Celestica (NYSE:CLS) Trading Down 6.3% – Here’s What Happened

Celestica Inc. (NYSE:CLS) (TSE:CLS) traded down 6.3% during trading on Wednesday . The company traded as low as $88.81 and last traded at $91.21. 2,299,104 shares changed hands during trading, a decline of 16% from the average session volume of 2,745,480 shares. The stock had previously closed at $97.37.

Wall Street Analyst Weigh In

CLS has been the subject of several analyst reports. TD Securities upped their target price on shares of Celestica from $70.00 to $107.00 and gave the company a “buy” rating in a research note on Tuesday, January 28th. JPMorgan Chase & Co. initiated coverage on shares of Celestica in a research report on Friday, February 21st. They issued an “overweight” rating and a $166.00 price objective for the company. CIBC upgraded Celestica from a “neutral” rating to a “sector outperform” rating and set a $150.00 price target on the stock in a research note on Friday, January 31st. Stifel Nicolaus raised their price objective on Celestica from $140.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, February 19th. Finally, Canaccord Genuity Group increased their target price on Celestica from $77.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Two investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $110.83.

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 firm has a market capitalization of $10.27 billion, a price-to-earnings ratio of 23.65 and a beta of 2.21. The business has a 50-day moving average price of $109.61 and a two-hundred day moving average price of $87.50.

Insider Activity at Celestica

In related news, CEO Robert Mionis sold 52,588 shares of the business’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $127.54, for a total transaction of $6,707,073.52. Following the sale, the chief executive officer now owns 531,417 shares of the company’s stock, valued at $67,776,924.18. The trade was a 9.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Alok K. Agrawal sold 6,826 shares of the company’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $133.92, for a total transaction of $914,137.92. Following the completion of the sale, the insider now directly owns 9,224 shares of the company’s stock, valued at $1,235,278.08. The trade was a 42.53 % 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 ninety days. 1.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Celestica

A number of hedge funds and other institutional investors have recently modified their holdings of CLS. Independent Advisor Alliance boosted its holdings in shares of Celestica by 0.3% in the fourth quarter. Independent Advisor Alliance now owns 29,588 shares of the technology company’s stock worth $2,731,000 after buying an additional 79 shares during the period. Jones Financial Companies Lllp grew its position in Celestica by 4.6% during the 4th quarter. Jones Financial Companies Lllp now owns 2,034 shares of the technology company’s stock worth $188,000 after purchasing an additional 89 shares in the last quarter. CoreCap Advisors LLC raised its stake in Celestica by 5.4% during the 4th quarter. CoreCap Advisors LLC now owns 1,760 shares of the technology company’s stock valued at $162,000 after purchasing an additional 90 shares during the period. Pinpoint Asset Management Ltd boosted its position in shares of Celestica by 109.6% in the fourth quarter. Pinpoint Asset Management Ltd now owns 348 shares of the technology company’s stock worth $32,000 after buying an additional 182 shares during the period. Finally, NewEdge Advisors LLC grew its holdings in shares of Celestica by 5.5% during the fourth quarter. NewEdge Advisors LLC now owns 5,400 shares of the technology company’s stock valued at $498,000 after buying an additional 281 shares in the last quarter. 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.