Celestica (NYSE:CLS) Shares Gap Down – Here’s What Happened

Celestica Inc. (NYSE:CLS) (TSE:CLS)’s share price gapped down before the market opened on Monday . The stock had previously closed at $87.53, but opened at $82.75. Celestica shares last traded at $80.77, with a volume of 1,598,995 shares traded.

Analysts Set New Price Targets

A number of research firms recently commented on CLS. Stifel Nicolaus increased their price target on Celestica from $140.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday, February 19th. TD Securities raised their price target on shares of Celestica from $70.00 to $107.00 and gave the company a “buy” rating in a research report on Tuesday, January 28th. UBS Group started coverage on shares of Celestica in a report on Friday, November 22nd. They set a “neutral” rating and a $95.00 price target on the stock. CIBC upgraded shares of Celestica from a “neutral” rating to a “sector outperform” rating and set a $150.00 price objective for the company in a research note on Friday, January 31st. Finally, JPMorgan Chase & Co. assumed coverage on Celestica in a research note on Friday, February 21st. They issued an “overweight” rating and a $166.00 target price on the stock. Two analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $110.83.

Celestica Stock Performance

The company has a debt-to-equity ratio of 0.49, a current ratio of 1.47 and a quick ratio of 0.87. The company has a 50 day simple moving average of $110.98 and a 200-day simple moving average of $84.13. The stock has a market capitalization of $10.09 billion, a P/E ratio of 23.19 and a beta of 2.21.

Insider Buying and Selling

In other Celestica news, CEO Robert Mionis sold 52,588 shares of the stock in a transaction 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 in the company, valued at $67,776,924.18. This represents a 9.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Alok K. Agrawal sold 6,826 shares of the firm’s stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $133.92, for a total value of $914,137.92. Following the completion of the transaction, 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. In the last 90 days, insiders sold 959,381 shares of company stock valued at $119,142,019. 1.00% of the stock is owned by insiders.

Institutional Trading of Celestica

A number of institutional investors have recently added to or reduced their stakes in the stock. FMR LLC increased its position in shares of Celestica by 91.2% during the fourth quarter. FMR LLC now owns 11,688,700 shares of the technology company’s stock valued at $1,078,804,000 after buying an additional 5,574,342 shares during the period. Whale Rock Capital Management LLC grew its stake in Celestica by 13.0% during the third quarter. Whale Rock Capital Management LLC now owns 8,467,244 shares of the technology company’s stock valued at $432,846,000 after acquiring an additional 975,163 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in Celestica by 64.6% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 3,572,988 shares of the technology company’s stock worth $329,460,000 after acquiring an additional 1,401,877 shares during the period. FIL Ltd lifted its stake in Celestica by 5,976.1% in the 4th quarter. FIL Ltd now owns 3,463,729 shares of the technology company’s stock worth $319,662,000 after purchasing an additional 3,406,723 shares in the last quarter. Finally, Invesco Ltd. boosted its holdings in Celestica by 20.2% in the 4th quarter. Invesco Ltd. now owns 2,942,816 shares of the technology company’s stock valued at $271,622,000 after purchasing an additional 494,542 shares during the period. 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.