Celestica (NYSE:CLS) Price Target Lowered to $120.00 at CIBC

Celestica (NYSE:CLS) (TSE:CLS) had its price target reduced by equities researchers at CIBC from $150.00 to $120.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has an “outperformer” rating on the technology company’s stock. CIBC’s target price would suggest a potential upside of 45.54% from the stock’s previous close.

Several other equities research analysts have also recently commented on CLS. TD Securities raised their target price on Celestica from $70.00 to $107.00 and gave the stock a “buy” rating in a research note on Tuesday, January 28th. Stifel Nicolaus increased their target price on shares of Celestica from $140.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th. Canaccord Genuity Group lifted their price target on shares of Celestica from $77.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Royal Bank of Canada boosted their target price on Celestica from $115.00 to $140.00 and gave the company an “outperform” rating in a research report on Friday, January 31st. Finally, Barclays raised their price objective on Celestica from $139.00 to $157.00 and gave the company an “overweight” rating in a research note on Thursday, February 13th. Two equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Celestica has an average rating of “Moderate Buy” and an average target price of $108.33.

Celestica Price Performance

Shares of NYSE:CLS traded up $1.57 during trading on Tuesday, hitting $82.45. 2,483,793 shares of the company were exchanged, compared to its average volume of 3,058,101. Celestica has a 1-year low of $40.25 and a 1-year high of $144.27. The business’s 50 day moving average is $97.45 and its 200-day moving average is $90.55. The company has a quick ratio of 0.87, a current ratio of 1.47 and a debt-to-equity ratio of 0.49. The company has a market capitalization of $9.56 billion, a P/E ratio of 22.05 and a beta of 2.09.

Insider Buying and Selling

In other Celestica news, CEO Robert Mionis sold 441,325 shares of the stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $122.28, for a total transaction of $53,965,221.00. Following the completion of the transaction, the chief executive officer now directly owns 531,417 shares of the company’s stock, valued at approximately $64,981,670.76. This represents a 45.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, President Todd C. Cooper sold 9,538 shares of the company’s 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 directly 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. In the last ninety days, insiders have sold 934,381 shares of company stock valued at $116,673,769. 1.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Celestica

Several large investors have recently modified their holdings of CLS. State Street Corp bought a new stake in shares of Celestica during the 3rd quarter valued at $452,000. MML Investors Services LLC grew its stake in Celestica by 274.0% during the third quarter. MML Investors Services LLC now owns 27,328 shares of the technology company’s stock valued at $1,397,000 after acquiring an additional 20,022 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in Celestica in the 3rd quarter worth approximately $214,000. Barclays PLC boosted its holdings in Celestica by 151.3% in the 3rd quarter. Barclays PLC now owns 51,848 shares of the technology company’s stock valued at $2,651,000 after purchasing an additional 31,219 shares during the period. Finally, Geode Capital Management LLC grew its position in shares of Celestica by 8.6% during the 3rd quarter. Geode Capital Management LLC now owns 109,915 shares of the technology company’s stock valued at $6,236,000 after purchasing an additional 8,660 shares in the last quarter. Hedge funds and other 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.