $5,299,000 after acquiring an additional 56,732 shares in the last quarter. Vaughan Nelson Investment Management L.P. bought a new stake in Celestica in the third quarter worth approximately $61,210,000. Sigma Planning Corp bought a new stake in Celestica in the third quarter worth approximately $420,000. Finally, Advisors Asset Management Inc. raised its position in shares of Celestica by 61.9% in the third quarter. Advisors Asset Management Inc. now owns 32,901 shares of the technology company's stock valued at $1,682,000 after purchasing an additional 12,584 shares during the period. 67.38% of the stock is currently owned by 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.