Celestica (NYSE:CLS) Trading Down 2.5% – Here’s What Happened

Shares of Celestica Inc. (NYSE:CLS) (TSE:CLS) were down 2.5% on Thursday . The stock traded as low as $81.98 and last traded at $85.50. Approximately 1,511,815 shares traded hands during mid-day trading, a decline of 68% from the average daily volume of 4,794,852 shares. The stock had previously closed at $87.66.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. JPMorgan Chase & Co. initiated coverage on Celestica in a report on Friday, February 21st. They issued an “overweight” rating and a $166.00 target price for the company. Royal Bank of Canada lifted their price objective on Celestica from $115.00 to $140.00 and gave the company an “outperform” rating in a report on Friday, January 31st. Barclays upped their target price on shares of Celestica from $139.00 to $157.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. CIBC raised shares of Celestica from a “neutral” rating to a “sector outperform” rating and set a $150.00 price target for the company in a report on Friday, January 31st. Finally, Cibc World Mkts upgraded shares of Celestica from a “hold” rating to a “strong-buy” rating in a research report on Friday, January 31st. Two investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $110.83.

Celestica Price Performance

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 $9.57 billion, a price-to-earnings ratio of 22.07 and a beta of 2.21. The stock’s 50-day moving average price is $108.09 and its 200-day moving average price is $87.76.

Insider Activity

In related news, President Todd C. Cooper sold 65,000 shares of the firm’s stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $129.78, for a total value of $8,435,700.00. Following the transaction, the president now owns 110,426 shares in the company, valued at $14,331,086.28. This trade represents a 37.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael Wilson sold 25,000 shares of the business’s stock in a transaction dated 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 sale, the director now directly owns 1,784 shares of the company’s stock, valued at $176,134.32. This represents a 93.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 959,381 shares of company stock valued at $119,142,019. Company insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On Celestica

A number of hedge funds and other institutional investors have recently bought and sold shares of CLS. Cornerstone Wealth Management LLC acquired a new position in shares of Celestica in the 4th quarter valued at $385,000. Raymond James Financial Inc. bought a new stake in Celestica in the fourth quarter valued at about $47,685,000. Schechter Investment Advisors LLC acquired a new position in Celestica in the fourth quarter valued at about $294,000. XTX Topco Ltd bought a new position in Celestica during the third quarter worth about $1,580,000. Finally, Fruth Investment Management acquired a new position in shares of Celestica during the 4th quarter worth about $286,000. 67.38% of the stock is owned by 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.